8 March 2021
International Women’s Day: Technology Fuels Financial Independence
Women have had to endure greater hurdles than their male counterparts when it comes to financial independence. In fact, men makeup two-thirds of the key financial decision makers in US households. And the gender financial gap only widens in developing countries.
In order to empower women around the world in gaining financial independence, we must first learn about the obstacles they experience and then explore the tools and technologies that are designed to help overcome them.
Overcoming Obstacles to Achieve Financial Equality
One of the many barriers to financial equality is that, in many countries, cultural expectations may keep women from pursuing financial independence. Instead of managing personal finances, social practices among some cultures transfer these responsibilities from women to household male figures such as fathers or husbands.
But through changing social expectations, many are speaking up for global equality for women and making it easier to seek independence. For instance, through internet expansion, women are prioritizing education more than ever before. While finance courses may not be offered to all women, especially in developing countries, online money management education has become more readily available.
Despite better education, women also need the right tools to even access money. With a majority of financially dependent women living in countries where traditional financial institutions are less accessible, putting education into practice may be more difficult. For example, there are fewer than 11 commercial banks per 100,000 adults in Pakistan compared to the 31 per 100,000 adults in the US.
Technology’s Role in Helping Women Gain Financial Independence
Thankfully, while traditional financial institutions may be less available across the US due to the pandemic, and even more so in underdeveloped countries, digital solutions offer women a better way to access and manage their money. Many FinTech companies like Paysend are built on the mission to help bring financial equality to all people across the globe.
Here at Paysend, we’re continuing to emphasize our role in helping underrepresented groups take control of their financial freedom.
This International Women’s Day, we’re renewing our focus and mission to create a world where financial inclusion for both men and women is possible. Click here to view our recent whitepaper where we explore how mobile money is increasing financial independence for women.
*Paysend does not guarantee nor expressly endorse any particular product, service or third-party content included in this post.