5 things that promote the financial rights of women and girls

5 things that promote the financial rights of women and girls

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Introduction

Look at a few famous examples below, and try identifying the most inspiring factor common to all:

1. Anu Aiyengar:

Anu Aiyengar is a prominent figure in the finance industry, known for her involvement in high-profile deals such as the sale of ETrade Financial to Morgan Stanley and LVMH’s acquisition of Tiffany. Aiyengar is passionate about providing opportunities to young women and is actively involved in organisations focused on empowering women financially.

2. Naina Lal Kidwai:

Naina Lal Kidwai is one of the most powerful women in finance in India. Her remarkable career includes serving as the Group General Manager and Country Head of HSBC India. She has been a trailblazer in the finance sector, playing a key role in shaping India’s financial landscape and inspiring others to follow in her footsteps.

3. Shyamala Gopinath:

Shyamala Gopinath, a former Deputy Governor of the Reserve Bank of India (RBI), has been a prominent figure in the finance sector. With nearly 40 years of experience at the RBI, she has made significant contributions to the industry. Currently, she serves as the Non-Executive Chairperson of HDFC Bank, further solidifying her influential role in shaping India’s financial sector.

Yes, they are the successful women in finance who have made significant achievements in the industry, breaking barriers and achieving remarkable success. This is the magic of financial rights and education of women and girls.

Lack of financial rights: Impact on women and girls

Women and girls without financial rights face numerous challenges that significantly impact their economic stability, social status, and overall well-being. Lack of financial rights significantly impacts women and girls by limiting their economic independence, and access to education, and healthcare. It increases poverty, raises vulnerability to exploitation and abuse, and restricts their ability to make decisions about their lives. This inequality delays overall societal progress and creates gender discrimination.

1. Importance of financial rights of women and girls

Financial rights are of great importance to women and girls:

  • It provides women a chance to narrow the gender and equal pay gap by increasing their wealth gradually.
  • By actively participating in the management of their finances, women can establish a more stable and prosperous future for both themselves and their families.
  • They can achieve financial freedom, enabling them to pursue their aspirations independently without depending on external financial assistance.
  • Whether it involves launching a business, exploring the globe, or enjoying a secure retirement, investing makes women design their own destinies.

2. Financial rights of women and girls: Barriers and solutions

a) Barrier – Lack of Financial Education causes many women to feel overwhelmed in investing and financial management due to limited knowledge of financial markets and strategies.

Solution – Overcoming this requires seeking education and empowerment. Resources like books, online courses, and workshops provide the essential knowledge to start.

b) Barrier – Fear of Taking Risks makes women often dislike taking and managing risks when compared to men, leading to uncertainty in investment decisions.

Solution – Avoiding risk can hinder long-term financial goals. Understanding risk tolerance and diversifying investments can help overcome fears and build confidence in investing.

5 things that promote financial rights of women and girls

Empowering women and girls financially is not just a matter of justice; it is a pathway to a more prosperous and unbiased world. As students, understanding the factors that promote the financial rights of women and girls is essential for building a future where everyone can thrive. Here are five key elements that promote the financial rights of women and girls:

1. Education and financial literacy

Education is the basic foundation of women’s and girls’ empowerment. Girls and women must have access to quality education which creates the path to financial independence and stability.

a) Importance

  • Knowledge as Power: Education provides women with the knowledge and skills necessary to explore the financial world. This includes understanding savings, investments, loans, and entrepreneurship.
  • Breaking Barriers: Educated women are more likely to secure better-paying jobs and contribute to economic growth.
  • Informed Decision-Making: Financial literacy enables women to make informed decisions about their money, from daily expenses to long-term investments.

b) Education programs and scholarships

  • Targeted interventions are crucial to address the financial literacy gender gap in India. This includes improving access to financial services, providing customised financial education and training programs, resources and adopting technology to reach women in remote areas.
  • Education Programs like the Pradhan Mantri Jan-Dhan Yojana, ‘Beti Bachao, Beti Padhao’, Financial Literacy and Credit Counselling Centres (FLCC), Sukanya samruddhi Yojana, and the National Center for Financial Education (NCFE) and private sector CSR initiatives like Saksham (source).
  • Government Educational scholarships schemes and grants for women – National Scheme of Incentives to Girls for Secondary Education, the Begum Hazrat Mahal National Scholarship for Meritorious Girls belonging to Minority Communities, and the Post-Matric Scholarship Scheme for Minorities (source).

c) Want to support?

