London, UK, 5th Feb 2022, Binary News Network, Financial independence for women is not only a myth but also a very important topic. Nab-Coins expert analyst says that this is because more and more women today are the primary breadwinners of their respective families. There is a growing number of women who also need to balance this responsibility with work, family and relationships — all at the same time — not to mention running a home. It’s no longer as simple as minding the kids and cooking some food when your partner comes home. Yet, society asks women to do it all effortlessly and like a superwoman.
Women today need to be more financially independent than ever before because financial security is the only sustainable way you can be truly independent. It is the only thing that will allow you to do what you want with your time and not worry about money. This means more women need to be financially literate than ever before. However, most women lack the confidence and knowledge they require to take control of their financial situation, which results in a vicious cycle of dependency on others for their financial well-being.
Back in the day, women were forced to depend on men and rarely had the chance to earn money. Bendigo-Coins expert says that’s why many women today still check their incomes with their husband’s income, which is how they measure their financial security. The good news is that the situation has changed dramatically over the past few decades. It’s now common to see many women working, earning their own income and handling the household expenses on their own. Women who earn more than their husbands are no longer looked at as a disgrace or frowned upon for being “unfeminine”.
Redefining the norms
According to a recent study published by Bank of America, single women are redefining norms. Women have learnt that there is no chronological order of events that is standard or something they must adhere to. According to the research, almost two-thirds of single female prospective homeowners said they would rather not wait until marriage to buy a house. Furthermore, 30% of current single women bought their homes while they were still single.
In today’s market, purchasing a new house might be tough because of low supply, high costs, and increasing mortgage rates but this is not keeping women from buying homes of their own. They are redefining norms by taking matters into their own hands. Also, even though women might be saving less money than men on average, they are not behind when it comes to financial literacy. According to one research, 80% of women are enthusiastic about the prospect of acquiring a home on their own, while 92 per cent said it would be a significant accomplishment.
This shows how women’s outlook on life has changed from being dependent to becoming self-reliant. Bendigo-Coins expert thinks that as a result of this change, more and more women are learning how to handle their own financial affairs which translates into fewer households headed by men only.
Moreover, when it comes to purchasing their own home, 60% of prospective female purchasers said they would feel as if they had made it, versus 52 per cent of single males. Single women are more likely than single men to be proud of their homeownership status. In fact, almost half of current single women homeowners — 46% — were thrilled to tell others about their ownership status, compared to just 35% of single males.
Need of the time
After the pandemic and the economic losses that it led to, women need to be more financially independent. The social and economic impact of the pandemic is expected to lead to increased divorce, job losses and a decrease in household income, especially among men. As a result of this, women need to be self-sufficient enough to ensure they can survive on their own if their partner fails or loses his job.
The changing roles of men and women are reflected in the way they manage money. It is no more just a man’s world when it comes to managing money. Women are now getting out on their own and taking control of how they spend, save, invest, borrow and plan for the future. This shows the growing influence of women in the financial marketplace.
A lot of women today are aware that they need to think ahead and plan for the future. They are taking control of their own risks, goals and investments by becoming independent in this way. It is certainly a positive change and one that is progressively being accepted. Women’s financial awareness and self-sufficiency have increased over time and this is a trend that must continue for the better. Bendigo-Coins expert said, “The next step would be for women to become more financially literate. Like men, they need to learn about investment opportunities and their risks. This will help them make better decisions”.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.