Need for financial literacy amongst women in rural areas

financialexpress.com:

Financial literacy is a critical component of economic empowerment, and it plays a pivotal role in enhancing the socio-economic status of individuals and communities. Unfortunately, in many rural areas around the world, particularly in developing countries, women often face significant challenges when it comes to financial literacy. This disparity can be attributed to several interrelated factors.

Firstly, access to quality education is often limited in rural communities, with girls experiencing particular barriers to educational opportunities. This educational deficit poses a major obstacle to women acquiring even basic financial knowledge. Secondly, cultural and social norms play a substantial role. Traditional gender roles frequently confine women to household responsibilities, limiting their exposure to financial matters and decision-making. Moreover, cultural norms may discourage women’s active involvement in financial affairs, perpetuating their financial vulnerability.

Finally, rural areas often lack accessible formal financial institutions like banks, exacerbating the problem by making it challenging for women to access resources and learn about financial management. These factors combine to create a substantial gender gap in financial literacy in rural settings.

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Financial literacy holds a pivotal role in empowering women in rural areas, offering a multitude of benefits. Firstly, it promotes economic empowerment by equipping women with the knowledge and skills to make informed financial decisions, effectively manage budgets, and save for the future. This newfound empowerment translates into increased economic independence, allowing rural women to