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Why India Must Strive For Women’s Financial Literacy 

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For our country to grow economically, financial awareness is one of the most essential lessons. Unfortunately, around 80 percent of Indian women lack financial literacy. Additionally, 62% of Indian women don’t have access to bank services or do not have access to bank accounts.

What is Financial Literacy?

Financial literacy refers to the ability to make informed decisions regarding your finances and take the necessary steps to manage them. This includes understanding your financial options, planning for the future, making wise spending decisions, and dealing with the difficulties associated with life events like a job loss, saving money for retirement, or paying for education.

Many things were learned from Covid-19. Many people became unemployed. Many people learned the importance of saving and investing. No matter your gender, age, or lifestyle, it is important to be financially literate.

To be financially literate, everyone must understand the basics of finance. Many Indians lack basic knowledge of money management, including how to save, invest, buy insurance, and emergency funds. India’s financial literacy is below that of other countries. A global survey found that 20% of the world’s population is Indian. However, only 24% of Indians are able to understand basic financial concepts. Since independence, the government has been working to increase financial literacy. Financial inclusion is a key factor in the country’s economic growth. Common financial literacy directly relates to financial inclusion.

Financial Literacy and Women: How Financial Literacy can Empower Women.

48% of India’s population is female. Only a few exempt women have significant control over financial matters within their households. Because most Indian women don’t want to be involved in financial decisions or financial matters, they prefer that these be left to their male relatives. Furthermore, most educational institutions don’t teach money management skills so it is up to us to mold women’s financial future.

Which one do you believe is responsible for keeping the financial affairs of the family’s feminine gender out of the hands? Despite the fact that both boys and girls receive the same education in school, how is it possible for one to take control of the money while the other keeps it under wraps? This is a result of centuries of social conditioning. It is high time we broke the mold.

In urban areas, women are far less financially literate than men. The changing lifestyles mean that there must be more effort to make women financially independent and financially aware. This will help them in their financial journey. We would see a shift in society if 10% of women managed their money.

Imagine if we truly want to live in an equitable world that allows everyone to have the freedom to work, dream and be financially secure. We all have to work together towards financial literacy. Financial literacy is the key to empowerment. Financial inclusion plays a crucial role in achieving gender equality within society. It is the foundation for empowerment.

How can women become financially literate?

It’s a great idea to give your daughters a monthly allowance. Each parent should open a bank in the daughter’s name, and then give her a debit card. By putting a small amount each month in the account and allowing her to use the card for smaller transactions, she will be able to better manage her allowances as well as understand the value and how to spend it. This will help her become more responsible with money. Reviewing and discussing monthly statements with your child can help you monitor their spending habits and preferences.

Women and girls need to be aware of how to protect card information and use basic safeguards when transacting online. This is important due to the recent rise in fraud online and phishing scams.

Women should also be familiar with investing to make the leap into the real world. A woman is more prepared for the challenges ahead if she learns money management early on. They can also use the Prillionaires wealth management app.

Financial literacy and financial empowerment are two of the most important assets a woman can have in India, especially for women. We all want security and freedom, but financial literacy can help us achieve it. Let’s all help women and celebrate their spirit by being financially empowered and supporting each other.