Financial independence

A rather interesting revelation has come to the fore that only one in six bank accounts are run by women in Pakistan, despite the country having an equal male and female population. Statistics show that some 70 million active bank accounts are maintained by men as compared to 14 million by women. It also indicates that a massive 80% of woman maintain joint accounts with their spouse, that too only for money spending purposes.

Unfortunately, this has long been part of our culture and as a result, women are neither financially independent nor do they know how to handle finances. It is a shame that despite having a high significance in economic activities, which has further enhanced due to modern technology and online work, women are kept deprived of their own earnings. The modern era requires a shift from traditional gender roles to a much more inclusive system. We must adapt if we are to accelerate forward economically. This means empowering and emancipating women financially. The initial responsibility lies with parents to teach their daughter about savings, investments and finances. These skills will help them survive through the period of economic slowdown that Pakistan is currently witnessing and continue to reel with till the next decade or so. Such knowledge should also be made a compulsory part of the school and college curriculum, which should equally focus on preparing the students for the real world.

In a male dominated country where women remain marginlised and are often preyed upon, economic empowerment and independence will give them the support they need to live their lives with or without a male presence. Awareness and advocacy around women’s rights must also include this major aspect.

Published in The Express Tribune, February 9^th, 2023.

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