  • Advocacy: You can support policies and initiatives that promote women’s and girls’ education in the community.
  • Mentorship: You can volunteer to teach financial literacy courses at local schools or community centres.
  • Awareness: You can also try to spread awareness about the importance of education and financial literacy for girls through social media and community events.

2. Legal rights and protections

Strong legal frameworks are essential for protecting and promoting the financial rights of women and girls. This includes laws related to property ownership, inheritance, workplace equality, and protection against discrimination and violence.

a) Importance:

  • Equal Opportunities: Legal rights confirm that women have equal access to economic opportunities, such as owning property or starting a business.
  • Security: Protection against discrimination and violence in the workplace and at home provides a safer environment for women to seek financial independence.
  • Justice: Laws that address issues like pay gaps and workplace harassment help create a fairer, more equitable society.

b) Key legislations

  • Anti-Discriminatory Law – In India protection is explicitly provided under Article 14 and Article 16 of the Constitution of India which states that every individual must be protected against disqualification or discrimination in State employment or public office on the grounds of their gender, caste, or place of birth (Source).
  • Equal Pay Act – In 1976, the Indian Government passed the Equal Remuneration Act 1976 to bridge the wage gap between men and women workers (source).
  • Fact – Australia has introduced a law that makes it mandatory to report disparities between the incomes of men and women. The UK and the European Union have similar legislations, and in Iceland, it’s illegal to pay men more than women making Iceland a country where legal reforms have significantly improved women’s financial status (source).

c) Want to support?

  • Stay Informed: You can educate them about the legal rights of women in their country and any gaps that need to be addressed.
  • Support Organizations: You can also be involved with organisations that advocate for women’s legal rights and protections.
  • Speak Up: Encourage women and girls to be vocal to call for stronger legal protections and enforcement of existing laws that promote gender equality.

3. Access to financial services

Access to financial services, such as banking, credit, and insurance, is essential for women and girls to achieve financial autonomy. It gives opportunities for generating income, accumulating assets, and participating more fully in economic activities These services enable women to save money, borrow for business ventures, and protect themselves against financial risks.

a) Importance:

  • Economic Participation: Access to financial services allows women to participate confidently in the economy, whether as consumers, employees, or entrepreneurs.
  • Independence: Financial services provide women with the tools they need to manage their money independently and plan for the future.
  • Resilience: Savings and insurance help women build financial resilience, protecting them and their families from unexpected events.

b) Initiatives

  • Between 1990 and 2010, RBI and the central government adopted a series of measures to ensure a holistic approach towards making financial services available to women. These measures included – Basic Savings Bank Deposit Account [BSBDA], the establishment of Financial Literacy Centres [FLCs], the implementation of Banking Correspondents [BC] models, and bank Self Help Group [SHG] linkage programmes. During this period, microfinance institutions [MFIs] became prominent for their crucial role in making credit available to women (Source)
  • India, in 2014, launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) to promote financial inclusion in every household in the country. The initiative aims to provide the ‘financially excluded’ access to financial services such as basic savings bank accounts, need-based credit, remittances facility, insurance, and pension (Source)
  • In 2015, RBI also recommended promoting mobile banking facilities and Government-to-Person (G2P) payments to ensure greater financial participation by women (Source)
  • The Department of Financial Service [DFS] introduced four additional schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana [PMJJBY], Pradhan Mantri Suraksha Bima Yojana [PMSBY], Atal Pension Yojana [APY], and Pradhan Mantri Mudra Yojana [PMMY]. These schemes aim for the availability of insurance and loans at the grassroots level (Source)

c) Want to support?

  • Support Microfinance: You can contribute to or volunteer with microfinance organisations that provide small loans to women entrepreneurs.
  • Promote Digital Literacy: You can support women and girls to try to understand and use digital financial services, such as mobile banking.
  • Advocate for Inclusion: You can advocate for policies and programs that increase women’s access to financial services, especially in underserved areas.

