Sand artist Manas Sahoo makes a sculpture on the occasion of International Women's Day, in Puri, Monday, March 7, 2022.
While women are increasingly taking on financial leadership roles in their personal and professional lives, the lack of confidence in women in the subject accounts for approximately a third of the gender financial literacy gap.
Understanding finances is one of the ways women can step up their game and be in control of their lives and decisions that eventually affect their lives. It is essential to acknowledge that there is a lack of education and awareness related to specific topics in today's world. You may be your champion when it comes to money management if you have the skills to empower yourself in your personal and professional life. For it, it is necessary to be financially literate.
“Financial literacy for women is essential to bridge the economic gap that currently exists. It’s first important to acknowledge this gap, understand the steps on the professional and personal front and work towards bridging it,” Sucheta Mahapatra, MD, Branch Personal Finance App, said.
Invest in education: Various financial literacy classes are inexpensive, easily accessible, and can be completed on your schedule. Educating yourself on accounting and financial issues like taking out loans, making a budget, and investing in the stock market may help you remain out of debt and in a good financial position so you can achieve your goals.
Budget for important events: When an important event is happening in your life, you naturally spend more. Whether you are getting married, having a kid, relocating to a new state, or changing jobs, budgeting for significant life events will set your mind at ease and assist you whenever unforeseeable occurrences happen. Planning and budgeting for major events are made easier with the help of internet services. By preparing ahead of time and using the right tools, you may enhance your capacity to make educated decisions while also better using your current budget.
Coach: Mindfulness, relationship, leadership, career, and financial coaching are examples of coaching services. Many coaches have their resources - online or in person. When coaching and these resources are together, they can create a sense of motivation, encouragement, and self-discovery, leading to increased self-confidence. Ebooks, podcasts, and even social media videos, some of which are from female TikTok stars or must-follow Instagram financial experts, are other resources.
Household finances: You have to be aware of how much you are spending when it comes to household finances. The debt, the monthly expenses, investments, interest rates you are earning and paying, savings - keep track of all this.
Sucheta said that in professional life, women should be aware of the retirement plans, overtime requirements, healthcare expenses of the company so that they know where money from their paycheck is going, adding that it is essential to ask questions.
"When it comes to finances, you have to be aware of what you are doing and be firm. Improve your financial literacy and be the one in control of your life," she said.
