Financial Education for Women: Empowering Through Expert Advice

Category: Finance

Unfortunately, only 27% of its people are financially literate, according to the Annual Report of the National Centre for Financial Education. This number is around 21% for women. It is time for women to become financially literate and actively participate in household financial planning. Financial literacy for women is an important aspect of their independence, financial and otherwise. Being financially illiterate can lead to a number of problems. You could be more likely to accumulate debt burdens, have poor spending habits, or lack long-term preparation. Financial literacy is an important aspect that can help women gain greater control over their own lives, boost their self-esteem, and provide them with equal standing in family and community decision-making. Financial literacy can help individuals reach their goals: By better understanding how to budget and save money, individuals can create plans that set expectations, hold them accountable to their finances, and set a course for achieving seemingly unachievable goals. Both women and men need to be sufficiently financially literate to effectively participate in economic activities and to make appropriate financial decisions for themselves and their families, but women often have less financial knowledge and lower access to formal financial products than men. Women therefore have specific and additional financial literacy needs. Managing money in the midst of life's other priorities is no easy task. Women of all ages and backgrounds struggle with the pressure to earn enough, access education, care for a family, and plan retirement. Financial literacy is the foundation of your relationship with money, and it is a lifelong journey of learning. The earlier you start, the better off you will be because education and its application are the keys to success when it comes to money. Both women and men should acquire financial knowledge to participate in money-related issues of their families effectively. However, it has been observed that women in India have limited financial knowledge. This could be on account of women traditionally being 'homemakers' and not being concerned with where the finances are coming from and where they should go. However, with the changing economic scenario and the higher participation of women in the workforce, financial literacy for women should be given the topmost priority. Financial literacy for women is an important aspect of their independence, financial and otherwise. Being financially illiterate can lead to a number of problems. You could be more likely to accumulate debt burdens, have poor spending habits, or lack long-term preparation. Financial literacy empowers people, especially women, to make independent decisions. During emergencies or unforeseen circumstances, an individual can take correct steps if she is financially literate. A survey revealed that only a small percentage of women are able to build on and grow their existing wealth. Among those, only about 33 percent, have the confidence to invest their money as they see fit. Given that women's roles in the domestic and public sphere are on the rise, these low figures show that financial literacy for women is still not part of mainstream discourse.