Exploring FIRE Movement: Should Indian Women Jump On The Bandwagon?

The Financial Independence, Retire Early (FIRE) movement is all about escaping the 9 to 5 slogfest to seek early retirement-- a lifestyle most of us pine for in today's rapid world. The idea is to focus on aggressive saving and investing strategically to accumulate enough wealth to sustain a life of freedom and flexibility from a young age. The movement is being considered a breath of fresh air from the traditional career trajectory, allowing us to live our lives the way we always wanted to. Early retirement lets us pursue our passions and explore new opportunities while we are still physically and mentally fit. 

However, doesn't this concept sound a bit too utopian? In a world where 70-hour work weeks are being normalised and phrases like 'hustle culture' and 'age is just a number' are thrown around like confetti, how sustainable is the FIRE movement? SheThePeople spoke to some women and experts to explore their perspectives.

Understanding FIRE Movement From Indian Women

The idea of disciplined expenditure, wise investments, and frugal living is not a novel concept to middle-class Indians. However, early retirement not only sounds like a deter from the traditional professional path but is also a far-fetched dream to many sections of Indian society. Here is what women in India think of the FIRE movement.

Avanti Singh, a 44-year-old banker from Gurugram told SheThePeople, "Some of us had to convince our families to let us go out and work, and some of us take career gaps after childbirth or any other reasons. So not only is saving sufficiently a challenge but so is living our life peacefully once we retire. The responsibilities would not end."

Systemic barriers like limited opportunities, wage gaps, and societal or familial expectations hinder many women from reaching their financial goals early on. While the FIRE movement is motivated by the desire to live flexibly and explore new activities, women in India would continue to be restricted by expectations and obligations. 

Elizabeth Sheril from Kanyakumari agrees. "Even if Indian women take early retirement, our families would assume we must take responsibility for the entire household after that so the whole 'liberation' point of FIRE would be lost. Unless we are born rich, most of us Indians are destined to work all our lives and provide for our family," the 26-year-old shared.

What Financial Experts Think

The FIRE movement has been a hot topic among the 'finance bros' and life coaches of social media lately. The lifestyle has gained praise as it advocates for strategic planning, investing, and budgeted living. Meanwhile, some have critiqued that it is not inclusive of all socioeconomic backgrounds and fails to address systemic inequalities.

Speaking to SheThePeople, Shivani Gera, a senior analyst at a multinational accounting firm, said, "Given the Indian economic scenario, the trend is still rather unfamiliar but gaining more attraction. Many millennials striving for work-life balance are opting for this. The major reason for its slow growth is low-income levels in India."

Gera, who is also a personal finance content creator added, "In Indian culture, children are expected to support ageing parents. Because India does not have a social security blanket like that in America, the concept is more foreign to citizens for now. For now, the concept is not relevant for 90% of households in India."

Experts say that reaching the goal of the FIRE movement is feasible for those with higher incomes. For others, while achieving it might not be impossible, it would require a lot of sacrifices and compromises in the present quality of life and volatile markets. However, by adopting this concept, people can achieve more financial flexibility, even if not a complete early retirement.

Gera says the FIRE movement can also be a great tool for Indian women to get a headstart on their financial autonomy. "A large portion of women - 67% do not participate in making financial decisions. FIRE can be a great tool for them to take back control. I admire the principles the concept promotes – financial discipline, frugal living, and strategic investing."

Overall, while the Financial Independence, Retire Early movement might sound like the perfect twist to bring to our monotonous lives, their feasibility and applicability vary across different socioeconomic contexts, particularly for women. The movement seeks a reevaluation of systemic inequalities and cultural norms in the financial landscape.

Views expressed by the author are their own