Financial independence for women is non-negotiable — Omorinola Olaniyi

Ajoke Omorinola Olaniyi is an entrepreneur and the Chief Executive Officer of Long Horn Enterprises. The dealer in food items and groceries speaks with ADEOLA OJO on need for women to be financially independent and how they can aspire for independence among other issues.

What is financial independence and do you think it is crucial for women?

Financial independence is a state where an individual has sufficient wealth or resources to live comfortably without relying on others for financial support. It means having enough assets, income or savings to cover living expenses, pursue goals and enjoy life without financial stress or burden. Financial independence is a key part of gaining power and control in all aspects of life.

Financial independence is the ability to maintain one’s lifestyle without relying on the income of another person or organization. It involves being able to make decisions about how to use your money and how to invest it for the future without relying on someone else’s advice or resources. Financial independence is important for women as it provides them with a sense of security and autonomy.

When women are financially independent, they are empowered, stronger, more confident, especially in controlling their life and claiming their rights.

Financial independence allows women to have autonomy in making their own decisions and choices and it creates self-sufficiency where women can support themselves and their families without relying on others. The truth is financial independence for women is non-negotiable; it is a priority that should not be compromised because it will benefit the society as a whole.

How does it impact women’s lives?

Financial independence is not only a source of confidence but also gives women the credibility to participate in important matters of decision-making for themselves and their families. When women earn for themselves, they are immediately more in control of their lives. It allows them to break stereotypes and break free from the conventional gender roles, it allows them to achieve financial stability and provides a safety net during uncertain times. It also gives women peace of mind and confidence to get through the challenges that life may throw at them. Having economic security would enable women to make choices according to their aspirations rather than financial constraints. Not only will they be able to take risks and invest for a better future, but also grow in the careers of their dreams. 

Financial independence would help them in times of crisis; women can navigate life’s uncertainties with confidence and emerge stronger on the other side. Financial independence would not only help women meet their investment needs but also allow them to climb the corporate ladder. They will be able to invest in their skills and advance in their careers, apply for better job roles and demand equal pay. Also, it allows women to have long-term financial planning and retirement. Having a long-term financial plan would liberate women from the need to depend on anyone for financial assistance, being able to invest in long-term funds helps them to generate wealth for the future.

Does financial independence have any specific effect on women’s professional and personal lives?

Yes. It has a lot of effects both on women’s personal and professional lives and the effects are all to the advantage of women, it gives increased freedom, reduces stress, allows women to pursue their passion and leads to improved relationships. And professionally, it gives women increased confidence and allows them pursue career advancement. Financial independence is a powerful catalyst for women’s empowerment, enabling them to live a more fulfilling, confident and self determined lives. Also, it increases their self-worth and allows them to live a life of their choice.

How do societal norm and expectations affect women’s ability to pursue financial independence? 

The basic factor militating against women’s financial independence is cultural norms, gender stereotypes and expectations; the society limits women because it has a biased belief of what their role should be and doesn’t expect them to aspire beyond these stereotypes. This stereotype is also the reason some think women that have financial independence do not have respect for authority and cannot be submissive. Other factors include career interruptions, gender pay gap, limited career advancement opportunities as well as marriage and family expectations.

Are there strategies for women to attain financial independence?

Yes. Women can follow specific paths towards financial independence. They can achieve this through setting clear goals, having a budget, starting to invest early and building wealth, looking beyond limitations, diversify investments and working towards career development; developing valuable skills that can aid advancement.

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