It is a song with real meaning, because in the heart of every home lies a force who knows everything. Who has strength, and resilience, and whom we call mothers.
Remember the piggy bank your mom helped you to fill? It wasn’t just about getting all the money you got and adding to it. It was about making you save them. In India, where the role of women is evolving rapidly, empowering mothers to handle financial matters is not just a necessity but a crucial step towards a secure future.
From Tradition to Transformation
Traditionally, in many Indian households, financial decisions are predominantly made by men. However, this paradigm is shifting. According to recent studies, more women in India are entering the workforce and actively contributing to household incomes. Despite this, a significant gap remains in financial literacy and empowerment among women, particularly mothers.
Mothers play a pivotal role in shaping the financial habits of future generations. By actively involving them in financial decisions, families can instil responsible money management skills in their children from an early age. Moreover, studies have shown that households where women are financially empowered tend to have higher savings rates and better financial planning.
Breaking Barriers
There are several reasons why mothers need to be more involved in handling financial matters. Firstly, women tend to outlive men, statistically speaking. Thus, they are more likely to be solely responsible for managing finances later in life. By gaining proficiency in financial matters now, mothers can better navigate financial challenges in the future.
Secondly, with the rise of nuclear families and changing societal dynamics, the traditional support system of extended families is diminishing. Mothers need to be equipped with the knowledge and skills to manage finances independently, ensuring the well-being of their families in times of need.
Moreover, financial independence empowers mothers to make informed decisions about their own and their children's futures. Whether it's planning for education, healthcare, or retirement, having a solid understanding of financial principles enables mothers to secure a better quality of life for their families.
It's important to acknowledge the barriers that hinder women from taking control of their finances. Cultural norms, lack of access to financial education, and societal expectations often discourage women from actively participating in financial discussions. However, breaking these barriers is essential for the overall progress and prosperity of society.
Real financial Mother
Chetna Sinha is an Indian social activist and founder of the Mann Deshi Foundation. Hailing from the rural village of Mhaswad in Maharashtra, Sinha experienced firsthand the challenges faced by women in accessing financial services and opportunities. Determined to bring about change, she established the Mann Deshi Foundation in 1997 to empower rural women through financial literacy and entrepreneurship.
Through her foundation, Sinha pioneered the concept of the Mann Deshi Bank, India's first rural cooperative bank run by and for women. The bank provides financial services such as savings accounts, loans, and insurance to women in rural areas who are often excluded from traditional banking systems.
Sinha's work has not only transformed the lives of countless women but has also garnered international recognition. She has been honoured with numerous awards, including the Nari Shakti Puraskar, and the Forbes India Philanthropy Award.
Bridging the gap
To erase the gender gap in financial literacy, initiatives aimed at educating and empowering women are paramount. Workshops, seminars, and community outreach programs can provide women, especially mothers, with the necessary tools and resources to enhance their financial acumen.
Furthermore, policymakers and financial institutions must prioritize gender-inclusive policies and products that cater to the unique needs of women. This includes access to affordable banking services, tailored investment options, and flexible financial solutions.
Role of Mothers in Financial Planning
Empowering mothers to handle financial matters is not just a matter of equality but a strategic investment in the future. By breaking stereotypes and fostering financial independence among women, we pave the way for stronger families, communities, and ultimately, a more prosperous nation. It's time to recognize the invaluable role mothers play in shaping our financial landscape and provide them with the support they need to thrive.
‘A mother has an important role to play in establishing long-term financial goals. She can lead the way in making decisions that align with a clear financial vision.’
