While the overall Indian population is embracing the digital age with great enthusiasm, and both men and women are more savvy in this sphere than ever before, there is a distinct lack of financial literacy in Indian women. Of course, women in India are more educated and liberated than they were in previous times, but many lack the financial acumen required for making effective investment decisions and planning their financial future. What women in India must understand is that financial literacy arms them with the means to make independent decisions in a largely patriarchal society.
India, till recent times, has been a largely patriarch-focused country. Typically, in any average Indian family, you will find that the male spouse works while the woman is a housewife. Some women are not qualified enough to work and lack an appropriate education, while others, even though educated, are not employed. This may stem from a long history of patriarchy in the Indian social ecosystem or may be due to circumstances like parents arranging marriages and women having children and raising them.
While women may embrace the digital economy, the world is embracing gender equality and trying to eliminate ideas of female stereotypes in the home and the workplace. India still has a long way to go but is on the way to being more gender-equal. In light of this, women must take their own stand about being financially literate so they can boost their confidence in making financial decisions in the family.
Financial literacy aids in breaking the barriers that curb women from success. India is, presently, the third-largest economy on the global front. While India is an economic powerhouse, the awareness about money and finance in India’s women is sorely lacking. Although the number of women gaining an education is catching up with men, the number of financially literate women compared to men is far behind.
If India wants to reach the next level of prosperity and growth, it is very important that women take finances head-on and educate themselves. In many cases, women are indifferent to financial matters, but this is the age of the modern Indian woman, and while success is seen in fields like education, business, sports, politics, and entertainment, to name a few, there isn’t much seen in financial areas. Here are some advantages of financial literacy for women:
If you think you lack financial literacy, there are several ways you can employ to educate yourself about finances:
You may read any amount of books and stream websites and videos to learn about finances and achieve financial literacy. However, there is nothing quite like your own experience and the best place to start to be financially literate is increasing familiarity with your own finances. Financial literacy is dependent on great financial knowledge, but it is also the result of discipline in finances and sound financial planning and habits. You should first learn about how to make a budget, manage your debts, and make plans for your future, say, your retirement.
You must be aware of basic financial principles and if you are not actively taking part in your family’s personal financial decisions, it is never too late to start and take some control.
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