Financial independence is having enough money to care for your needs and make choices about your future. For most women in Nigeria and the global world, financial independence has not been achieved. But times are changing. More women are getting education, decent jobs, and emerging business and technology opportunities.
Why Freedom Matters for Women
When women are responsible for their money, their lives are transformed. They can care for their families, invest in enterprises, and provide for themselves. Empowered women also give back to society. It is said by the World Bank that when women work, they spend 90% of their income on their families and communities, while men spend 35%.
Barriers Women Face in Achieving Financial Freedom
Even though progress is happening, many women still struggle to reach financial independence. Some common challenges include:
- Limited Access to Education: Many girls drop out of school due to poverty, early marriage, or cultural beliefs.
- Gender Pay Gap: Women earn less than men, even for the same job.
- Lack of Financial Knowledge: Many women do not have the right information on saving, investing, and managing money.
- Limited Business Opportunities: Women struggle to get loans or funding to start a business.
- Social and Cultural Expectations: Many believe a woman’s role is in the home, not in making financial decisions.
How Women Are Changing the Narrative
Despite these challenges, women are stepping up and changing their financial futures. Here are some ways they are doing it:
1. Learning About Money
More women are taking financial literacy courses. Programs like Shecluded and Women in DeFi teach women how to manage money, invest, and grow wealth.
2. Entering the Digital Economy
The rise of technology has opened new doors. Women are making money through online businesses, freelancing, and digital marketing. Platforms like Upwork and Fiverr allow women to work from home and earn in dollars.
3. Joining the Blockchain and DeFi Space
More women are getting involved in decentralized finance (DeFi), which removes middlemen like banks and allows direct financial transactions. Groups like Women in DeFi are helping women understand and use blockchain technology.
4. Starting and Growing Businesses
Many Nigerian women are now entrepreneurs, running successful businesses in fashion, agriculture, and technology. Government initiatives like SMEDAN provide grants and loans to businesses led by women.
5. Demanding Equal Pay
Women’s rights groups are pushing for equal pay in workplaces. More women are speaking up and asking for what they deserve.
6. Investing for the Future
Women invest in stocks, real estate, and cryptocurrencies to secure their financial situation.
7. Mentoring and Supporting Each Other
Successful women are mentoring young girls, teaching them financial skills, and helping them break barriers.
The Role of Government and Organizations
Governments and organizations are helping women achieve financial freedom by:
- Providing grants and loans for female entrepreneurs.
- Offering scholarships for girls to stay in school.
- Creating equal pay policies to reduce the gender pay gap.
- Supporting digital skills training for women.
Conclusion
The journey to financial freedom for women is not easy, but it is possible. With education, support, and the right opportunities, more women are taking control of their finances and shaping a better future.
If you want to learn more about financial empowerment for women, visit genderpedia.ng/shop for resources and guides.
References
- World Bank: www.worldbank.org
- Shecluded: www.shecluded.com
- Women in DeFi: www.womenindefi.org
- SMEDAN (Small and Medium Enterprises Development Agency of Nigeria): www.smedan.gov.ng
