International Journal of Social Science Research (IJSSR)

Factors Influencing Financial Independence of Women

Women as decision makers in Indian homes, dominated by patriarchal mindset has been undermined since ages. In India where female literacy has been estimated to be 70 percent by the year 2023, women have come out of their boundaries for self-dependency where they are able to take decisions for self-sufficiency. One aspect of self-sufficiency is financial independence which is an essential trait for personal growth and development. Financial Independence is a condition where individuals are able to meet their needs with their earnings. So far Financial Independence of women are concerned it is a state where women have sufficient resources and they do not have to rely on others. For the purpose of this study Financial Independence of Women have been defined as a state where they are in full control of their finances and are not dependent on others for their financial decisions. This paper is a culmination of responses collected from women across various sections of society (housewife, salaried women and entrepreneurs) and presents analysis on role of demographic, economic, social and personal factors on their level of financial independence. After analyzing the factors influencing the financial independence of women it was found out that in general the level of financial is low and it is the social and personal factors which are gnawing the financial independence of women. It was also found that salaried women were better off in terms of financial independence as compared to housewives and entrepreneurs. Key Words: Financial independence, patriarchal, development, control, finances, economic, social