Financial transition of women: Imperativeness for becoming financially empowered

Every person will experience many transitions and changes in life and it augments with increase in age. Inheritance, loss of spouse or parent, divorce and career change can be some of them. Even, a sudden change in one's financial capability can be considered as a life altering event. In some cases, a mental transformation happens to a person that can be termed as a Transition. So, strictly speaking, change is something that happens to a person even if he or she disagrees whereas transition is something that happens within the minds of people as they undergo change. It depends on demographic factors such as age, gender, education, income level, profession and so on. Apart from these factors, as far as a woman is concerned, the freedom in communication within the family cannot be ignored. These divergent factors make the subject complex to understand the factors that leads to financial empowerment of women. This paper discusses on whether women need to be transitioned to manage her household finance rationally and thereby she gets empowered in dealing with finance matters. To reveal this aspect, the family financial communication pattern, financial literacy and aspects of financial empowerment has been considered. The study reveals that financial communication pattern within the family is not enough to make a woman financially literate. It is also opined that financial confidence of women plays a key role to make her financially empowered. So, it is sensible to confirm that the transition should happen within a woman through experience to make her financially confident that leads her to be financially empowered.