What is women financial literacy - Importance of financial literacy

Financial independence is a huge part of the struggle for equality Unfortunately, women have historically been left out of financial decision-making

This is largely due to lack of financial literacy So where do women stand when it comes to learning how to manage their finances and what problems do they face?

Let's follow the money and find out! 

What is financial literacy? 

Basically, financial education = knowing the basics of money management 

Paisa kahaan se aa raha hai, kahaan jaa raha hai aur kaise bach sakta hai.

Financial Literacy helps you distinguish between taking loans from a bank or from a fraudster and sometimes they’re the same thing 

Why aren’t women financially literate?

Though women know aate dal ka bhav, and have been running homes forever the belief is that they need not worry about how the money’s coming in or what the bigger decisions are like where to invest, how much to save and what to splurge on

And it’s further compounded by factors like- Education Only 65.4% women in India are literate and with no focus on financial literacy in schools they’re at higher risk of falling prey to money scams

Everything from chit funds to pyramid schemes look more attractive So compound or simple, there’s no interest in keeping money management in the male domain anymore Privilege With no access to financial literacy the default in rural areas is for women to be completely financially dependent on male members of the family 

There is also a gap in the number of women who are digitally literate in India so the move to digital banking, further creates barriers

Schemes While most banks offer the token scheme or two for women they are not lucrative or easy enough for women to cash in on them

What happens when women become financially literate?

Equipped with the right information, women can better plan for uncertainties like financial downturns, divorce, and death

The more they become financially independent and make financially sound decisions the more the economy will benefit

So how can this happen? By empowering women right from school - through education - in homes through nvolvement in financial planning - and in financial institutions with support -

We can ensure they aren’t afraid to manage their own bank accounts, and lives Keeping women out of budget ki baatein has a wider impact than we may realise.

In 2018, India ranked 139th out of 144 countries, with a 66% gender gap in terms of economic participation It’s time we act on the fact that when women are financially educated it ensures the literacy of future generations 

Indian top women financialist

And it’s not like women don’t understand economics Gita Gopinath is the IMF’S Chief Economistand Anshula Kant is the CFO and MD of The World Bank

There's no doubt that we can crunch those numbers, under our heels if we have to Agar paisa bolta hai, toh let's include women in the conversation too!

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