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.
Interesting read and good to see this being raised and discussed. I’m hoping most people, male or female, will have the guts to call out their partner if life’s ‘chores’ are not being balanced appropriately, giving the opportunity for adaption. If you love each other it’s all part of the process!
Yes!!
Incredible post and a topic that needs to be discussed more. Legit
Thanks for appreciating the topic, Adrienne!
There doesnt seem to be any worthwhile reason for exercising Gender wage gap when the number of working hours and conditions remain the same for all genders. You have tried to bring forth the types of exploitation in the name of gender which will certainly impact the thought process of those affected and those who are causing it to happen for generations
Thank you for sharing your opinion on what is indeed a complex issue!
Thanks for sharing your opinion.
There’re still very common misconceptions today that women should marry rich men for financial securities, among women and men. In some talks I’ve listened to recently, the speaker who is a female investor said that many of her clients married for money, it was fine when their husband alived; then their husbands died and they had left with nothing…In my own experience, I would like to buy my own property by my own money, it’s ridiculous that when a man says he would like to buy a house by himself, no one says anything; but when a woman would like to buy her own house, people keep saying things like “honey, it’s really tough for you to do that”, “you should buy it with your partner”…Anyway, I believe the world is changing, more and more women are becoming financial independent nowadays.
It’s awful to think that women aren’t always being supported for their financial strength and confidence. To help change things for the better, let’s educate those around us about women’s value and support others in their financial goals!
I believe that being a independent Male is likely the same as a independent woman just slight rushed
Thanks for sharing your opinion here!
Incredible post! Thanks for sharing your valuable knowledge.
Great to have you here, Robert!
I really love this post and the important concepts you talked about.
I’d love to see an examination of the gender wage gap when broken down by Race as well…because Women of Color are even further behind than their white womxn counterparts when it concerns challenges women who want to be financially independent (or just independent, en general).
Thank you for adding such an important point here! I was actually just watching this video yesterday and it totally fits into what you’re saying: https://nowthisnews.com/videos/her/tech-founder-sky-kelley-advocates-for-black-womens-pay-equity (the video’s about black women in tech specifically)
I’ll be sure to check this link out! Thanks for sharing! And really great blog.
Your feedback is wonderful, thank you. And I’ll be sure to check out your finance blog too!
I look forward to continue reading!
I’m just getting started so no worries either way.
Wishing you all the best in your blogging journey!
PS Your comments made my day!
Awwww!!!!
:)
Christy, we have covered the first wave of Feminism with our #Green/White/Violet post and our Nelly McClung posts.
Burn the Bra cited the second wave of Feminism.
Fact is, we are in the fourth wave.
Perhaps it is time I began working on a third wave presentation/angle? Time to catch up to the present?
Ohhhh a third wave of feminism DOES need to be covered here. Yes, let’s start the brainstorming! You’re so kind to want to help xo
I’ll send an email soon(ish). xo
No rush dear you. We’ll get there xx
Yes, we will! xx
Smiles
I’ m thankful that I taught my daughter to be independent from an early age. She is quite capable of managing her finances, though she’s not afraid to ask for advice when she needs it!
Being able to ask for advice is HUGE – Your daughter sounds amazing, Amy xx
Financial independence for women is so important! I am so glad that I taught my daughter to be independent with or without marriage. Good post!
Cheers to moms who encourage independent gals :D
Inspirational post Christy :-)
I have been independent with kids living at home. It is hard work in many ways.
You are rising to many challenges, Irene, and I so respect you for it xx
Thank you, Christy.
Absolutely, my friend. Thank you too for the Twitter shares!
You are welcome.
xo
A separate small check from disability, part-time work, single, is highway activity hope to change soon.
Wishing you all the best xx