Would your wife feel empowered if she has a separate bank account with good balance and complete autonomy of its operation?
It might give a sense of financial empowerment to some extent, but it depends on factors like her perception, footing, independence, aspirations etc. What if she is someone who does’nt know how to even write a cheque? Should you still think of keeping a separate account in her name and letting her have the control over it? Dicey? If you wish to do this you’ll have to spend time and effort on helping her understand about elementary banking, maybe put effort in developing the interest in her to learn all this too. Is the time and effort worth it? YES it is. Though you might have nominated her in all your investments, and ensured her financial security in your absence, yet it is very important that she understands and knows what has to be done. I have seen in one of the banks where I worked earlier, that due to ignorance or lack of understanding of family members, sizeable FDs of a deceased were seized by the bank, though he had made proper nomination during his lifetime.
I sincerely appreciate the companies which have endeavoured to organize trainings for wives of staff members on various subjects including elementary banking, investing etc.
Coming back to empowerment, it is more than financial strength or independence. A few factors that add to empowerment are:
* Participative decision making
* Respect & compassion
* Trust
* Care
* Facilitating growth
* Encouragement
* Sensitivity
* Help overcome hurdles
Be it a close family member or a team member at workplace, the above ideas have similar connotation. Our team members too feel empowered when we trust and encourage them, be sensitive when required, help them overcome hurdles and grow not just in job but in life as well. And when we make someone feel empowered, we get more than expected from that person and the joy derived in the process is more than fulfilling. More on this in the forthcoming posts.
Please share your views and suggestions.
