Despite the intellectual, economic, and material progress that happened post the Second World War, a woman's role continues to be restricted to the household- rearing children and taking care of all the household chores, even when employed the family's finances. However, managing finances continues to be the sole preserve of men. However, with the enhancement in literacy standards and improved access to formal education, the situation is changing, even though at a slow pace.
The lack of access to finance and the discrimination towards providing enablers to the women in financial management has negatively affected societal growth. The vast unbanked women population accentuated this. There, if we look at every country's demographic profile, it can be observed the most potent factor influencing financial stability is the empowerment of women in fiscal matters.
A vast large majority of women are unaware or ignorant of the benefits of financial stability. They are oblivious to the role played by the banks in reaching out to the last mile of the society, especially women, and the wide-ranging opportunities a finance institution opens up for the upliftment, empowerment, and development of women. Data from the 2017 report on the gender gap in financial literacy by the Global Financial Literacy Excellence Center showed that only 20 percent of women recognized the economic concept (offset of 8 percentage over male). In most developed countries that had high overall financial literacy, the difference was higher. Financial literacy makes people effective at budgeting, saving, spending control, debt management, participating in financial markets, planning for retirement and accumulating wealth, and considering the humongous role played by women in anchoring families.
There are a variety of possible explanations why women are not generally comfortable with finance. Primarily, the peer group and social pressure may not encourage them to engage in investment-related discussions. Secondly, from the role models they see, they seem to believe that financial management is the domain of men. Even when women know about financial products, they may not invest appropriately. Part of that has to do with the fact that women always look at wealth differently.
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