Financial abuse is a pervasive issue that often accompanies domestic violence, restricting a woman’s ability to access, use, or earn moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More. This form of control can trap women in abusive relationships, as they lack the financial means to leave or seek help.
The World Health Organsiation reports that nearly 1 in 3 women worldwide have been subjected to physical and/or sexual violence by an intimate partner or non-partner. This statistic underscores the pervasive nature of sexual violence against women globally. While abuse can take many forms, including physical, emotional, and psychological, financial abuse often serves as an invisible chain that binds victims to their abusers.
Access to cash provides immediate resources that are essential for women seeking to escape abusive situations. Unlike electronic funds, which can be monitored or controlled by abusers, cash offers a private and untraceable means for women to secure necessities, seek shelter, or plan their departure from harmful environments.
Cash plays a pivotal role in women’s economic empowerment, particularly in regions where digital financial infrastructure is lacking or where women face barriers to accessing banking services. Organizations such as Village Enterprise, a nonprofit organization that equips the most vulnerable populations living in extreme poverty in rural Africa, have demonstrated the transformative power of cash-based interventions. By providing seed capital grants to groups of women entrepreneurs in Africa, Village Enterprise enables them to start sustainable businesses, leading to increased income and improved quality of life for their families. Notably, 83% of these entrepreneurs are women, highlighting the program’s focus on female empowerment.
Financial independence allows women to make decisions that affect their lives and communities. Tori Dunlap, founder of Her First $100K, advocates for women’s financial independence as a form of protest against systemic misogyny and erosion of civil rights. She believes that money provides options and freedom, enabling women to leave unsafe situations, make decisions about their own bodies, and support causes they believe in.
Access to cash is intrinsically linked to gender equality. In many societies, women are disproportionately excluded from formal financial systems due to cultural norms, legal barriers, or lack of financial literacy. Cash is an inclusive medium that does not discriminate based on gender, education, or socioeconomic status.
Empowering women financially has a ripple effect on broader societal development. Educated and financially independent women are more likely to invest in their children’s education, leading to intergenerational benefits. Kennedy Odede, CEO of Shining Hope for Communities, emphasizes that girls’ education is crucial for breaking cycles of poverty; educated women have fewer, healthier children, higher wages, and contribute to the economy.
CurrencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More also serves as a symbol of representation and inclusion. The U.S. Mint’s initiatives to feature diverse figures, including women, on coins reflect a commitment to acknowledging women’s contributions to society. Such representation can inspire and empower women, reinforcing their value and potential.
On this International Women’s Day, acknowledging cash as a fundamental right for women is essential. It is not just a medium of exchangeThe Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More but a tool of empowerment, protection, and equality. Ensuring women’s access to cash is a critical step toward building a more just and equitable society where women can exercise autonomy, achieve financial independence, and contribute fully to economic and social development.