In recent years, there has been an increasing recognition of the importance of financial independence for women, which is one of the most powerful tools a woman can have to live life on her own terms as it provides security, control, and the ability to make decisions based on personal desires, rather than financial necessity.
 However, for many women, achieving financial independence can appear to be an elusive goal. While progress in this regard has been made in recent decades, barriers still exist that prevent many women from gaining full control over their financial futures. There are still a lot of things to do to empower a large number of women across the country so that they can achieve financial independence. Such measures include providing the necessary tools, education, support, and opportunities to them to break down these barriers and achieve financial security.

In our country one of the biggest challenges to achieving financial independence is a lack of financial literacy. Many women have not been taught how to manage money, invest, or save effectively. Financial education programmes designed specifically for women can bridge this gap. Women need to understand how to budget, save, invest, and plan for their future.
Experts said providing financial literacy training, both in schools and through community programmes, helps women make informed decisions about their money. The more knowledge women have, the more confident they will be in managing their finances and building wealth.
Mustafa K Mujeri, former chief economist of Bangladesh Bank and executive director of the Institute for Inclusive Finance and Development, told the Daily Sun that, “Traditional savings products, such as fixed deposits or savings accounts, may not always appeal to women if they are not designed with their needs in mind. Financial institutions can create savings products specifically targeted at women, offering attractive interest rates, flexible terms, and low minimum balance requirements.
“For example, offering savings accounts with no fees for women or creating schemes that encourage long-term savings, such as maternity leave savings plans or emergency savings funds, can attract more women to start saving.”

He also suggested making mobile and agent banking more attractive in rural areas, and hiring female employees for these services.
Saleha Begum Brishti, a former bank employee who has already joined the industry of Monipuri Tat Hostoshilpo to empower women in her community, said, “With the help of 20-25 women, my factory produces different products. These women often face financial challenges that are different from those experienced by men. Such challenges include earning less on average, taking career breaks for caregiving, and living longer, all of which can affect their ability to save.
“Financial institutions and policymakers need to recognise these gender-specific financial hurdles and create solutions that support women. For instance, offering flexible savings products that take into account the unique financial circumstances of women, such as family obligations or time off work, will encourage women to start saving, even in the face of different challenges.”

Access to financial services
In many areas, women face barriers to accessing formal banking services. Traditional banks may be located far from women’s homes, and cultural norms may prevent them from visiting these institutions. Digital banking and mobile money services can address this issue by providing women with the ability to manage their finances from the convenience of their smartphones. Mobile banking has become a game-changer in regions where women are traditionally excluded from financial services.
According to the Bangladesh Bank data, at the end of December last year, women outnumbered men in agent bank accounts. At that time, the number of female agent bank account holders was 11,909,628, while the number of male account holders was 11,784,669. Among the female account holders, 13,32,250 were in urban areas, and 10,577,378 were in rural areas.
The participation of women in mobile banking is also gradually increasing. By the end of December, the number of female account holders had risen to 9,92,25,835. Of this, 43,983,486 were in urban areas, and 55,242,349 were in rural areas.
Additionally, microfinance institutions have played a significant role in providing small loans to women, especially in rural areas. These loans help women start businesses, purchase assets, or invest in education and healthcare. By improving women’s access to capital, they are better equipped to create income-generating opportunities for themselves and their families.
Technology boosting women’s empowerment
Technology has become a powerful enabler for women’s financial independence. Digital platforms and mobile applications allow women to access banking, payment systems, and investment opportunities without relying on traditional financial institutions. E-commerce and social media also provide platforms for women to start businesses, market their products, and reach customers globally.
Furthermore, digital tools for budgeting, savings, and financial tracking can help women manage their finances more efficiently and take control of their economic lives. Access to information about financial products, investment opportunities, and career resources can also empower women to make better choices for their financial future.