Financial independence is not only a source of confidence but also gives women the credibility to participate in important matters of decision making, for themselves and their families. This is relevant to both, women from low-income communities, as well as women from affluent families, where making women financially independent, may not be considered a priority.
This is especially important for women who are living in abusive households. It has been reported that about 60% of women face some form of domestic violence and abuse. One such form of conducting this violence is by using ‘controlling behaviour’ like restricting access to financial resources. Which is why, women who face abuse often have no option but to continue living in the same house as their abuser as they lack financial independence, which would otherwise enable them to have a choice. A woman who can support the needs of the family financially, socially, emotionally and so on is a role model for her children, especially her daughters.
Having women participate in the workforce will benefit Nigeria as a whole. Women need to be financially independent. It is extremely important for all women – be it married, single, separated, widowed or divorced to be financially independent. However, it is important not to financial independence with financial security. A monthly pay cheque in your bank account alone cannot render you capable of meeting all of your financial goals. It is how you plan and manage your finances which will result in the fruition of goals later in life.