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Define the term 'financial autonomy'?
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Define the term 'financial autonomy'?
Financial Autonomy
Financial autonomy refers to the ability of an individual or organization to make independent financial decisions without relying on external sources for funding or support. It involves having control over one's financial resources and being able to manage them effectively to achieve financial goals.
Key Aspects of Financial Autonomy:
- Independence: Financial autonomy allows individuals or organizations to operate independently without being dependent on others for financial support.
- Decision-making: It enables individuals to make their financial decisions based on their own priorities and goals rather than external influences.
- Control: Having financial autonomy means having control over one's financial resources, including income, expenses, investments, and savings.
- Flexibility: Financial autonomy provides the flexibility to adapt to changing financial situations and make adjustments as needed.
- Security: It offers a sense of security and stability knowing that one has the resources to meet their financial needs and obligations.
Benefits of Financial Autonomy:
- Empowerment: Financial autonomy empowers individuals to take charge of their financial future and make informed decisions.
- Freedom: It allows for greater freedom in choosing how to allocate financial resources and pursue personal and financial goals.
- Self-reliance: Financial autonomy promotes self-reliance and reduces dependence on external sources for financial support.
- Success: It is often associated with greater financial success and stability in the long run.
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Define the term 'financial autonomy'?
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Define the term 'financial autonomy'? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Define the term 'financial autonomy'? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Define the term 'financial autonomy'?.
Define the term 'financial autonomy'? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Define the term 'financial autonomy'? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Define the term 'financial autonomy'?.
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