You must have come across instances where your mother, wife, or sister feels underconfident when it comes to taking financial decisions. Why is it that they do not feel empowered enough to manage their own money? A reason could be the lack of financial information or access to resources which could help them stay updated with financial affairs.
The truth is women lead far busier lives, often having to balance their work and families without help. They may be working full-time jobs, taking care of their elderly parents, and even home-schooling their kids. All this leaves them with very little time and opportunity to know about finances and ways to handle these independently.
Financial literacy, however, is extremely important for women, particularly, since they usually lead longer lives than men and have bigger employment gaps than them. They may be forced to take time off from work to attend to other pressing responsibilities. This means losing out on opportunities of promotions and career enhancement. It is here that financial education aided by technology can help. With help from new technologies they can now work from home, enjoy flexibility in work schedules, and learn more about handling money matters.
How financial education can empower women to manage their money:
- Financial planning is definitely not rocket science; it is a matter of habit and careful handling of your income. Today, women can access plenty of resources like finance journals, books, and magazines, to stay informed of the latest trends. Women have access to smartphones where information about anything under the sun is accessible with a swipe of your hand. Websites can offer women answers to any kind of financial queries they may have regarding different topics.
- Financial education means getting to control your finances better; if you thing you are fast falling into a debt trap, you can pick up tips to first get the money in your control. This is possible only by educating yourself about finance management practices. Using this information, you can get rid of the debts. You learn to figure out what you can afford and what you may need to eliminate from your expenses to stay afloat.
- Financial education teaches women to start making investments. This is the best and easiest way to save money. Usually, investments have been handled by men in most families so far, but digitalization and popularity of finance education amongst the fairer sex have changed all of that. Investments are now mostly hassle-free and paperless with many available options. For instance, women are now increasingly investing in mutual funds and SIPs that generate good returns. Even a homemaker dependent on her husband for finances can save from her monthly expenses and start investing. Women are also well-versed in leveraging technological advancements such as trading robots to invest. Women who invest in cryptocurrencies have enormous potential in the financial technology area. Women can now realize their investment dreams due to the emergence of crypto-robots on the market. BitIQ is one of the greatest bot providers, using cutting-edge technology and complicated algorithms to create profits for traders.
- Financial education is needed mostly to make women self-sufficient and economically independent. With sound investment strategies they can seek to achieve both professionals and personal goals. Educating hem helps them to protect themselves in the future against any unforeseen financial crisis.
- Financial education will help women understand how finances work and how to make the best use of their money. Here, they can seek advice from experts and advisors. The information women gain through finance education will enable them to plan for their retirement years. Knowing where your money is and how much you can use over the years helps women plan other goals, like planning for vacations or saving up for their kid’s college education.
Without financial education you cannot hope to make the right choices about money matters. It gives you direction, goal-achieving capabilities, and above all, financial independence.