Empowerment refers to the capacity of individuals to make decisions and take actions that affect their lives, particularly in economic contexts. In terms of wealth economic empowerment is defined as the ability of individuals to participate in and benefit from economic growth, allowing them to manage finances and household income effectively. This relationship highlights how empowerment can lead to improved financial decision-making and greater wealth accumulation.

Empowerment is defined as the granting of the power, right, or authority to perform various acts or duties. If you are empowered to do something, it means you are given the agency and resources to accomplish the given task. Without empowerment, we are powerless.

Unfortunately, millions of people are living powerless in the area of their finances. Due to a number of factors, they do not have (or do not think they have) the agency or resources to climb out of poverty. The solution is not to throw money at the problem. It’s economic empowerment. The Organization for Economic Co-operation and Development OECD defines economic empowerment as “the capacity of women and men to participate in, contribute to and benefit from growth processes in ways that recognize the value of their contributions, respect their dignity and make it possible to negotiate a fairer distribution of the benefits of growth.”

Economic empowerment is by no means easy. It takes time and patience. So, this blog aims to provide a brief overview of what economic empowerment is and how you can engage in it.