How Upskilling Drives Financial Freedom For Women Across India

This Independence Day, let us recognise that true freedom extends beyond national pride. It’s about empowering women to achieve the autonomy and independence necessary to shape their own lives and futures.

What is Freedom? 

Freedom is the power to make choices, and these choices are fundamentally shaped by financial independence. According to recent studies, women still earn 16 per cent less than men on average. For women, financial independence is not merely a buzzword; it’s a transformative force. It’s akin to possessing a secret superpower that empowers women to live life on their own terms—an opportunity that everyone should aspire to. In today’s fast-evolving landscape, upskilling has emerged as a pivotal tool for fostering financial independence, particularly for women in India. Recognising the role of upskilling is crucial, as it not only creates opportunities but also forges a path toward a future where women are both financially empowered and self-reliant.

The Critical Importance of Financial Independence 

Financial independence is more than just receiving a paycheck; it’s about gaining control over one’s life and becoming an anchor rather than a follower. Financial independence instills confidence, enhances self-worth, and provides a profound sense of security. It empowers women to lead their lives on their own terms, free from the constraints of dependency on others. It’s the backbone of self-reliance, allowing women to shape their futures and have a decisive say in their own lives.

In many cases, financial dependence can trap women in unfavorable situations, whether in the form of restrictive family norms or abusive relationships. Women who lack financial independence often find themselves unable to escape these situations, as they rely on others for their basic needs. Financial independence, therefore, is not just about economic freedom; it’s about the ability to make choices that safeguard one’s well-being and future.

Role of Upskilling & The Pathway to Financial Empowerment 

In the quest for financial independence, upskilling plays a crucial role. It’s vital to empower individuals, particularly underprivileged women in our society, with the skills that pave the way to freedom and financial autonomy. Upskilling provides women with the knowledge, skills and tools needed to excel in the workforce, start their own businesses, and manage their finances effectively. This empowerment not only opens doors to new opportunities and higher-paying jobs but also facilitates entrepreneurial ventures, enabling women to build a secure financial future. By equipping them with these essential skills, we help them secure their freedom and take control of their own lives.

The Indian government and various organisations have recognised the importance of upskilling and have launched numerous initiatives to promote it among women. These programmes focus on enhancing digital literacy, financial literacy and vocational skills, which are essential in today’s job market. By participating in these programmes, women can improve their employability, increase their income and gain the confidence to take charge of their financial lives.

The Broader Impact; Changing Perspectives and Inspiring Future Generations 

The impact of upskilling goes beyond individual financial independence; it has the potential to change societal attitudes and inspire future generations. When women are financially independent, they serve as role models for others, particularly for young girls. They demonstrate that gender is not a barrier to success and that women can achieve anything they set their minds to.

Moreover, financially independent women contribute to the economy in significant ways. They create jobs, invest in businesses, and drive innovation. Their success stories help to break down gender biases and challenge traditional norms, paving the way for a more inclusive and equitable society. A LinkedIn and The Quantum Hub report highlighting gender disparities in corporate leadership in India shared that new female leadership hires increased from 18.8 per cent in 2016 to 23.2 per cent in early 2024, illustrating the growing presence and influence of women in leadership roles. This upward trend not only underscores the progress being made but also reinforces the importance of financial independence in breaking down barriers and inspiring future generations.

Steps Toward Safeguarding Financial Futures 

For women to safeguard their financial futures, several key steps must be prioritised:

Control Over Finances: Women must take control of their bank accounts and funds, ensuring they are actively involved in financial decisions. This involves managing their own finances and seeking sound financial advice.

Insurance and Investments: Obtaining term insurance and making informed investment decisions are critical to securing financial health. These measures protect women and their dependents, providing a safety net in times of need.

Entrepreneurial Mindset: Fostering an entrepreneurial mindset can empower women to pursue their passions and start their own ventures. Upskilling in areas like financial literacy and wealth management equips women with the tools to break free from traditional roles and create a future of their choosing.

As we celebrate Independence Day, it’s time to reflect on the progress we’ve made and the work that still needs to be done. Financial independence for women is not just an economic goal; it’s a fundamental right. Upskilling is the bridge that connects women to this freedom, enabling them to lead fulfilling lives, inspire others, and contribute meaningfully to society.

On a personal note, our family-run Ridge Charity is committed to this cause by offering free vocational courses in Computers, English, and Grooming to help young women upskill themselves and live life on their own terms. To date, over 800 women have benefited from our programme, with 70 young women recently completing their training and moving closer to financial independence. It’s our way of contributing to a future where every woman in India is empowered, confident and truly free.

Roma Priya

Guest Author Founder, Burgeon Law