WOMEN AND MONEY MATTERS
BANKING FINANCE|October 2021
We are part of a society that continues to view women as the weaker section. The age-old practices and norms always tended to give little importance to women down on the scale of progress.
Dr Bindu K Nambiar

Gender inequality is so entrenched in families and society, maybe on a differentiated scale across the country, influenced by the factors like literacy and affluence. The chain of patriarchy, which prevails in different forms like the caste-based panchayats in certain parts of the country, pushes her down with minimal recognition in the society all along her life span. Even from a global perspective, women have often been regarded as subservient to their male counterparts. Across the world, the subordinate status of women has had a deleterious impact on society's overall growth.

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.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BANKING FINANCEView All

Block Chain Technology - A Tool Of Digital Transformation

"Artificial intelligence, machine learning, Internet of Things, blockchain and big data hold potential to take India to new heights" -PM Sri Narendra Modi at the 2016 World Economic Forum (On launch of "IndiaChain" by NITI Aayog)

9 mins read
BANKING FINANCE
November 2021

RETAIL BANKING POST PANDEMIC: REPOSITIONING & RECALIBRATING FOR THE PRESENT & FUTURE

The COVID-19 pandemic has brought economies to a standstill and has provided considerable challenges to banking and financial institutions. However, the banking industry has shown tremendous alacrity during the ongoing pandemic.

8 mins read
BANKING FINANCE
November 2021

PHYGITAL BANKING: WAY AHEAD FOR INDIAN BANKING INDUSTRY

The banking sector has witnessed a massive transformation in the last few years. The shelf life of physical banks has reduced immensely.

7 mins read
BANKING FINANCE
November 2021

RBI'S PROPOSED CHANGES TO REGULATORY FRAMEWORK APPLICABLE TO 'HOUSING FINANCE COMPANIES' HFCS

The Central Government had, with effect from 9th August 2019, transferred regulatory powers of the Housing Finance Companies (HFCs) from the National Housing Bank (NHB) to the Reserve Bank of India (RBI).

10+ mins read
BANKING FINANCE
November 2021

ANALYTICS IN INDIAN BANKING: THE WAY FORWARD

Abstract: Indian Banking industry has undergone a series of transformations with the advent of Information Technology (IT) since 1980s, 1990s and 2000s in terms of applications of IT in different banking processes from various perspectives such as cost reduction, revenue generation, fraud detection, security issues etc. and this transformation is still continuing with new trend called Business Intelligence and Big Data Analytics. In the present banking scenario Big Data Analytics stands as the solution for the increasing competition and regulatory challenges with fraud and cyber security threats where banks are under rigorous pressure to improve the efficiency and revenue to sustain profit margins and customers. Analytics in Banking supports Decision Making to elevate revenue, control costs and mitigate risks. This in turn improves customer segment; target, create and retain customers along with customer understanding and risk management.

10 mins read
BANKING FINANCE
November 2021

Artificial Intelligence And Intelligent Banking

Is artificial intelligence less than our intelligence? - Spike Jonze

10+ mins read
BANKING FINANCE
October 2021

SIMPLIFYING 'SARFAESIA, 2002'

To expedite recoveries by the Banks, the law called as Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest, 2002, popularly called as SARFAESIA has been enacted.

10+ mins read
BANKING FINANCE
October 2021

WOMEN AND MONEY MATTERS

We are part of a society that continues to view women as the weaker section. The age-old practices and norms always tended to give little importance to women down on the scale of progress.

7 mins read
BANKING FINANCE
October 2021

TIGHTENING THE SCREWS

Non-Banking Financial Corporations (NBFCs) due to their magnitude, intricacy and interconnectedness are revolving systematically over the years.

6 mins read
BANKING FINANCE
October 2021

REDEFINING FARMERS INTEREST

The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020 was promulgated on June 5, 2020. It provides a framework for the protection and empowerment of farmers with reference to the sale and purchase of farm products.

10+ mins read
BANKING FINANCE
October 2021
RELATED STORIES

PRESCRIPTION FOR 2022 - These Health Care Stocks Should Thrive

Pharmaceutical and health sciences firms are riding powerful demographic trends amid a golden age of innovation.

7 mins read
Kiplinger's Personal Finance
January 2022

Strongmen? Us?

Don’t let their confidence fool you: Xi, Putin, and other authoritarians are increasingly vulnerable at home

6 mins read
Bloomberg Businessweek
November 22 - 29, 2021

2021: The Year in Review

LIMITLESS BODY BUILDING

6 mins read
Muscular Development
December 2021

We're Not There Yet

To end the pandemic, we need more vaccinations—not just new pills

4 mins read
Bloomberg Businessweek
November 15, 2021

Unvaccinated? Time to Make an End-of-Life Plan

A good idea for anyone, advanced directives are especially important if you’re willing to risk a potentially fatal illness

4 mins read
Newsweek
November 05, 2021

Worth a Shot

Doctors and health experts strongly back COVID vaccination for kids. PARENTS aren’t so sure

10+ mins read
Newsweek
November 05, 2021

Sharing a Common Goal

Why Puerto Rico is the most vaccinated place in America

4 mins read
Newsweek Europe
November 12, 2021

Self-Care 101

How to create a nourishing self-care routine that can help you feel calmer, more centered, and better able to face the challenges of the world around you.

6 mins read
Better Nutrition
November 2021

The LONG Journey BACK

DAYS’s Suzanne Rogers shares the harrowing details of the medical scare that kept her out of Salem for six months.

9 mins read
Soap Opera Digest
October 11, 2021

DO VACCINE MANDATES DISCRIMINATE AGAINST BLACK AMERICANS?

Given lower vaccination rates, activists say the new COVID rules could turn some Black people into ‘second-class citizens’

3 mins read
Newsweek
October 15, 2021