The Family Financial Trap: Women's Struggle For Financial Autonomy
- IJLLR Journal
- Dec 25, 2024
- 2 min read
Priyanka PT, B.B.A., LL.B. (Hons), Tamilnadu Dr Ambedkar Law University, School of Excellence in Law, Chennai
Swathi M, B.C.A., LL.B. (Hons), Tamilnadu Dr Ambedkar Law University, School of Excellence in Law, Chennai
ABSTRACT
This paper explores the critical yet often overlooked issue of financial autonomy for women, an essential component of true gender equality. While significant progress has been made in providing women with education, employment opportunities, and legal rights, the ability to control their own finances remains a major barrier to their full empowerment. Despite their growing presence in the workforce, many women still find their earnings controlled by male family members or spouses, which limits their independence and continues cycles of financial dependence. The paper discusses the struggle for financial autonomy, where women, even when employed, often prioritize the needs of their families over their own financial wellbeing. They spend a significant portion of their earnings on household needs, leaving little room for personal financial freedom. Financial autonomy, however, is not just a matter of personal gain; it is critical for the stability of families and the overall economic growth of society.
In addition, the lack of financial literacy among women is highlighted as a significant challenge. Many women, especially in rural areas, lack the basic knowledge of financial management, including budgeting, saving, and investing. This gap in financial education prevents them from making informed financial decisions and taking control of their resources. While legal frameworks such as the Protection of Women from Domestic Violence Act (PWDVA), the Hindu Succession Act, and the Married Women’s Property Act offer some protection, cultural norms and societal expectations often undermine the implementation of these laws.
In conclusion, achieving financial autonomy for women requires a combination of legal reforms, improved financial literacy, and a shift in societal attitudes. Only when women are empowered to make independent financial decisions can true gender equality be achieved, leading to a more prosperous and inclusive society.
Keywords: Financial Autonomy, Economic Independence, Financial Literacy, Domestic Violence, Cultural Barriers, Legal Protections.
