Women must break free from financial dependence - Maybank Trustees CEO
Education is the key to female empowerment
SHAH ALAM - Traditionally, women have often depended on men, not realising that this reliance can confine them, preventing them from fully achieving independence.
According to Maybank Trustees Bhd chief executive officer (CEO), Nor Fazlina Ghouse, societal norms have historically shaped women to depend on men, leaving little room for self-sufficiency.
Fazlina urged women to break free from these traditional norms, emphasising that education is crucial for unlocking opportunities and achieving true independence.
“When you rely on someone or something, you find yourself stuck in a cage, unable to fly.
"There’s nothing wrong with educating yourself or seeking more knowledge.
"We are fortunate to have access to tools like Google, which can help us explore anything we want to know.
"It’s all about empowering yourself with the right information," Fazlina shared during a panel discussion at Sinar Daily’s She Leads 4, themed "Don’t Go Broke in Your Golden Years, held at the Karangkraf Media Complex here recently.
While she acknowledged that Google can be a valuable resource, Fazlina also warned that it can sometimes be misleading.
She encouraged women to empower themselves through education, noting that success is not necessarily about being a CEO or career-driven but about staying true to oneself.
Fazlina also advised women to remain aware of their surroundings and focus on essential matters to navigate life's challenges effectively.
She highlighted that life is unpredictable and that women, who often juggle multiple roles as wives, mothers, and caregivers, must be prepared for the demands of each responsibility.
"How do they navigate that if they don't have knowledge? So, I think that's the key message I want to share today: education is key for everything," she added.
The fourth installment of the She Leads series captivated audiences by focusing on crucial topics such as retirement finance management and the importance of empowering women financially.
Fazlina, along with the Employees Provident Fund (EPF) policy and strategy department head Balqais Yusoff and financial planner Erin Adlina shared practical strategies and valuable insights to empower women in overcoming economic challenges and securing their financial futures.
Meanwhile, Balqais expressed concern over the low participation of women in Malaysia's labour force, which stands at only 56 per cent, lower than in many Asean countries.
"In more advanced economies, women's participation in the workforce is higher.
"With participation comes income, and with income, you can save," she said during the panel discussion.
She cited that in less developed countries, women are more likely to work in the informal sector, often becoming entrepreneurs to help raise their family’s income, resulting in higher participation rates.
Balqais also stressed the importance of encouraging more women to join the workforce, as it becomes challenging to save without income unless financial support is provided by a spouse or significant other.
While it's common for women in many countries to step away from the workforce during their reproductive years, supportive policies and incentives often enable them to return later.
However, in Malaysia, data from the EPF and labour force show that after the age of 27 to 30, many women drop out of the workforce and do not return.
She referred to this as a "single hump" trend, in contrast to the "double hump" observed in other countries where women rejoin the workforce after caregiving.
Balqais emphasised the need for policies that support women's return to work, such as providing daycare facilities for children and elderly family members.
“On average, a woman spends four hours doing caregiving and domestic work, compared to men, who spend about 1.7 hours,” she added.
In a related matter, financial planner Erin Adlina Adnan highlighted the importance of having a positive mindset toward money for women.
She stressed that even if one does not need to work due to financial support from a partner, earning money for oneself can be beneficial.
"In today’s world, there are many attractive things—fashion, makeup, travel, and dining out.
"The pressure to keep up with trends and what we see on social media can drive us to seek more financial independence.
"If this motivates you to work and earn more, that’s perfectly fine.
"The key is to recognise that having extra money is always a good thing,” she said.
