Archana Jain Completed her Global Financial Management From Bombay stock exchange and EMBA from s SP Jain Global management and Being a Research Analyst, Investor and Trader here, she talks about Financial Literacy ( Focusing on Women)
Women are embracing financial literacy and independence today more than ever before. Most of us are privileged to have maximum freedom in terms of movement, access to resources, and a supportive family which encourages us to grow. Today, men participate in caretaking responsibilities as much as women participate in economic activities. Or so we hope! However, research suggests that 62 percent of Indian women, which is an approximate figure of 411 million, either do not own a bank account or have limited access to banking services.
If we genuinely want to build and live in an equitable world where everyone has the freedom to dream, work and feel financially secure, then we all need to talk more about the importance of financial literacy.
Financial literacy empowers women to make independent decisions. Be it an emergency, unforeseen circumstances, or unfortunate events. Financial literacy allows an individual to rebuild their lives on their own terms.
Currently, however much we desire equality, a very small percentage of women have the privilege of focusing on building their wealth. Out of those who do, only 33 percent invest their money confidently compared to 64 percent of men. Encouragement from family members and partners has been a common factor in all these cases. Thus, we all can play a small part in building an equitable world. And it begins at home — starting with financial inclusion and advocating for financial independence.
Why Do Women Hesitate Handling Finances?
Our education focuses on getting a job and making money, yet money is not taught or discussed in the curriculum. Financial abundance is not a sufficient condition to living an independent and empowered life. In fact, financial literacy forms the foundation for empowerment. Every individual, irrespective of their gender, age, or class, needs to equip themselves with the knowledge of different financial instruments available in the market. Whether to use them or not is a choice. Always remember, as financial gurus reiterate, there are ample options available for each person with unique and diverse financial needs. We just need to do the research and find products suitable for us. As allies, we can help each other progress through research.
A Quick Advice –
Just advocating for financial literacy without practicing won’t help, though. Start with self, in small amounts. See what works for you, and then spread the knowledge as you spread hope and joy in this new year. Among your family and friends, welcome questions, speak openly about money, set money goals, and walk towards that goal. Break the shush and the habit of immediate gratification. Like we discuss physical and mental health, ensure you and your loved ones develop a healthy relationship with finances. It’s never too late to start. At the end of the day, we all desire security and freedom — financial literacy can help us achieve it!
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