Financial independence is the ability to manage your money in such a manner that you have sufficient funds to live your chosen lifestyle without assistance from others. In other words, you have adequate expendable income to meet your main needs.

In an effort to achieve this status, women have been empowering themselves by becoming more educated, planning their careers and getting better paid jobs. Local university statistics show that more women are entering universities and on graduating, are entering medical and legal professions, higher management level jobs or starting their own businesses.

Overcome obstacles

With this move towards financial independence, they are able to transform their lives and overcome obstacles. However, while some women may wield their economic power by putting aside a portion of their earnings for a rainy day, others may be hesitant to pursue investments such as owning a home of their own.

Mortgage and Operations Executive at the Jamaica National Building Society (JNBS), Wanica Purkiss noted that 26 per cent of the society's current mortgage loans are taken up by women only.

"This is more than a quarter of our total mortgage portfolio," she explained. This, she stated, might be attributable to the fact that women are now earning more, so they are better able to make sound financial decisions.

Records at the National Housing Trust reveal that for the period 2006 to February 28, 2007, 4,493 females were primary applicants for their mortgages, when compared with 3,540 males.

Several products

Within the JNBS group, there are several products and services geared towards meeting the needs of women such as mortgages of up to 95 per cent financing; NEM Insurance Women on Wheels (Female Driver Rewards Policy); the Jamaica Automobile Association Roadside Assistance programme and JN Small Business Loans facilities.

As it relates to the small and micro enterprise sector, which delivers innovative and accessible credit to business people who have limited access to loans from commercial banks, women also stand out. At JN Small Business Loans, statistics show that up to September 2006, the majority of borrowers were female, accounting for 72 per cent of the total loans disbursed. The portfolio at risk over 30 days is also below international best practice of five per cent.

Excellent credit line

Leesa Kow, JNBS acting group marketing, promotions and sales executive, said that since women account for most of the loans, "It stands to reason that they are the ones with the excellent credit line, hence the low at-risk portfolio."

"Women's life situations differ from those of men; they often look at the same financial products from a different perspective. They are inherently ambitious and motivated to achieve financial independence and they have the power to buy," Miss Kow stated, adding that the society remains committed to supporting the visions of women.