MORE and more women are becoming aware early in life that managing their income and striving for financial independence is vital. Single mothers, especially, say that it is financial preparedness that helps to ensure stability for themselves and their children.
“Managing my finances makes me feel more responsible, especially when it comes to planning for retirement and long-term stability,” she says, adding that financial literacy gives her greater control over her life choices.
Much of her financial knowledge has come from observing her father, who she says often shares advice on budgeting and saving.
Today, she is focused on saving for long-term goals such as buying a car, travelling and possibly starting a business.
“As I prepare for the next stage of my life, I want to build financial stability so I can move forward with confidence.
“For me, saving and planning ahead brings peace of mind and helps me feel secure about my future,” she says.
Similarly, Jasmine Chong, 24, who works in accounting, says she is confident about saving money but hopes to learn more about investing as she works towards greater financial security.
“Saving money is kind of my hobby and my comfort zone,” she says.
She’s currently interested in learning more about investing because she believes it will give her greater freedom in the future.
“Right now, my goal is simple. Save more, build capital, then start investing seriously.
“Eventually, I want to reach a point where I don’t have to rely on a normal nine-to-five job,” she says, adding that she mostly gets her financial tips from social media and online sources.
While Chong believes that women are achieving greater financial independence compared with previous generations, she feels that this progress is still not sufficiently encouraged.
“To me, it’s not just about earning money. It’s about having choices and not feeling stuck because of money,” she says.
Amirah Husna Abd Khalid, 24, concurs that financial independence allows women to have greater choice and control over their lives.
“For me, financial independence is about freedom. When women have their own income, they have choices,” says the social media executive.
Amirah adds that she believes financial security is particularly important for single mothers, who often carry the full responsibility of supporting their families.
For Irene Chong, 66, financial responsibility and independence became especially important when she had to raise her daughter as a single mother.
One of her biggest concerns at the time was ensuring she had enough savings to support her child’s education.
She says she relied on careful spending and savings to provide for her daughter, while occasionally taking on extra work to supplement her income as a sales executive at the time.
At the same time, she was fortunate enough to receive support from her parents, who helped provide childcare for her daughter back in her hometown while she focused on working in the city.
While she successfully provided her child with a good education through a combination of supportive parents, careful budgeting, and hard work, Chong wishes that she had had someone to help her make sound financial investment decisions during that time.
