Therefore, from today onwards encourage your wife, daughter, daughter-in-law, sister and grandchildren to become financially literate so that they not only earn but also increase their earnings and become financially independent, before it gets too late.
Just a few days have passed since International Women’s Day. Like every year, this year also many institutions completed the formality by conducting a one-day symbolic program. There are very disappointing responses especially when it comes to making women financially literate. Some people like me who are trying to increase financial literacy through Indian method do not get encouraging results, but the truth is that it is very important for women to be financially literate for them and their families. Especially the last two years have given us this message that we should be ready for any untimely event, definitely we should have positive hopes in life. In the last two years, there is hardly any of us whose close friend, relative or family member has not been a victim of Covid-19. In the second wave of Covid-19, the men of many houses died at very early age and in such a situation, if the woman of the house was not financially literate, then if she and her family did not get any qualified advisor, then there were many problems.
Unfortunately, people in general, including women, are of the opinion that it is not for women to acquire knowledge about finance and that it is for men to do. Whereas my personal experience says that once women start taking interest, they prove to be better investors.
Basically, in today’s modern era, it is very important for women to be financially literate for three reasons.
(1) Nuclear Family: Today the number of nuclear families is increasing day by day, in such a situation the dependence of husband and wife on each other increases greatly and in case of any casualty the crisis increases due to the lack of financial literacy of the woman. For example, if an accident happens and money is needed for treatment and the investment is made only in one name, then it becomes a very testing time for the wife. Therefore, even if the wife does not take the decision regarding investment, insurance or loan, but it is very important for her to be aware of that if the investment has taken place, then where is it, what is the amount of insurance and if the monthly payment (EMI) for the loan then for what reason and for which organization it is being done. It is a matter of great sadness and surprise that even well-educated women ignore such an important need.
(2) Having a Longer Average Age: The average age of women is higher than that of men. According to the 2017 data, the average age of Indian women is 71 years and that of men is 68.5 years. Generally, the difference in the age of husband and wife is 3-7 years and sometimes more than 10 years. This means that most women will spend many years of old age alone because as they set up separate homes for themselves, perhaps their children will also set up separate homes for themselves. In such a situation, if the woman is not financially literate or is not aware of her money, then she may have to face a lot of problems. Therefore, from today onwards, husbands should pay attention to the financial empowerment of women and if she expresses reluctance, then make them aware of the possibilities of future consequences.
Therefore, from today onwards encourage your wife, daughter, daughter-in-law, sister and grandchildren to become financially literate so that they not only earn but also increase their earnings and become financially independent, before it gets too late.
Best Wishes for Financial Empowerment to All The Women Out There.