An Overview of Financial Literacy among Women – Need and Practice

M. Bhaktavatchalam, Margani Somasekhara .

Abstract


India represents the fastest growing region in the global economy. Of significance, is that more than half the populations in Country are women. The participation of women in the economy would therefore not only enhance their own economic well-being but would also contribute towards raising further the economic potential of country. Women are already engaged in both the informal and formal sectors and are increasingly emerging as a more important force in the economy. The effective participation, however, needs to be an informed participation. Financial literacy among women becomes an important part of this process, regardless of the income constituency to which they belong. There needs to be a better understanding of their financial rights and responsibilities, and their opportunities for income generation and the associated risks and costs involved. This is particularly important for India, where rapid economic and financial transformation is occurring. Financial literacy among women is thus a vital part of this process, not only to promote greater engagement of women in the current economic environment, but also to prepare them for the future.

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