Women make practically 50% of the population in India; therefore, to drive economic growth, it is crucial to empower them. However, India ranked 139th out of 144 countries, with a 66% gender gap, in terms of economic participation, according to, 2018 report by the World Economic Forum. One of the prominent reasons for this gap is all women are not financially empowered across the nation and in rural pockets.

Let's start by understanding the difference between being financially independent and being financially empowered. So, financial independence is the capacity to make a living that empowers people to pay for their living to sustain themselves, while financial empowerment is to be in control of the finances and investments. A financially empowered person understands how they have to spend their money, make wise financial decisions, and has full authority to utilize resources to reach their goals.

Even though they are financially independent, many women in India don't have complete control over their finances. They hardly know how to utilize their earnings into investments, savings, mutual funds etc. A little effort to educate themselves financially can help them achieve true financial empowerment. Being financially independent not only gives a feeling of self-satisfaction; it additionally allows in building a healthy morale. It empowers women further, allowing them to make their very own choices and calling the pictures the manner they appear fit. This self-belief and feeling of fulfilment allows them to be self-sufficient, each emotionally and financially.

To start with, women can set financial goals, make a budget, pay off debt, save for retirement, keep a check on bills and pay them on time, build an emergency fund. For a more comprehensive understanding, we can have a look at the below factors:

? Be involved in financial decisions.

Sitting with the family and participating in investment decisions will help every woman gain and explore knowledge on the financial front of the family and her personal as well. One should never hesitate to ask questions from the family financial advisor. To plan for an emergency, you need to figure out the vital details applying the basic framework of budgeting or goal setting or identifying the risk-reward

? You are your own investor

Women should have adequate exposure to investing starting at a young age. While exploring one's own financial front and plans, the need to invest comes naturally to one's mind. By investing at an early level of life, one learns to examine a sample of financial independence and discipline. Early funding teaches the actual distinction between investments and saving. It's never early to start learning about investments. Women can always seek expert's views to choose proper avenues to make accurate

funding.

? Tackling emergencies swiftly

Being financially independent and empowered is an all-encompassing concept that serves as a one-stop solution for all kinds of problems, whether it's toxic domestic environments or financial and medical emergencies. This would further give women the freedom to lift themselves out of such situations without relying on others and being well prepared financially in loss of income. Another important chapter of life where women need to be well ready for is their retirement. For this, one can take the assistance of various financial apps and websites to devise your retirement goals.

? Help women; not lag for promotions and hiring.

The pay gap is one of the last frontiers in the fight for women's equality. According to a recent report compiled by LinkedIn titled the Opportunity Index 2021, it was found that 4 out of 5 working women (85 per cent) missed out on a raise, promotion, or work offer because of their gender. So help the young women in your life get comfortable asking for a raise to feed her soul the confidence she is looking for in herself.

? We must leverage opportunities to connect, learn, and continue to support each other.

The best thing we can do for the women in our lives is to pay it forward. If we get an excellent tip about business opportunities and advice to improve a particular task, we must not hesitate to pass it along to other women. It should be the same with money, work and life tips. Encourage her to seek out and act as a mentor, investor, advocate, sponsor in the world. And additionally, inspire to be open about any subject together along with her buddies and peers.

Despite the all-around headway women have made, finance and investing somehow got left behind for many of them. Yet, financial independence is the most crucial element of a 21st century's woman's life. It is not to prove a point but to ensure that women can break the stereotypes and support themselves if they want and need to. It makes them financially secure and enables them to make their own decisions, support their spouses, and finally, give a sense of achievement and accomplishment in a unique and empowering manner. And that's how we'll push forward in the fight for women's equality.

--------------------------------------------------------------------------------------------

About Sonali Priy Kapoor

Sonali Priy Kapoor is a self-made businesswomen with a flair for identifying and adopting emerging trends due to her vast experience and in-depth knowledge of different industries. Sonali is very competent with her PR and marketing skills, which make it easy for her to connect with people and subsequently influence them to perform better.

Passionate about her dreams and venturing on her own  ,    Sonali achieved success as a businesswoman, helping brands to grow. Being a woman, Sonali knows the struggles, the passion, the strength and the hard work a woman puts in. Hence she believes that women have leadership qualities and can go way beyond anyone's expectations in whatever they do.

Sonali is an alumnus of Indian School of Business Management & Administration. With almost

2 decades of experience in Brand Solutions and Communications, Sonali was leading Marketing & Communications for several global brands and has played a pivotal role in establishing their brand recall value. Taking forward this experience Sonali founded The Hatch Project, with the sole motive of designing creative and strategic solutions for brands and corporates in terms of Media Strategies, Brand Consulting, Integrated Communications, Image Building, Crisis Communication, Online Reputation Management, Social Media Marketing, Influencer Marketing, Stakeholder Engagement, all under one roof to ensure strong foothold of the client in their respective sectors.