HOW TO FIND Financial Freedom

Contemporary societies claim to prize equality, yet gender-based economic disparities persist. Not only are salary gaps real, but for many reasons women remain susceptible to income imbalances that make it more difficult for them to achieve financial independence. But getting there isn't impossible.

- KEITH BAIN

If financial disruptions initiated by the pandemic taught us anything, it's that we should expect the unexpected and that economic uncertainty waits around every bend. For women, such uncertainty is often exacerbated by prevailing social norms.

Even with legal protections in place to guard against gender discrimination in the workplace, women continue to earn less, and will over their lifetimes spend less time earning a salary.

Women will, statistically, contribute more time to homemaking, taking care of their spouses, and raising children - not only are these all forms of unpaid work, but they reduce the amount of time women spend in the workplace and limit opportunities for career advancement.

Consequently, women will, over time, earn less than their male counterparts. Add to this that women will, on average, outlive their male partners, and it means that women should ideally be accumulating and saving more in order to achieve long-term financial independence and have the funds to see them through more time on earth.

TAKE ACTION TODAY

Achieving financial independence requires some deliberate future forecasting, thinking ahead and preparing for tomorrow by acting today. That means looking beyond your day-to-day obligations to focus on long-term financial goals.