What role can Financial Education play in empowering women? - Detailed Explanation

What role can Financial Education play in empowering women?

By IIC Lakshya

08 Mar 2024

What role can Financial Education play in empowering women?


As we celebrate International Women’s Day, it is important to understand the different ways through which we can empower women worldwide. Although the world has walked along narrowing the strides of gender equality, many things must be done to bring women to the forefront of society. The most important tool to execute the same is financial education, Women must have sufficient knowledge about the importance of financial independence and must have the ability to handle finances perfectly. By equipping women with financial knowledge and skills, we not only enhance their economic independence but also foster societal progress. 

The Need For Financial Education:

Financial education covers a lot of things like making budgets, saving money, investing, and understanding financial stuff. For women, especially in places where men usually have more power, learning about finances can change their lives. It helps them to understand precise ways to handle finances and also to lead a stress-free independent life ahead.

Empowering Women Through Financial Literacy:

Financial literacy is an essential component for everyone, especially for women. When women understand finances, they feel more sure about handling their money. They can easily plan what they want to do with their money, make budgets, and understand how to balance expenses and income. This feeling of being in control doesn’t just stay at home, it spreads to other people and places, making things better for everyone. It helps communities and economies grow and become more successful.

Breaking Patriarchal Norms:

The patriarchy expects men and women to play certain roles, and this often means women have less control over money and important decisions. But when women learn about finances, it helps them change the situation and benefit from having their finance management. They gain the skills they need to be part of the economy and make their own choices about money. When we support women in managing their finances, we’re breaking down old rules and making things more equal for everyone. Women all around the world often have less money and face more financial struggles than men. This makes it harder for them to break out of poverty and feel secure about their finances. But when women learn about money through financial education, it can help. They understand how to save, invest, and grow their wealth, which gives them more control over their and their families' futures.

Encouraging Women Towards Entrepreneurship:

When women open up to the world before educating themselves about the economy, society and people around it will help them find their kind of living but that cannot help women grow beyond the limits. Entrepreneurship is the best destination for a woman with a strong desire, hard-working mentality, and leadership skills. So if they have choices before them, with this knowledge, they feel confident about taking risks and starting new ventures. This isn’t just good for the economy—it also brings fresh ideas and creativity to our communities.

Addressing Social Issues:

Teaching women about money goes beyond just balancing budgets. It can make a big difference in important areas like stopping violence against women and improving health care. When women have control over their finances, they gain the ability to leave harmful relationships and access necessary medical assistance. Thus, gaining financial knowledge doesn’t just benefit women; it also contributes to creating a more equitable and improved society for everyone.

Governments and organizations have a big part to play in helping women learn about money. They can make rules and programs that focus on including women in financial activities and teaching them how to manage money. By working together, governments, non-profit groups, and businesses can make a bigger difference. They can make sure that even women in the most forgotten communities get the chance to learn about money and improve their lives.

As we celebrate International Women’s Day, let’s promise to help women learn more about money. When women understand how to handle their finances well, it makes a big difference. They become more independent, and it helps our society grow stronger. Let’s join hands to create a future where every woman has the chance to do well and be successful.

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