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Business News/ Brand Stories / Why should women understand and manage personal finance?

Why should women understand and manage personal finance?

The article emphasizes the need for financial empowerment among Indian women, addressing challenges like pay gaps and limited access to services. It advocates for financial literacy, expanded microloans, women-oriented venture capital, technology, and policy changes.

Empowering Indian women through financial literacy and inclusive access to resourcesPremium
Empowering Indian women through financial literacy and inclusive access to resources

For generations, Indianwomen have been the cornerstones of their families, silently holding the fort,nurturing others before themselves. While more and more women have joined the workforce and are striving for financial independence, managing finances often takes a backseat, an unspoken responsibility often deferred to husbands and fathers. But this narrative is cracking, revealing a powerful truth: managing their finances is not just a chore for women, it's a revolutionary act. while finances often remained shrouded in a veil of tradition and hesitation.

The statistics speak volumes. Indian women earn 23% less than men on average, a gap that echoes in unequal property ownership, limited access to financial services, and a higher risk of poverty in later years. These realities are further amplified for single mothers, widows, and those facing the invisible chains of economic abuse.

But within these challenges lies a powerful seed of change. Financial literacy can become the fertile ground where this seed blossoms. Imagine classrooms buzzing with girls learning the language of money, building budgets like fortresses, and planting the seeds of financial independence early on. Envision communities where open conversations about money normalize financial planning, dismantle taboos, and empower women to share knowledge and support.

Financial institutions have a crucial role to play. Microloans tailored to women's entrepreneurial ventures have been a game-changer, providing crucial financial lifelines to countless women like Lakshmi Bai, a single mother from rural Andhra Pradesh who used a microloan to start a successful poultry farm, pulling her family out of poverty. These institutions need to continue innovating, offering mobile apps that gamify saving in familiar languages, and investment platforms designed for the unique financial paths of Indian women.

However, true transformation requires a societal shift in mindset. Let's move beyond outdated notions that equate a financially savvy woman with a threat to family harmony. Instead, let's celebrate financial independence as the bedrock of strong families, empowered mothers, and thriving communities. When women control their finances, they control their narratives, breaking the cycle of vulnerability for generations to come.

Imagine Indian villages humming with women-led businesses, families confidently navigating financial storms, and young girls dreaming big, knowing they have the financial tools to turn those dreams into reality. This is the India we can forge, where financial freedom is not a privilege, but a birthright for every woman.

Here are some specific solutions to improve the situation:

  • Increase the reach of microloans:Expand microloan programs to reach more women in remote areas and provide larger loan amounts for established businesses.
  • Bridge the venture capital gap:Encourage the creation of more women-entrepreneur oriented venture capital funds to provide funding for high-growth businesses led by women.
  • Promote financial literacy:Integrate financial education into school curriculums and community programs,focusing on practical skills like budgeting,saving,and investing.
  • Empower women through technology:Develop mobile apps and online platforms that cater specifically to the needs of women entrepreneurs and financially excluded individuals.
  • Address gender-based discrimination:Implement policies and programs that address gender pay gaps,inheritance rights,and access to property ownership.

By implementing these solutions and fostering a supportive environment, we can truly unleash the immense potential of Indian women and build a more equitable and prosperous future for all. One budget, one investment, one empowered woman at a time. Together, we can build an India where financial freedom is not just a whisper, but a powerful anthem of female empowerment.

Sharath Ganapathy, Co-Founder, Griffin Family Office
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Sharath Ganapathy, Co-Founder, Griffin Family Office


This article is authored by Sharath Ganapathy, Co-Founder, Griffin Family Office.

Disclaimer: This article is a promotional feature and it doesn't have journalistic/editorial involvement of Hindustan Times.

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Published: 24 Apr 2024, 02:24 PM IST
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