Empowering Women through Financial Inclusions: GharChalaayeSaath

When we empower women to take the financial decision of our households, why not empower them to take control and make decisions about their finances? They have not only excelled in every field imaginable, breaking gender barriers and transforming every sector. Yet, even today, there is a huge gender gap regarding women's economic participation and financial literacy.

Why is empowering women financially important?

Do you know what you get if you bring together women from all over the world who the formal financial sector has underserved? – A whole country with the 3rd largest population! (1)

If banks and other financial service providers offer financial services to women at the same rate as males, they would have a $700 billion yearly income potential. (1) Added to this, women are now running companies and even establishing them. So, why not empower women to be more financially independent and aware? With more women in every sector, the potential growth will grow multi-fold. Barriers faced There are several reasons why women have not been able to gain financial independence: Literacy: Limited education is a significant barrier that prevents women from accessing formal financial services. With adequate literacy, anyone will be able to understand and recognise the importance of formal finance in their lives. Consequently, they often hesitate to utilise savings and loan products offered by financial institutions. Basic education plays a crucial role in improving financial literacy. Unfortunately, the state of female literacy is far from encouraging. According to UNESCO's eAtlas of Gender Inequality in Education, globally, approximately 10% of girls aged 6 to 11 are deprived of their right to education. If the current trend persists, nearly 16 million girls in the 6 to 11 age group will miss out on primary school education. (2) Independence: Families need to realise that to empower women, they must be financially independent and start earning for themselves. Even today, in many countries, especially India, women are discouraged from working, making them financially dependent on their male counterparts. In any situation, if that male counterpart faces a situation where he is no longer able to earn, the financial burden of that family increases as there is no alternative source of income. Identification proof: Another reason might be that in many nations, including India, women lack the essential ID evidence, which prevents them from accessing financial institutions. Inbest: Empowering women through information At Inbest, our team is committed to empowering women by enhancing their financial literacy and independence. With females comprising a good part of our nation's population, empowering women is crucial for our country's growth and to unlock our full potential. Our focus will be on helping them understand that financial literacy is not optional but essential. We will emphasise how effective financial planning acts as a safety net and aids in developing alternative income sources. Join us on this journey! References: https://www.womensworldbanking.org/ https://www.thehindubusinessline.com/opinion/empowering-women-through-financial-inclusion/article65214339.ece

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