Right now, the UN observes 218 days of observing a cause! World Tuna Day, International Jazz Day, World Migratory Bird Day, World Bicycle Day and of course International Women’s day just 1 day out of the 218! IWD March 8th , a day then a month of high season for ‘celebrating’ women, gala events, conferences, awards in fancy settings over supply of food, social media overload. Focus is on frivolities, inane platitudes like color and themes. Money flowing from CSR budgets, sponsors latching on for brownie points, foundations, fund raisers – companies, hotels, venues counting on profits. Reality is that for majority of women this day means nothing, they’re not part of the ‘celebrations’ awards, recognition and, life hasn’t changed for the better. From the so called ‘emancipated Western’ countries to Asia, Africa and South America women are discriminated against in countless different ways! Personal lawsmarriage, divorce, inheritance, right to property, the gender pay gap, health and the list goes on. Discrimination against women comes in hundreds of ways legal social but the game-change is the economic one!
Women need support and awareness. We need a community, people around us who will educate, guide, influence and advocate for us. Success isn’t always achieved alone. It is the result of resilient, respectful communities and the strength of relationships. We are the women of the millennium trying to do it all and have it all. But how do we become financially
independent, aware of our rights, when our husbands/kids/families are demanding and our business associates are making us crazy?
Some irrefutable facts
• Majority of women will spend almost 1/3 of their adult lives on their own financially
• Women enter times of transition when they marry, become mothers, widows, get divorced, start working and retire
• Women seem to have less time than men to manage their financial resources
• Women live longer than men by an average of seven years
• 50% of all women older than 65 are widows. Widows frequently suffer sharp drop in their standard of living
• A large number of first marriages end in divorce, subsequent marriages also end in divorce
• A woman’s standard of living declines as much as 45% after a divorce
• It is never too late to consider that a marriage will terminate and to plan for that termination
• Women are often responsible for the care of an elderly parent, both financially and psychologically
• Women typically earn less and spend less time in the work force Lower earnings may result in lower pensions in retirement.
It is difficult during a time of financial and emotional transition to think and plan. Clearly there is a great deal at stake for women single or married, of all ages, incomes and ethnic backgrounds. Many women are not completely at ease or fully in charge of their money and are woefully ignorant of their legal rights. Culture, and religion play a role and women often use this as an excuse for not taking the initiative and men as a tool to exercise power. It is easier to find excuses or blame someone or something else.
Misconceptions, and excuses that women use for not taking personal financial/legal responsibility
– Finance is too complicated to understand
– If I take a risk in business or investment, I will lose everything
– I don’t have money to save
– I don’t have time to manage my money
– It’s selfish to put yourself first
– Someone else should be taking care of this for me
– If I take control of my money ask questions about my rights, I might offend others
A monthly salary in your bank account, commissions, sponsorships or worse still an allowance/supplementary credit card from your spouse/partner alone, will not render you capable of securing all of your financial goals and legal rights. You must plan and manage your finances, build legal awareness to protects what is yours. So, I ask you are you doing anything, something, for being a catalyst for change? While it’s good to stay present and many people say live for today, I put it to you, every tomorrow will become today so are you planning your ‘today’?
(The writer is Founder Sandi Rich Management Consultants, Executive Editor Impact Publishing Dubai )
