With growing dissemination of information, women are also beginning to understand that financial independence is critical. The long-held belief that women are primarily ‘nurturers’ and ‘caregivers’ has been a barrier in creating financial autonomy for them. In fact as per a recent survey, women cited financial independence as one of their top three priorities in life!
Financial exclusion has majorly impacted the segment of women homemakers, with majority continuing to seek spousal support in absence of other means. Financial equality of women has a key role to play in bringing about gender equity in society, and enabling their economic independence. For at-home-mothers, this holds true as they play a pivotal role in building a secured future for the family especially children.
This presents an opportunity for insurance brands to tackle this pressing challenge for homemakers by financially empowering them for a brighter tomorrow.
A recent survey noted that only 40% women own term insurance compared to 44% men, highlighting the need for greater investment on increasing financial education among women. Financial literacy can motivate women generating sustainable income through micro activities to wholeheartedly using financial systems and institutions; creating ground for higher income opportunities. Through sustained efforts by insurers, regulatory bodies, homemakers can find a larger share in financial decision-making be in the households or as independent entrepreneurs.
The author is Deputy Managing Director, Max Life.
(Disclaimer: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.)