This is the ability to make and act on decisions that involve the control over and allocation of financial resources. Women’s influence over financial decisions is associated with increased use of preventive health services by children and women. Empowerment involves agency, resources, and achievements. There is also some evidence that economic empowerment can strengthen vulnerable groups’ participation in the decision-making. For example, microfinance programme have been shown to bolster women’s influence within the household and marketplace. The evidence also suggests that economic power is often easily ‘converted’ into increased social status or decision-making power.
There are 5 ways in which we can promote economic empowerment in women globally.
They are:
- Ensure women are equipped to participate in the economy fully.
- Enforce policies and social protection systems for women.
- Recognize unpaid labor as work.
- Invest in women’s organizations and businesses.
- Create decent work for women.
Economies thrive when everyone has equal access to them