International Women's Day: Money is freedom, regardless of gender, says Sraboni Haralalka of Wodehouse Capital Advisors
MintGenie, Haralalka said that in many households, even when women earn they end up prioritising family expenses and not their well-being. A deep social conditioning that puts finance in the male domain starts as the first barrier. Our patriarchal society ensures that most assets are controlled by men – though they may be in the woman’s name due to tax purposes – and therefore men often make the formal financial decisions.
Women typically handle domestic duties and caregiving. In many households, even when women earn they end up prioritising family expenses and not their well-being. Additionally, studies also show that women often find themselves with limited income due to disparities in wages or workforce participation.
This historical conditioning probably also causes them to lack the confidence to enter conversations or decisions related to investments not to mention the family resistance when accessing financial services. Thus, a large percentage of women do not have hands-on experience and know-how in investing. When they do invest, they may also worry about making investments on their own as it may cause conflict in the family.
All these diverse factors and more often cause many women to feel uncertain and anxious about making their own investment decisions.
Also Read: International Women's Day 2024: What are 5 Ps to help you achieve financial freedom? Money is freedom, regardless of gender. Besides my own lived experience, my journey first as a student of finance and then as a business professional has made me deeply aware of the unique economic challenges faced by women. I have witnessed how even women with significant capabilities are often constrained by a lack of financial resources.
