Young Woman's Guide to Financial Freedom.

Reclaiming Your Kwacha: A Young Zambian

Written by: Lindiwe Precious Lungu, Malama Lombe, Judy Mwansa, Lindiwe Mwale & Lizzie Nyambe

Young Woman's Guide to Financial Freedom.

Financial freedom is more than just a fat bank account; it’s the power to make choices

that shape your life. It’s the ability to walk away from a job that doesn’t serve you, to

invesst in your dreams, and to create a legacy for your family. For young Zambian

women this concept is particularly powerful. In a society where persistent wage

disparitiesies, cultural norms, and limited opportunities can feel like a heavy weight,

financial independence is not a luxury it is a necessity for true empowerment.

For women, financial freedom has unique significance. Historically, women were

excluded from financial decision-making, often confined to caregiving and

homemaking roles while men managed the finances. Today, thanks to growing financial

literacy, women are increasingly empowered to make informed choices that align with

their goals and values.

Financial freedom provides security and stability, opening the door for women to

pursue passions, invest in personal growth, and inspire others. It is not just about

money; it’s about living life on one’s own terms and unlocking potential. When women

achieve financial independence, they create a ripple effect motivating others and

shaping a ore equitable society.

A shining example is Monica Musonda, a Zambian lawyer turned entrepreneur who left

a high-powered corporate legal career to launch Java Foods in 2012. Starting with her

own savings and family support, she built the company into a recognized brand

producing affordable, nutritious food for local communities. Her journey ilklustrates

how financial independence is not only about personal security but also about creating

opportunities for others.

Yet while success stories like Monica’s highlight what is possible, many Zambian men

still face significant barriers. Women continue to earn less than their male peers, often

due to occupational segregation and limited advancement opportunities.

High-paying industries such as mining and technology remain male-dominated, while

many women remain concentrated in lower-paid sectors like agriculture and education.

formal banking or mobile money services, limiting their ability to save, invest, and building

long term wealth. Still, there has been progress. Between 2015 and 2020, access to financial

services for Zambian women rose from 33.3% to 58.5%, reducing the gender gap in financial

clusion from 9.9 to 5.8 percentage points. Yet nearly 40% of women remain excluded from

formal banking or mobile money services, limiting their ability to save, invest, and build

long-term wealth.The path to financial independence is filled with unique challenges for young Zambian

women. Let’s look at some of the most significant:

1. The Persistent Wage Gap

Women generally earn less than their male peers. This gap is rooted in societal norms

and occupational segregation, as women are more likely to work in lower-paid sectors

like education and agriculture, with limited representation in high-income industries

like mining or technology.

2. Debt and Financial Literacy Gaps

Many people grow up without learning how to budget, save, or invest, leaving them

vulnerable to poor financial management. High-interest loans and debt cycles often

make the road to freedom harder.

3. Fear of the Formal System

For many women, the formal banking sector feels intimidating or inaccessible, often

requiring collateral that women may not have. This, combined with limited financial

literacy, creates a perception that banking and investing are only for the wealthy.

4. Social and Cultural Pressures

Family obligations or the pressure to “fit in” can divert income away from savings or

investments, slowing progress toward independence.

Case Study: Thandiwe’s Story

Thandiwe, a 28-year-old graphic designer from Lusaka, felt the weight of these barriers

firsthand. After a few years in a junior role, she realized she was earning significantly

less than her male colleagues. Instead of being discouraged, she decided to take action.

Thandiwe then automated her savings, directing a portion of her salary each month into a

separate account. She also started freelancing, offering her design services online, and used

the extra income to create a small emergency fund while exploring low-risk investments.

Her story isn’t about sudden wealth, but about a series of small, deliberate actions that

reshaped her financial reality.

Practical Toolkit for Your Journey

Financial freedom is built on knowledge and consistent habits. Here’s how you can start

today:

1. Master Your Budget

Use a notebook, spreadsheet, or budgeting apps like Wallet or YNAB (You Need a

Budget) to track every Kwacha that comes in and goes out.

2. Automate Your Savings

Pay yourself first. Set up automatic transfers to savings or investment accounts each

payday. Even K100 a month can grow significantly over time.

3. Negotiate Your Worth

Research the market value of your skills and don’t shy away from asking for fair pay.

Build your case with achievements and preparation.

4. Explore Side Hustles

Your skills are your greatest asset. Baking, freelance design, tutoring, or online selling

can all supplement your income and build resilience.

5. Start Small with Investments

Consider group savings schemes (chilimba), unit trusts, Treasury Bills, or government

bonds. Books like Rich Dad Poor Dad by Robert Kiyosaki or The Smart Money Woman

by Arese Ugwu can provide inspiration.

Conclusion: Your Time Is Now

At its core, financial freedom is not just about money, it is about choice. It’s about

building a life where your values, dreams, and purpose guide your decisions, not

financial limitations. The statistics show progress, but there is more work to be done:

bridging wage gaps, expanding financial inclusion, and increasing women’s

representation in leadership.

Each step toward financial freedom is a step toward a stronger, more equitable society.

Women like Monica Musonda and Thandiwe show that financial freedom is possible with

courage, persistence, and smart choices. Do not wait for permission or the perfect

moment. Start today. Open that savings account, negotiate your worth, or write your first

budget. Every small step brings you closer to freedom and your journey can inspire others.

It’s time to reclaim your Kwacha and build the life you truly deserve.