Background

Individual dignity and independence is a confluence of multiple elements. While physical and mental capabilities are crucial factors and can vary, an important role is also played by financial independence. Today as India reaches new horizons of economic growth and expansions, it is more important than ever that each individual is well versed with their finances and has, at the least, basic financial literacy to be able to competently attend to matters of money and investment. 

While it is true that marginalized communities with limited access to formal education are vulnerable to financial exclusion and lack of financial awareness leading to possible exploitation and lack of growth, another demographic within the larger community is even more vulnerable to such issues. The demographic being referred to here is young women and girls. Despite constituting nearly half of the world’s workforce, women — especially those from marginalized backgrounds — face significant obstacles in accessing financial literacy. 

According to a 2018 study by the World Bank, only 30% of women worldwide are financially literate, compared to 35% of men. This leads to significant issues and disadvantages such as getting paid less than their male counterparts, and an inability to care for those dependent on them. Therefore, it is essential for women to be financially literate and aware, not only for their personal growth but also for the growth of those around them, since women often invest most of their income into their communities. Uplifting and empowering women is then essential to break cycles of poverty and usher in an era of prosperity for all.