Home » Unlocking Financial Independence for Women

Unlocking Financial Independence for Women

Financial independence for women is not just a matter of discussion but it can have an ever-lasting impact on a country’s overall success. 

A financially independent woman will first grow herself and then make her family grow which in turn has a ripple effect on the overall society. 

As a result, discussing financial independence for women holds the utmost importance. In this article, we will do so in detail and understand how you can achieve financial independence as a woman. 

True Meaning of Financial Independence for Women

Financial independence is a sense of freedom where you can earn sufficient income from any source be it a job, business, investments, etc. 

This feeling of independence comes when you and your family can live a life that you might think is comfortable.  

That said, financial independence isn’t just limited to working women. Homemakers who can run a small business out of their homes can also achieve financial independence.  

This will enable you to make decisions on your own which is crucial for you and your family without depending on anyone. 

The Importance of Financial Independence for Women

When a woman is financially independent then she can uplift herself, her family, and the overall society. This impact emphasizes the importance of financial independence in women’s lives. 

As a woman, if you are financially independent, you will become more confident and you will face less discrimination in any area of life. There is a sense of security and you can build healthy relationships in life. 

You will feel more empowered to make any important decisions, and you can prepare yourself for any emergencies in life. 

This will also give you confidence as you will not be held back or will not have to tolerate injustice if any and can stand up for yourself. That’s why it is said that for women, earning is related to becoming financially independent. 

Challenges Faced by Women in Achieving Financial Independence

The challenges that every other woman faces in our society are:

  • Not Able to Take Control: Often even working women are not allowed to take control of their hard-earned money. This happens because the control of her bank account lies in the hands of male members of the family. 
  • Societal Pressure: She is not allowed to speak in front of men in the house and it is imbibed in them through thick conditioning and societal norms. 
  • Lack of Financial Literacy: While the rate of literacy is increasing for women in India, when it comes to financial literacy, they still lack understanding. This directly impacts her ability to manage her finances which is a big hurdle to becoming financially independent. 

Steps to Build Financial Literacy

Financial literacy is a learning process of earning and managing money. You should start with the basics of how you can manage money and then you should move towards how you can invest the surplus. 

Here are the different ways through which you can become finance savvy:

1. Learn the Basics

You can learn savings and investment strategies by researching, reading books, or taking online courses.  

2. Understand How to Allocate Money

Some predefined rules can help you know how much you have to allocate for your monthly expenses and how much you should invest from your total income. 

3. Learn Different Financial Instruments

You should get information on different financial instruments like stocks, mutual funds, insurance, etc. from any trusted source. You should start investing today to build a future of financial freedom.

4. Learn Taxation

You should learn about taxation and how your income from any source gets taxed because this is very important to know how much money you are actually left with after paying taxes.  

Strategies for Women to Achieve Financial Independence

Women and financial independence can be a great combination because women can create a balance of emotional and practical thinking while making any financial decision. Here are the strategies that can help you achieve financial independence: 

1. Take Charge of Your Money

You should take control of your money and this can be done by taking a strong stand for yourself. You should set your priorities in life and should know how much to spend on each of them.  

2. Start Investing Early

Even if you are not working and you have small savings every month, then also you should start investing that amount. You can start investing ₹500 in mutual funds through the SIP which helps in creating a good corpus over time.

3. Plan for Life-Changing Events

You should make plans for your retirement, emergencies, or child’s education from the very beginning. This can be done by investing in high-valued stocks or mutual funds. 

4. Be Confident and Put Yourself First

You should not shy away from making financial decisions. If you make yourself financially literate, you will be more confident and can take any important decision like taking charge of savings and investing it into different sources, and more. 

Investing in Women’s Economic Empowerment

Investing in women’s economic empowerment starts at home where both men and women can equally contribute. As a man, you should take the ideas of women whenever you make any important financial decisions like investing in gold, real estate, etc.

As a young working woman, you should take the ideas of your mother who is sitting at home because she can give great suggestions from her overall life experience. 

Apart from individual steps, the Indian government has also taken great initiatives in this area such as the Mahila Samman Bachat Patra scheme, Sukanya Samriddhi Yojana (SSY), Beti Bachao Beti Padhao Scheme, etc. 

Inspiring Stories of Women Who Achieved Financial Independence

Women are sitting at the top positions in the corporate sector and have created their path of financial independence. Here are two inspiring stories of women that can motivate you to take the first step: 

1. Radhika Gupta

She is the CEO of India’s big asset management company. She started investing in stocks at the age of 21. She is the one who started India’s first domestic hedge fund. She believes that anyone can gain financial knowledge easily in this tech world through blogs, videos, etc. 

2. Dolly Khanna

She is a renowned stock market investor from Chennai and she has earned crores of rupees by investing money in small-cap and mid-cap stocks. Her husband became a strong pillar in her financial independence journey and helped her choose the right stocks.  


Financial independence for women is a sense of freedom where you can take care of yourself and your family. 

Working towards financial independence requires diligence and careful planning when it comes to choosing the right assets for investment as well as developing a positive association with money.

Some strong women have broken these set rules and inspired other women to do better. If you too want to trade and invest in the stock market to become financially independent, you can get 50% off on brokerage exclusively on Dhan.

Shraddha Joshi

How Much Money Do You Need for Retirement?

How to Save Money from Salary?

How to Become Rich in India?