Financial literacy is necessary for everyone with gender no bar, something women still have to work at, whether homemakers or working women.
Financial literacy for women is an issue not much addressed in our society. Most of us shy away from admitting that we lack in financial literacy, and many people are not even aware that this happens. A large segment of women, not only in India but abroad as well, avoid dealing with financial/ banking jargon and tasks.
Cash flow, debit, credit, insurance, loans, rate of interest, savings … too much to handle? As banks and finance is all about our money, in order to stay safe and avoid any blunder, we ask the male members to deal with a large part of it.
A recent study conducted by the Global Financial Literacy Excellence Center checked the degree of knowledge among men and women about the stock market, inflation and interest rates. The results were really disappointing and bothersome. The percentage of men was 16 percent higher than the women participated in the survey.
Among various kinds of gender gaps, this is another major kind of gap that mostly women deal with, nation / continents no bar. The incompetence in financial literacy makes women face its repercussions in their daily life. They find themselves in deep water the moment they fall in a situation that requires them to deal with their finances by themselves. This can lead to further financial complications like crossing of deadlines, defaulting of the loan EMIs, dealing with taxes and much more.
This issue needs attention and each one us must take an initiative to improve the awareness of our own finances, if we are to be truly independent.
There are several initiatives coming up lately that are imparting financial literacy and bridging the gap worldwide. Some of such organizations serving for this noble deed are – The Women’s Institute for Financial Education (WIFE), The Financial Literacy Organization for Women and Girls (FLOW), Women’s Institute for a Secure Retirement (WISER) and The Financial Women’s Association to name a few.
Women can take the aid of the free online resources available on finance. They give you a clear picture of the entire finance scenario – of things you do not understand related to your bank account. It will be a good idea to enroll yourself into financial literacy programs – a step that will empower you more than ever before. These programs help women to sharpen their basic banking, investing and saving skills.
A proper grounding in financial literacy will save you from all the tough times in life, whether you are just a housewife or a working woman. Having the knowledge of financial jargon is always something you will never ever regret.
Published here earlier.
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Pursuing Diploma in Community Mental Health, NIMHANS
Former Forensic Psychologist Intern.
Former content writer.
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