Every day, I meet smart, intelligent, hard-working women, who, notwithstanding their skills and talents do not own a single tangible asset of their own and are incapable of making, managing, and investing money to create wealth.
The challenges facing today’s women have made it increasingly difficult for them to think about creating wealth for themselves or for the generation after them. Women face cultural social, economic, health, and financial challenges, with no means to meet their daily needs.
Hence the reason why an overwhelming majority of women struggle with wealth creation, property ownership, or asset acquisition. Most women are not empowered to think in this direction; for some, the asset they own is jointly owned or not properly documented as owned by them.
Women in Africa are most vulnerable with respect to these issues, as most of them lack decision-making power, they have been conditioned to think they need not focus on issues around wealth creation and a greater percentage of women earn less wages than men.
The African society does not create an enabling environment for most women; especially women who live in rural communities.
Many are overwhelmed with caring for the home than considering the issue of wealth creation. Society has not also helped in the expectation placed on women with little or no right to wealth creation or asset acquisition.
If women are empowered to take chances, aspire to take on opportunities, and access essential services that help increase their capabilities or make better use of their time, then they will be able to invest in productive, income-generating activities that can benefit the entire family and the community as a whole.
Investing in women’s economic empowerment sets a direct path toward gender equality, poverty eradication, and inclusive economic growth. Women make enormous contributions to economies, whether in businesses, on farms, as entrepreneurs, or as employees. When you empower a woman, you empower a nation! To empower a woman is to give her the ability to make strategic life choices.
The problem however is, women often end up in insecure, low-wage jobs, and constitute a small minority of those in senior positions. This curtails their ability to own assets and this furthermore limits their participation in shaping economic, political, religious, and social policies.
As of 2011, 50.5% of the world’s working women were in vulnerable employment, often unprotected by labour legislation, compared to 48.2% for men.
Women were far more likely than men to be in vulnerable employment in North Africa (55 versus 32%), the Middle East (42 versus 27%), and sub-Saharan Africa (nearly 85 versus 70 percent). [unwomen.org]
More women need to state taking strategic decisions about their financial well-being, they need to understand that wealth creation goes beyond having a bank account and putting their children or spouse as next of kin.
We need to start taking deliberate steps to own valuable assets.
If you are a woman reading this column, please take deliberate steps concerning your finances, save more, speak to financial advisors, buy properties, plan for your retirement, and plan for your children.
Are you a woman? Have you given any thought to acquiring tangible assets?
Have you ever considered having a Will or Trust in place, for the benefit of your children and loved ones?
At the Women, Wealth, and Wills Network, you have access to financial literacy tips and resources. Don’t miss out on these resources. This is women’s month make a strategic decision now.
I would like to hear from you. Feel free to share your thoughts.
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