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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.
Image source: shutterstock
Pursuing Diploma in Community Mental Health, NIMHANS Former Forensic Psychologist Intern. Former content writer. Double Masters in Computer Applications & in Psychology. B.A in Hindustani Classical Music. read more...
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Vidhya came home with Riya. She was surprised to see the same expectations from her that were before from having a child. Nothing had changed, and she felt that nothing would ever change.
Vidhya was just like any other normal girl who grew up reading Cinderella and Rapunzel, wishing to meet her Prince charming someday. Though not a topper, she scored well in school and college and fulfilled her parent’s dream by joining as HR in a reputed financial firm.
After she settled in her career path, her parents began their hunt to find the perfect groom and complete their responsibility in life. Finally, after seeking permission from the stars in her chart, they fixed her wedding with Rahul, who according to them, got a tick for most of their eligibility criteria. She obliged and got married to him as per their wish.
Mothers do things for you out of love, so please treat them with respect and dignity at your home, especially in front of your in laws, and ask your in laws to share responsibilities.
Motherhood isn’t just a word. It’s a world in itself…of love, labor and commitment that goes beyond a lifetime, when we don’t really have a concept of flying the nest and mothers are required to be battle ready to shoulder every responsibility at any age.
As a new mom I too had my share of struggles like every woman, and reached out to my mom for help. Sadly, since she had health issues of her own she agreed reluctantly and was uneasy throughout her stay, which disappointed me. Only later did I know that she had suffered from serious menopausal problems that made her edgy and nervous in difficult situations, and it left me with a sense of regret of not taking the effort of understanding her troubles.
Women think understanding financial matters is difficult. Financial literacy is simply the knowledge required to make imp financial decisions!
In most households, finances are seen primarily as a male function. Regardless of whether a woman is working in an office or a business or stays at home, it is usually the men in the family who make financial decisions. Many women have no idea of their financial situation. They tend to think that managing finances is a very difficult task. Ladies, it is a piece of cake compared to handling your parents, in-laws and kids at the same time!
People talk of financial independence but I would say financial literacy comes before that. In simple words, it is the knowledge required to make important financial decisions. Financial literacy is the ability to understand and effectively use various financial skills.
Covid has impacted many families and it has also made all of us realize the importance of understanding finances. Many families lost their primary bread winner and struggle to cope with their financial needs. They are not able to access money simply because they are unaware of basic financial information.
With 65.46% female literacy rate as per the 2011 census, women's education in India is still a point in question. Why is women education India still so poor?
With 65.46% female literacy rate as per the 2011 census, women’s education in India is still a point in question. It is still below the world average of 79.7%. What makes the numbers so low even today when we talk about women education in India?
We assume that schooling has become a norm now and imagine that every child by the age of 3 starts some form of schooling. But in many rural areas, if the child is a girl then there are many hindrances to her access to education in India. Women’s education in India is still perceived as an unnecessary indulgence in many parts. While Kerala tops the charts with 92.07% female literacy (and 94.00% overall literacy), Bihar scores much lesser with 51.50% of female literacy (and 61.80% overall literacy).
When the parents cannot afford education for their kids, the son is always given preference over the daughter, if at all they try and send them to school. The daughter stays at home and cooks, cleans, and helps her parents in doing the chores, or she might even be employed as a helper somewhere, which is child labour and illegal as per law.