Achi news desk-
New Delhi17 minutes agoAuthor: Sanjay Sinha
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There is a savings account in my name, I make payments through UPI or other modes. But without investing money in a fixed deposit or any other scheme in your own name. You must have heard about mutual funds or SIP but never invested money in it.
Babli Mishra is a home maker, living in Laxmi Nagar, Delhi. She has gone to the bank two or three times with her husband to open accounts and get KYC done. Never going to the bank to withdraw money on my own.
Withdraws money from ATM but does not generate password itself. Her husband does all this.
Like Babli, there are many women who are not ‘financially literate’. What does it mean to be financially literate? Is going to the bank, opening a bank account or making small transactions financially literate?
Sunil Gandhi, author of ‘Indian Women and Financial Fitness’, says that most women have no problem shopping or booking a cab on a mobile app, but are uncomfortable operating a bank account on their own or doing online transactions. line.
She wants to stay away from the banking system. Don’t want to fall into the trap of money transactions, interest, compound interest. He does not show interest in investing in any scheme, calculating EMI or even investing in property.
This is because they are not financially literate.
Sunil Gandhi explains that those who have knowledge, skills and knowledge about personal finance and are able to make decisions about their money on their own are financially literate ie ‘financially literate’.
Financially literate women will know where money comes from, where it goes, in which schemes it is beneficial to keep money, what is the movement in the market.
65% of the country’s population is behind in terms of financial understanding.
According to the Global Financial Literacy Barometer survey conducted across 28 countries, India ranks 23rd with only 35% of the population being financially literate. That means 65% of the population have little or no financial understanding. Women are back in this too.
According to the Standard and Poor’s Financial Services (SandP) global survey, only 25% of adults are financially literate. According to the World Economic Forum, there are still more than a billion women across the world who don’t even have their own bank account.
Gitika Chandra, author of ‘Finance Basics for Women’, says that women were not deliberately given ‘financial freedom’ or prevented from doing so.
The fight for financial independence has been fought in many countries. In America, women could not apply for credit cards on their own until 1974.
Until 1964, a woman could not open a bank account in Canada without her husband’s signature. In some countries, there are still laws that prevent women from opening bank accounts, taking out credit cards, or buying property.
Husband bullies wife over money
The main reason why Indian women are not financially literate is patriarchy. The mentality that men earn and women take care of the house has kept women away from financial freedom and education.
Traditionally they have been made backwards. This is the reason for their ‘economic abuse’.
Professor Rajiv Aggarwal of Mumbai’s SP Jain Institute of Management and Research (SPJIMR) says that money in hand and the right to spend it gives men a tool to control women.
I win, the house runs with my earnings, if I don’t win then the family will become destitute, I win so my wish is followed, the husband can have this influence because he has money in his hands. .
For this reason women suffer abuse.
Money plays a role in 95% of domestic violence cases.
In those homes where women are victims of domestic violence and abuse, money is the motive behind it.
Experts call it ‘economic abuse’, which is essentially domestic violence. Women take care of the house but depend on men for every penny.
The husband refuses to give the wife money whenever he wants or buys property and invests without the wife’s knowledge. On the basis of money, he also threatens his wife that if she does not give him the money, he will not get even a penny from anywhere.
Psychologist Seema Vinayak says that even those women who are not beaten and abused, also suffer economic abuse.
Women are kept away from all kinds of property, they are prevented from employment and investment.
Husbands often say to their wives that I win, so what do you need to win? Women are addicted to such emotional strategies. Gradually, women become isolated and helpless.
The unfortunate thing is that they are unable to recognize financial and economic abuse.
Women forced to live in bad relationships due to lack of financial security
The report ‘The Economic Abuse and the Importance of Financial Literacy of Women’ by the organization ‘Equality Rights’ states that domestic violence can be reduced by increasing women’s financial participation.
Due to lack of financial security, many women are forced to live in bad relationships. Instead of saving and investing money, she sacrifices herself for the family. Later the same children force them to stumble from door to door.
Understand the structure of family finances
Rajiv Aggarwal says women are generally not included in the family’s financial decision-making. At home, women take care of everything from rations, vegetables, children’s fees and clothes.
Now financial literacy has also become important because they have to understand what is the structure of family finances.
We should encourage women to become independent. They should be financially literate and capable so that they can handle money transactions themselves.
Learn how to save a few pennies and invest them. Financial literacy means they can handle their own expenses. He should have the freedom to decide where and how much to spend. By doing this the woman will be able to stand on her feet.
Financially literate women are financially stronger and in a better position to shape their future.
She can get out of a bad relationship.
Women who are employed or not employed face the biggest problems.
Being powerful means interference in money transactions
Famous actress Priyanka Chopra had recently said that if a woman is financially independent, then she can live life on her own terms.
Being financially literate means making yourself powerful.
According to the World Health Organization report 2018, the average age of women in India is 70.3 years while men are 67 years old.
Living longer than men means you should have more savings.
In such a situation, women will have to learn finance, investment and credit. Their financial understanding and decisions will strengthen them. They will have control over their lives, not men.
What should women do?
For financial freedom and literacy, women need to come out of the traditional mindset they have been following for centuries.
Business and personal finance advisor, author Sunil Gandhi says women should know where the property agreement papers are, where the income tax papers are.
They should have investment details, demat and bank account details.
Fixed deposits, non-demat investments, health insurance policy, vehicle RC book, original PAN and Aadhar card, passport, marriage certificate should be kept with you.
Even if you do not have the original copy, you must keep its photocopy with you.
Women should know where their husband has invested.
You should know what loans have been taken, what their tenure is, what the interest rate is.
Keep track of all your husband’s user IDs and passwords.
These days most transactions are done online. In such a situation, women should know the entire process of online transactions.
Women should know the user IDs and passwords of their husbands’ accounts. You should have knowledge about bank account, demat account, credit card, UPI and apps related to it.
If your husband buys goods from Amazon, Flipkart or any other e-commerce site, then you should know the complete business process, as well as the login ID and password.
If your husband has shares in any partnership company or shares in private companies, then you should have information about all his documents. Keep a copy of his documents with you.
Keep in touch with people involved in finance
Women generally don’t keep in touch with CAs, investment advisors, lawyers, insurance advisors. Sunil Gandhi says his name should be in the contact list of women.
Whenever he thinks about investing, he should talk to an investment adviser. If there is any dispute, see a lawyer. Regarding paying income tax, understand the whole thing from CA. Don’t leave all these things to your husband.
Stay informed about everything from money transactions, property purchases to investments. Discuss this with your husband.
Safeguard investments with KYC. If you invest in mutual funds, shares, banks, fixed deposits, post office, life insurance, always keep a mutual name.
Check whether your name is in the nominee or not. If you operate your own account, always keep the bank details up to date.
Women should take it upon themselves to update their account, get a new check, get an ATM card, get a credit card or invest in mutual funds.
