Indian Judicial System: The Bitter Truth

 

Financial Feminism - Ifs and Buts

Do you agree that there is a lack of financial inclusion among Indian women? If yes, then we are sailing on the same boat. Financial inclusion is bilaterally associated with financial literacy. What do you think makes Indian women undersell themselves compared to their male counterparts? What makes a woman less capable than a man to fetch equal amounts? Is there a lack of financial freedom or a lack of financial literacy? We live in the 21st century, and women here are even more capable than men. When we talk about parity, what do we mean?

Women empowerment can only happen when we believe in the true power of women. One of the biggest challenges Indian society face is to grant equal rights to women at every stage of life. It is likely to say that women in India are paid less than men. They have less financial knowledge than their male counterparts. It doesn't matter whether you belong to rural or urban areas; you need to seek permission from the male members of your family before spending money. There exists a gender pay gap in society. Once, Indira Nooyi, the former CEO of Pepsico, said that "I never asked for a raise…. I feel it cringeworthy." Have you ever thought, what made her make such a remark? According to a study, 46% of the working women in India say that there is a general notion in society that women will quit their job after maternity. 60% of them vocalized the gender discrimination they faced at the workplace in various forms, and 1/3rd of them strongly favored that women hardly hold the top management positions. 

Since time immemorial, men have been the bread earners. Gender discrimination in financial inclusion is an age-old notion in Indian Society. It does not let women decide what they want to do with their money. But is it only gender discrimination that makes women vulnerable? Does financial inclusion affect their autonomy at the workplace, and home women are reluctant to invest their money in the available ventures? Women constitute half the world population, but when we talk about investments in the stock market, only 20% of the female population invest in stock markets. During the pandemic, 17% of the women got unemployed. It is double the rate of unemployed men during the same period.

When we talk about risk-takers, the first thought that comes to your mind is men. Men are the risk-takers, while females are hesitant to do so. Although more women have entered trading, it is inadequate compared to men. Women in rural areas are less likely to have a bank account. They would give all their savings to their husbands than invest it themselves. Females are fostered in a conservative environment, wherein they are less confident in investing or doing something with their own money.

It is essential to have enough money to make a decisive choice. It entails the women to earn much that they can sustain their living. Also, financial freedom is often linked with independence and say in the family. Women who earn more are more likely to be heard and choose their own. It is high time that we realize the importance of literacy among females. Women empowerment comes primarily with educating and giving equal status to females compared to their male counterparts. Financial literacy can only come when women believe in themselves and their power.

India is in its phase of demographic dividend. Yet, most females are unaware of their rights and financial freedom. It is our responsibility to spread awareness related to financial literacy among women. Women need to realize their potential and ask for something they are worthy of. It is the need of the hour to grant equal wages for equal pay for both men and women. When women earn equal amounts, they are more likely to take risks and interests in financial matters. Women become more confident when they learn more. Thus, non-governmental organizations must come forward to spread financial literacy among females. Under the skill hub initiative of the government of India, financial literacy can be taken as a subject of interest. This will encourage more females to gain a perspective of their wealth.