Mother's Day 2024: How Women Face Money Issues To Manage Emergencies, Report Finds Savings Concerns

As International Mother’s Day approaches, Entitled Solutions unveils critical insights into the financial challenges faced by women, particularly those in blue-collar professions, regarding emergency savings. The findings shed light on the significant hurdles hindering women’s financial security, emphasising the need for targeted interventions to address these pressing issues.

The survey, conducted by Entitled Solutions, highlighted several key findings regarding women’s uncertainty about emergency funds. Among the respondents, close to 60% expressed uncertainty about having sufficient funds to cover emergencies, citing unexpected expenses, health costs, and children’s education fees as primary reasons.

Despite recognising the importance of emergency savings, the majority faced challenges in building and maintaining such funds, with only a small percentage able to save more than 35% of their monthly income.

The survey also revealed notable differences in perceptions and behaviours regarding emergency funds between women and men.

Women often faced greater challenges related to financial autonomy within their households, highlighting the need for gender-sensitive interventions in financial empowerment initiatives.

The Three Major Financial Challenges

Factors contributing to this uncertainty were multifaceted. Socio-economic disadvantages, low income from blue-collar jobs, and limited access to financial resources emerged as primary hurdles.

Additionally, intra-household dynamics, including husbands controlling income and disputes over financial decisions, further hindered women’s ability to save for emergencies.

“Entitled Solutions is committed to addressing the financial challenges faced by women, especially those in blue-collar professions,” said Anshul Khurana, co-founder and CEO, Entitled Solutions.

“By providing comprehensive solutions and fostering financial empowerment, we aim to enhance the financial well-being of women and their families.”

How to become financially strong?

Entitled Solutions proposes various strategies to help women overcome these challenges. Tailored financial literacy training, accessible banking services through on-ground teams, and education programs aimed at addressing intra-household dynamics are among the suggested approaches.