4. Economic participation and employment opportunities

Employment opportunities for women are essential for their financial empowerment. It needs to be created and promoted. This involves addressing barriers to entry in various industries, ensuring equal pay for equal work, and supporting women in leadership roles.

a) Importance:

  • Economic Growth: When women participate in the workforce, economies grow. When women are employed they support increasing household income and stimulate economic development.
  • Diversity and Innovation: Diverse workplaces are more innovative and productive. Women’s perspectives contribute to better problem-solving and creativity.
  • Self-Sufficiency: Employment provides women with the means to support themselves and their families, reducing dependency and poverty.

b) Government schemes

  • Women welfare schemes – Beti Bachao, Beti Padhao Scheme, Working Women Hostel Scheme, One-Stop Centre Scheme, Women Helpline Scheme, Mahila E-Haat, Mahila Police Volunteers scheme, Support to Training and Employment Program for Women (STEP), SWADHAR Greh scheme, Mahila Shakti Kendra, National Creche Scheme. (source)
  • Schemes for Financial support, skill development, and business opportunities – the Stand Up India scheme, the Mudra Yojana, and the Mahila Coir Yojana.
  • Programs for women in Rural setting – National Rural Livelihood Mission (NRLM), Mahila Kisan Sashaktikaran Pariyojana (MKSP), and Pradhan Mantri Matru Vandana Yojana (PMMVY)

c) Want to support?

  • Support Female Entrepreneurs: Women-owned businesses can be promoted by purchasing from them and encouraging others to do the same.
  • Mentorship and Networking: Women and girls can be mentored and helped to build professional networks.
  • Promote Equality: You can also advocate for equal pay and opportunities in the workplace or community.

5. Community support and social networks

Strong community support and social networks play a significant role in promoting the financial rights of women and girls. These networks provide resources, encouragement, and solidarity, helping women overcome challenges and grasp opportunities.

a) Importance:

  • Resource Sharing: Community networks facilitate the sharing of information, resources, and support, which can be essential for financial success.
  • Empowerment: Social networks provide emotional and practical support, helping women build confidence and resilience.
  • Collective Action: Communities can come together to advocate for changes that benefit women, such as improved childcare services or unbiased labour practices.

b) Self-help groups

  • Self-Help Groups (SHGs) have proven to be an effective mechanism for poverty alleviation and women’s empowerment in India.These are small groups of people, mainly women, who live in rural areas and come together to save money and provide loans to each other. They decide on savings and loan activities together, including the purpose, amount, interest rate, and repayment schedule.
  • Some examples of SHG are – Mahila Arthik Vikas Mahamandal (MAVIM), SEWA (Self-Employed Women’s Association), Kudumbashree, Bandhan-Konnagar and Bhagini Nivedita Gramin Vigyan Niketan (BNGVN). (source)

c) Want to support?

  • Build Networks: You can create or join groups that support women’s financial empowerment, such as investment clubs or professional associations.
  • Volunteer: You can also offer your time and skills to community organisations that focus on women’s economic empowerment.
  • Encourage Solidarity: You can cultivate a culture of mutual support and collaboration among women in your community or workplace.

Conclusion

Promoting the financial rights of women and girls is a multifaceted effort that requires action on several fronts. By focusing on education, legal protections, access to financial services, employment opportunities, and community support, we can create a world where women and girls can thrive financially. As students, you have the power to advocate for these changes and contribute to a more equitable and prosperous future for everyone. Take these steps to heart and consider how you can make a difference in your community and beyond.

FAQs

1. What are the rights of women and girls?

Women’s rights are the fundamental human rights created by the United Nations for every human being nearly 70 years ago. These rights include the right to live free from violence, slavery, and discrimination; to be educated; to own property; to vote; and to earn a fair and equal wage. Fundamental Rights, among others, ensure equality before the law and equal protection of law; prohibits discrimination against any citizen on grounds of religion, race, caste, sex or place of birth, and guarantees equality of opportunity to all citizens in matters relating to employment.

2. What are the 5 points of women’s empowerment?

Women’s empowerment has five components:

  • Women’s sense of self-worth
  • Right to have and to determine choices
  • Right to have access to opportunities and resources
  • Right to have power to control their own lives, both within and outside the home
  • Their ability to influence the direction of social change to create a more just social and economic order, nationally and internationally

3. How to support women’s rights?

Women’s rights can be supported by supporting gender equality, donating to organisations opposing discrimination, and educating others about women’s issues. Encouraging policies that ensure equal opportunities, addressing gender-based violence, and supporting women’s healthcare and education are many more ways. By strengthening women’s voices and encouraging their participation in political and public life, women can be supported.

4. Which law is best for girls?

The Convention on the Rights of the Child (CRC) is the best for girls, emphasising their right to education, protection from exploitation and abuse, and equal opportunities. It ensures their health, development, and participation in society, aiming to create an environment where girls can thrive and reach their full potential.

5. What are the points of women’s rights?

The important points of women’s rights include the right to equality, dignity and decency, education, healthcare, political participation, protection against domestic violence, and rights at the workplace.

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