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What are the top 5 reasons why it’s crucial for women to be financially independent?

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<p>Today is International Women’s Day, and on many levels, women are shattering the stereotype of the glass ceiling in our quickly changing world. The relative economic independence is one of the main factors that has been beneficial. However, there is a thin line separating financial freedom from just making ends meet and purchasing necessities. Remarkably, while women adeptly manage important roles at home and at work, they often rely on males to choose which investment vehicle and how much to fund it.</p>
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<p>This is perhaps one of the most important things to consider when trying to bust gender stereotypes. It’s crucial for women to take control of their money, make future plans, and really strive for complete empowerment as more and more of them enter the workforce.</p>
<p>Improved financial security: Women who manage their money have more clarity and visibility over their financial security. It allows people the freedom to choose what matters to them without being constrained by their financial situation or by the opinions of others. According to research, women exhibit more discipline when it comes to investing, with over 70% of them opting to stick with their investments for a period of up to six years. For example, women invest more on average in SIPs than men do.</p>
<p>Greater self-confidence: It should go without saying that women who have larger bank accounts and a higher degree of relative financial stability also have greater self-confidence. Without a doubt, it validates their abilities and makes them feel valued by the family. Additionally, data shows that while the gender wage difference causes women’s investment account balances to lag behind men’s, women investors do get higher returns than males.</p>
<p>More influence in family matters: Women are often seen as decision-makers in the home when they begin to make financial choices on their own. According to a Ministry of Women and Child Development poll, women who are financially independent tend to have more influence over family decisions.</p>
<p>Family health comes first: The Ministry of Women and Child Development’s survey also reveals that wealthier women spend more on their children’s education, health care, and nutrition, which is crucial for ending the intergenerational cycle of poverty.</p>
<p>Greater GDP contribution: It also makes it possible for women to contribute much more to the GDP of the nation. Regrettably, India is among the countries with the lowest percentage of males to women in terms of GDP contribution. In all, women make up little less than 20% of the GDP of the nation. However, this figure may significantly rise with more financial independence and long-term economic freedom.</p>


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