Research Brief: Professional Women’s Perceptions of Financial Well-Being in a Patrifocal Culture

Written By: Research to Practice Task Force

This qualitative study explored the perception of financial well-being among 30 professional women belonging to the middle to upper class in India through in-depth interviews. The major dimensions of financial well-being identified were financial adequacy, financial security, having control over one’s finances, being independent, and having a balance in life. The findings were explained based on psychological theories like Maslow’s hierarchy of needs and Self-determination theory. The study highlighted the gendered perspective of financial well-being, which is influenced by socioeconomic and cultural factors in an emerging country context like India. 

Study Highlights: 

1. The key dimensions of financial well-being for professional women in India were financial adequacy, financial security, control over finances, financial independence, and work-life balance. 
2. The findings were explained using psychological theories like Maslow’s hierarchy of needs and Self-determination theory, which emphasize the roles of autonomy, competence, and relatedness in achieving well-being. 
3. The study revealed the gendered nature of financial well-being, which is influenced by the socioeconomic and cultural realities of an emerging country like India, where traditional gender roles and power dynamics still exist. 
4. The study provided fresh insights into the perspectives, driving factors, and critical issues related to financial well-being of women in an emerging country context. 

Important Implications for Practitioners: 

1. The study informs financial counselors, educators, advisors, and policymakers to design effective financial intervention strategies and policies that target the specific needs of women across different life stages. 
2. Financial institutions can develop customized financial products and services that cater to the unique needs of women, such as promoting financial independence, control over finances, and work-life balance. 
3. Community-based organizations, NGOs, and government initiatives can focus on increasing financial literacy, capacity building, and personality development among women to enhance their financial capabilities and independence. 
4. Policymakers can promote campaigns that encourage men to share household responsibilities, allowing women to be on an equal footing and achieve better work-life balance. 
5. Women themselves should be proactive in improving their financial literacy, taking control of their finances, and intrinsically motivated to achieve financial independence and well-being. 

Five important concepts from the study and their respective definitions: 

1. Financial Adequacy: Financial adequacy means having sufficient resources to meet one’s needs, wants, and desires, not just for the present moment, but also for the future. 
2. Financial Security: Financial security is the peace of mind that one derives by having enough money to comfortably meet one’s future goals and emergencies, without being worried about running out. 
3. Financial Independence: A person’s financial independence refers to their ability to sustain themselves financially. This allows them to make their own choices in life and lead a life according to their desires. 
4. Work-Life Balance: Balancing life is viewed from two perspectives: balancing one’s work and family; and balancing one’s needs, wants, and desires with their resources. 
5. Patrifocal culture: one where the traditional gender norms and values regard men as the breadwinners, decision-makers, and authority figures, while women are expected to play more supportive and adaptable roles within the family structure. The focus is on the father/male figure being the central authority. 

Highlights of the sample population:  

• The sample population for this study consisted of 30 professional women belonging to the middle to upper class in India.  
• They were urban, middle to upper-middle class women who were currently in full-time employment. 
• They had a minimum of 2 years of work experience. 
• They were actively involved in household financial decisions. To get diverse perspectives, the sample included women from different age groups, life stages (single, married, divorced, widowed), and working sectors like IT, finance, engineering, academics, healthcare, law, media, and tourism. 

Full Citation: 

Mathew, V., & Kumar, P. K. S. (2024). Professional women’s perceptions of financial well-being in a patrifocal culture. Journal of Financial Counseling and Planning, 0(0)*, 1-14.  

http://dx.doi.org/10.1891/JFCP-2022-0073