You can have a career, a fulfilling social life, and a supportive family, but that’s not all that it means to be among the independent women of this world. Also important is being able to speak up for yourself and make important decisions is a cornerstone of independence. Plus, it feels great to contribute to the household income, as many stay-at-home mothers with part-time jobs and side hustles can attest. Furthermore, when when you have a good understanding of personal finance and make related decisions that are harmonious with your values that you move toward monetary independence.
But there are still challenges to being financially independent that females face today.
The gender wage gap remains a critical issue
Women now make up about 40% of the workforce in many countries, although numbers are lower in North Africa, the Middle East, and India. And while achieving equal numbers globally in the workforce is promising, the income stats aren’t as positive.
More specifically, females still make less than their male counterparts, even when they do the exact same jobs, in many instances. The gender pay gap about 23%, explains UN Women; in other words, ladies make roughly 77% of the money of men.
That means working gals will have to save more money and likely wait longer before purchasing a home than guys. To make a long story short, handling all personal finance matters effectively is especially important to independent women.
After all, no one wants to be stuck renting an apartment when they instead want to buy a house, or worry about being dependent on the government after being in the workforce for decades. By addressing financial matters responsibly, females can live well and flourish.
Female breadwinners are still responsible for most domestic duties
For women who are married or living together, there are additional challenges to the gender wage gap. Here’s a big one:
Despite the fact that women make up a substantial portion of the workforce, there is still often no equitable distribution of domestic duties.
Thus, after finishing her paid work, she returns home to household chores and child care, typically putting in more time than fathers, as per a recent American-based report. Some after-the-office tasks could be cooking dinner, helping with homework, and cleaning up.
What a stressful and draining prospect. Having a personal checking account to save money, an IRA, or even an investment account can help working women with families to maintain their independence throughout every stage of their lives.
Independent women: Why financial freedom is the key to equality
The details above show how difficult it can be for many women living on their own or with a partner to reach the same level of independence of their male counterparts. For example, the pay gap makes it so that a young woman fresh out of college has less financial leverage.
Inflation, tariffs, and other economic factors make it so that independent women have to work harder and wait longer to reach their financial goals. At LoanPigUSA, women working to support themselves can get a much-needed loan quickly. When financial difficulties hit, sometimes a short-term installment loan can help her gain a bit of confidence and get things done.
Women are still coming into their own in modern society in many ways. The women’s suffrage movement of the 1920s earned ladies the right to vote. Then the feminist movement of the 1970s helped women to gain better reproductive rights and freedoms.
Now, females are fighting to get the same level of respect of men in the workforce and, in turn, earn enough money to be fully independent women.