Women's financial independence is expressed in the term fiscal feminism, which is gaining popularity in India. The term describes women's financial freedom, as women, especially mothers, are ignoring traditional barriers and redefining their roles within the financial sector.
The emergence of fiscal feminism
India has seen a significant increase in the number of women investors in recent years. Even though women are socialized as caregivers and primary domestic workers, they leave the home to earn income for their families and contribute to socio-economic development at a larger national level.
the numbers speak
According to investment management firm BlackRock, the average female investor holds 68% of her portfolio in cash and cash equivalents such as savings and term deposits. However, men keep 59% of their portfolios in cash, and women's share in stock investments is only 20%.
But those numbers have changed during the pandemic. The quarantine period has allowed many women to spend their time looking for additional sources of income. Many of them started investing in stocks and mutual funds, and by choosing high-quality investments, they rapidly increased their funds and started building investments and investment income.
Recent examples of fiscal feminism
There are some notable examples of the fiscal feminist movement in India. One example is a mother's experience with her child's medical expenses. “My 23-month-old son became ill a few days ago and had to be hospitalized due to severe viral gastroenteritis and dehydration. I was not prepared for this. On the day I was admitted to the hospital, I couldn't think of anything financially, so I left it to my husband. ”
“He just recently changed jobs, so he didn't have medical insurance to cover the baby. But on the other hand, I have two insurances. One is provided by my office. And the other one I joined separately. The next day, my husband said, “I had to go to work, so of course I had to take time off.'' ”
“After getting help from the caretaker to take care of my child in the room, I went to the IP billing agency to check the procedure.They said that for cashless, the patient has to stay in the hospital for 24 hours. Before that, the doctor was preparing to discharge me, and I knew that my insurance had a clause that said 2 hours of hospitalization would be covered without cash. He confirmed that there is no need to stay in the hospital for 24 hours.
She sat down with the hospital staff to make sure everything was done quickly. Despite her attempts to mislead, she was able to discharge her son from the hospital without paying a penny more. Everything was covered according to her policy.
“The reason I'm posting this message here is because when I joined Women on Wealth's Money Gym program last year, Priyanka had made a point in one of her videos about adding a child's name immediately after birth. “That made me reconsider the existing policy,” she concluded. This community gives women the confidence to do anything they want, not just make investment decisions. Her husband had the luxury of not taking time off, and I didn't have to pull double duty at the hospital. He did it with grace and confidence. ”
The importance of women's financial education and empowerment
This story highlights the need for financial education and women's empowerment. Equipped with the information and tools to think wisely about their finances, women can brave unexpected challenges. When societies invest in programs that promote knowledge about financial issues and foster trust-building among women to own and manage assets and manage savings, these same communities have the potential to become agents of promoting stability in economic growth. This story states that sexuality will be completely unleashed.
road ahead
Although the current situation was hopeful, there was potential for improvement. The gender budget is his 4.9% of total spending. INR2,232,197,500,000 from 2023 to 2024. This is a slight increase from last year's 4.3% and shows we are moving in the right direction, but more work is needed on the fiscal policy front to ensure gender equality.
In summary, feminist economics in India does not only mean women working towards their own economic emancipation, but also changing social expectations to ensure that everyone has equal access to economic resources. It also means to. When mothers and other women take control of what happens with money in their lives in the future, they not only protect themselves financially, but also create opportunities for future generations.
Priyanka Bhatia is the co-founder of Women on Wealth.
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