By Diya Thakur, DP-1
Via Penny Hoarder
With a population of over 1.4 billion people, nearly half are women. India still faces unnerving difficulties when it comes to female financial literacy. In the modern day and age, both males and females are legally allowed to acquire the same level and quality of education. Then why is it that over 59% of women within India still fail to take charge and grapple with their financial decisions? (The Economic Times)
A strong argument can be made when we draw light on the societal landscape in India. Societal norms seem to have confined women under the guise of stereotypes and conventional thinking, often labelling them as not much more than "homemakers" or "housewives" where the "man of the house" is automatically left in charge of most finance-related decisions. As a result, financial education is deemed unimportant for women; thus, the abilities that come with it are capped. In a civilisation that preaches equity, isn't it unfair? Does gender really define worth or capabilities?
Financial literacy encompasses everything from budget management and earnings to investments and banking. These are integral skills critical for everyday life for everyone in the ever-growing world. They enable us to make educated decisions, essential to prepare for the future, emergencies and ordinary day-to-day situations. A financially liberated woman can pursue higher education, professional prospects and personal interests without depending on anyone else. It empowers women and boosts their self-confidence. It is also vital in contributing towards a healthy and prosperous family. Therefore, every woman should have at least a primary degree of financial literacy.
Furthermore, the inadequacy of its advocacy can contribute to continuing these hurdles towards obtaining potential for females. For instance, mothers are significant role models for their children. Even though they don't possess financial independence, they must urge their children to learn financial literacy, regardless of whether the child is a girl or a boy. How can we expect the younger generation to do any better?
But it isn't all bad. Over time, women have increasingly been breaking barriers and venturing into uncharted fields to achieve success beyond the boundaries of their homes. They are finally obtaining the independence and freedom to manage their finances and futures. This, however, is still only prevalent in the urban areas of India. While attitudes towards financial literacy amongst women are improving overall, the topic still needs to be revised in the more rural areas.
According to PMJDY.gov, the new "Pradhan Mantri Jan-Dhan Yojana" aims to provide low-income groups access to previously lacking financial services. These services include basic savings bank accounts, access to need-based credit, remittances facility, insurance, and a pension. But even then, widespread financial education is required to achieve such a level of permeation, especially in the already lacking female population. Awareness programmes must be released addressing this dire issue so that the Indian government can take measures to ensure equal opportunity for all citizens.
Via BeHance
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