Financially Independent Women: The New Norm

19th June, 2023

Author: Janis D’souza, Global Head of Marketing

Category: Trends and Insights

In the realm of development, gender equality and financial inclusion have commanded the spotlight for decades, shaping the agendas of organizations and governments alike. But what lies at the heart of these pivotal concepts?

Gender equality, a visionary notion, envisions a world where all individuals, regardless of gender, possess unfettered access to equal opportunities and services. Meanwhile, financial inclusion embodies a society in which every individual enjoys equitable access to financial services and products.

Crucially, if such profound equality extends its embrace to women, McKinsey projects a staggering $12 trillion boost to the global GDP by 2025!
In the contemporary era, we stand witness to remarkable strides in gender equality within the financial domain, with women ascending to new heights in both personal and professional financial management.

Let’s explore the factors driving this trend.

Women: Empowering Financial Management with Foresight

In today’s world, women are shattering traditional barriers and carving a path towards financial independence. Their enhanced proficiency in money management is a testament to their resilience, stemming from a history of financial oppression and limited access to resources. This shared experience has forged a unique approach to money, making women exceptional money managers, outshining even their male counterparts.

Delving into the reasons behind their financial prowess, several key factors come to light:

1. Historical Context: Past limitations on financial independence have instilled a deep sense of value for money in women. Armed with hard-earned access to financial resources, they adopt a prudent and efficient approach to managing their finances.
2. Family-Oriented Mindset: Women prioritize the well-being and stability of their families, fostering a long-term perspective. Investments in education and growth opportunities become paramount as they embrace their roles as caregivers and nurturers.
3. Long-Term Thinking: Women exhibit a penchant for strategic, long-term financial planning. Investing in sustainable assets and products with potential for significant returns over time is a hallmark of their financial acumen.
4. Disciplined Approach: Methodical and detail-oriented, women track expenses diligently and make well-informed financial decisions. This disciplined approach contributes to their effective money management and astute investment choices.
5. Collaborative Mindset: Seeking advice from financial experts and seeking support from their social networks, women embrace collaboration when managing money. This inclusive approach fosters balanced and comprehensive financial strategies.

 
As comedian and actor Trevor Noah aptly expressed, women indeed possess innate financial acumen, which is exemplified by women in immigrant and diaspora communities worldwide. Their tenacity has defied societal norms, elevating them to financial leadership roles. However, this transformation was not an overnight phenomenon. It stems from a multitude of factors that nurtured women into becoming adept financial managers.

In a testament to their capabilities, a report by Investment Metrics in 2022 revealed that women-led or co-led portfolio management teams outperformed their male counterparts, even amid global financial volatility.

The Bright Future of Financially Independent Women

As we gaze into the horizon, a promising future awaits, with a growing number of financially independent women poised to join the global economy. Yet, challenges persist in the realm of gender equality and financial inclusion, particularly for women in developing and underdeveloped countries.

To bridge this divide, governments and influential entities hold the key to transformative change. Here are actionable steps to usher in gender equality and financial inclusion:

1. Priority on Education: Ensuring access to education for all women must be a foremost agenda for every nation. By empowering women with knowledge and skills, we can pave the way for their financial freedom, turning distant dreams into tangible realities.
2. Upholding Human Rights: Granting all women their basic human rights is essential in nurturing their path towards financial independence. By fostering an environment of equal opportunities and better facilities, we motivate women to forge ahead towards a brighter future.
3. Financial Empowerment: Businesses and financial institutions play a crucial role in promoting gender equality and financial inclusion. Providing women with credit access, essential financial services, guidance, and awareness can create a more inclusive financial landscape.

 

Gender equality is not just the right thing to do, it’s also good for the economy. When women have equal access to money and opportunities, the whole world benefits. Every organization should play its part by supporting this cause through their corporate social responsibility programs.

At Prepay Nation, we strongly believe in the power of financial inclusion, particularly for women. Our leading global B2B marketplace, spanning 600+ partners in over 150 countries, empowers users with innovative prepaid products and services. By enabling women to make cashless cross-border transfers through airtime, data, bundles, e-gift cards, and utility payments, we are committed to driving positive change.

Join us today and embrace financial inclusion within your business. Together, let us propel the transformation towards a more equitable and prosperous world, where the brilliance of financially independent women illuminates the path to a better tomorrow.