Millennial Women Are Most Financially Independent: Report

Financial independence has made millennial women empowered and confident about their own abilities. To be economically independent is a long, hurdle ridden process, especially in a deep-seated patriarchal society like ours. However, the changes now are visible and uplifting. According to a report, millennial women are found to be most financially independent women in history.  A Pew Research has found that millennial females are more likely than men to have finished at least a bachelor’s degree. Further, 71% of millennial women are in the workplace and are marrying later as compared to their earlier generation.

A little peak in History

Talking about a country like ours, achieving this record of financial independence is a big achievement in itself. Due to our strong cultural clutches and society norms, women themselves weren't ready to accept this change. Women worked behind the veils. Being dependent on their husbands or fathers was the most expected thing. Anyone daring this was snatched back to the society or was pushed out of it. How did that change?

Towards Financial Independence

Women realized the importance of equality. If they had suffered, they definitely did not want their daughters to tread on the same path. Opening the gates to the world economy in 1991 also brought new opportunities for women. Delaying marriages, questioning societal norms and using technology to its best gave a new direction to the movement. Women utilized these opportunities that were not present in the past decades.

Financial Independence: What it means to women

Economic stability is a powerful tool. Earlier men ruled on the grounds that they can sustain a family by earning and working and that women were not a part of this process. This misconception was brought to an end with women entering the workforce to gain financial independence. There is now the phenomenon of “breaking the glass ceiling” everywhere. Women are establishing startups, working in jobs, buying their own houses, contributing in family income and so much more.

What to watch out for in the economic sphere

Once you have a financial goal all things fall into place in the process to achieve it. Women are working tirelessly, saving from their income, sometimes even working at odd times and securing it for their future. By investing their saved income in the right places they take all the right steps in having financial stability. However, it is very important to remember that the process is a long one. It involves continuous dedication and perseverance to achieve the goal.

India is lacking behind in comparison with other developed countries in terms of women empowerment. But the tide is turning. We see a B to C direct transaction that has helped rural women and household entrepreneurs to start their own ventures. All around, we find examples of extreme hard work and dedication that has helped women achieve new heights. We are living in the time of a gigantic revolution. The Future is Female.

Also Read : Dealing with financial challenges Indian women face when starting up

Rachna Chandira is an intern with SheThePeople.TV