Ey Educate To Empower

Educate to
empower
Embracing financial
literacy for women
Foreword
In light of the ever changing financial markets and heightened individual accountability
to save for the future, informed financial decision-making has garnered substantial
importance. However, numerous social, economic and cultural barriers including the
patriarchal legacy have accentuated the gender bias in India. Besides rural women, even
modern and economically well off women display lower financial literacy levels than men.
Gender equality is crucial for the sustainable and inclusive development which necessitates
integrating women in every sphere of the economy.
A 2017 World Bank report highlighted low participation of women in the labor force.
Generation of stable, flexible and well-paying jobs for a large number of women, not
currently in the labor market, is of utmost importance for India to achieve a high growth
rate. An increased presence of women in the labor force goes a long way in improving
financial literacy, as well as enhancing ability and interest in independently managing
finances. This will promulgate women to step forward and be engaged in imbibing and
disseminating the art of managing finances to subsequent generations. Financial literacy
is a passport to ensuring a financially empowered living. A conducive financial landscape
with a blend of a favorable regulatory regime, innovative women-centric products/schemes,
enhanced mobility, robust customer protection framework and reformed attitudes towards
women will increasingly stimulate women to be well equipped with financial skills.
Although the pace of the multiple financial literacy and inclusion initiatives may vary in
India, the direction is resolutely set towards overall empowerment of women. In order to
address the pressing need of creating financially empowered women, we have developed
a report “Educate to empower: Embracing financial literacy for women” to provide policy
formulators, opinion makers and other stakeholders an overview of not just the barriers,
but also the important initiatives related to the financial literacy of women. Further, we
have appended a brief compendium of case studies in the report to demonstrate how
the ongoing initiatives have embarked on improving disaster resilience and carving out
entrepreneurial ambitions among women. We expect this report to help regulators plan and
develop the next course of action.
Maya Ramchandran
Partner, Advisory Services
EY
Finance is the glue that holds all pieces of our life together. It is important for ideal financial
societies to follow the philosophy of financial inclusion by providing safe and convenient
ways of managing simple monetary affairs. It is providing these financial tools to people
—tools that people can afford, that are safe and properly regulated, that people can access
conveniently from institutions that treat them with respect. These tools enable them to
save and to responsibly borrow—allowing them to build their assets and improve their
livelihoods.
To make this possible, it is imperative to develop skills of financial literacy. People

have to be imparted an ability to understand and execute matters of personal finance,
including basic numeracy and literacy, budgeting, investing, and risk diversification. It is a
combination of financial awareness, knowledge, skills, attitude and behaviors necessary to
make sound financial decisions and ultimately achieve individual financial well being.
Financial literacy is a way by which individuals can enhance their understanding about the
financial concepts, markets, and products to take effective action to improve overall well-
being and avoid distress in financial matters thus improving their financial status.
I am delighted to know that ASSOCHAM is organizing Conference on “Financial Literacy for

Women and congratulate ASSOCHAM for undertaking this magnificent initiative
Sandeep Jajodia
President
ASSOCHAM
Gender is an important dimension of financial inclusion since women are disproportionately
excluded from access to and use of formal financial services. An important step towards
increasing financial inclusion is addressing financial illiteracy, as individuals need to be
sufficiently financially literate in order to participate effectively in economic activities and
to take appropriate financial decisions.
Thus, in order to raise awareness regarding the financial education of women and share
content on financial instruments in a simple and accessible way, ASSOCHAM is organizing
Conference “Financial Literacy for Women” in New Delhi. Many people in our country know
little about basic financial concepts and do not engage in sound financial behavior or make
the well-informed financial decisions that are needed in an increasingly globalised and risky
marketplace. The challenge for society is that women who are financially vulnerable are
more likely to be victims of poverty, abuses, illness, etc.
This report is a step-by-step approach on raising awareness about financial inclusion

by highlighting the challenges and vulnerabilities of women with regards to financial
education, measures to improve the status of women and how we can achieve financial
inclusion for a sustainable economy. These opportunities will provide women with the
choice of a better life, while simultaneously improving the general economy on a country
level.
I am sure that this summit will provide an opportunity for the best minds to network, share
knowledge and expertise and conduct business under one roof.
D. S. Rawat
Secretary General
ASSOCHAM
Contents
Executive summary 08
Stumbling blocks in raising the bar of

women’s financial literacy 10
Financial literacy 16
It’s high time now…to be a financially

literate woman 20
Targeted advertising breaking the stereotypes 22
No single silver bullet for promoting

financial literacy 24
Going digital 28
Engaging them young 34
Case studies 38
Conclusion and the way forward 44

Executive summary
8 | Educate to empower: Embracing financial literacy for women

Executive summary
Financial literacy plays a vital role in determining the financial well-being of an individual as well as a family.
Both women and men ought to be financially literate for effective economic participation and financial planning
for themselves and their families. However, about three-fourths of the adult population does not comprehend
even the basic financial concepts. Further, a meagre 20% of women are financially literate in India. Women often
have lower financial knowledge and access to formal financial products than men. Such gender disparity curbs
the extent to which women can enhance their knowledge and skills about economic and financial issues. This
highlights the need to bridge the financial literacy gap among women and foster confidence in their financial
skills, thereby augmenting empowerment.
There is a greater likelihood for women taking primary responsibility

77% of working for childrearing, making daily decisions about the allocation of
women bank on household resources and contributing in development of financial
spouse and/or parents habits and skills of their children. Increase in life expectancy,
for their investment contribution in economic development and financial independence
decisions in India necessitate women to have sufficient financial skills not only for
themselves but also for future generations.
A large number of policymakers have implemented financial

education policies and initiatives catering to the needs of women.
They are aimed at serving the needs of specific women subgroups 16.4 crore
and reinforcing women’s strategies in handling financial matters, rural urban female
driving women entrepreneurship and retirement planning. The RBI beneficiaries under
has undertaken Project Financial Literacy to disseminate information Pradhan Mantri
regarding the central bank and general banking concepts to various Dhan Yojana as of
target groups including women. Pradhan Mantri Dhan Yojana and February 2018
initiatives by NGO and SEBI have stimulated financial literacy through
awareness and education about banking and other financial products.
Developing 100 With the government providing significant impetus to Digital India
Digital Sakhis to through path-breaking initiatives, digitization of financial services
educate is gaining traction, thereby leading to emergence and wide-scale
1,000 women adoption of fintech offerings. Mobile technology and the proliferation
entrepreneurs of mobile financial services has the potential to promulgate access to
to conduct daily affordable financial services, especially in remote areas.
transactions using digital
modes of payments
Instilling the habit of financial prudence at an early age is the most NSE has tied up
significant step towards building a society of financially literate with over 90
individuals. This can be attained by embedding financial literacy colleges across
modules in the education curriculum to cultivate basic financial skills India to conduct short
in the young generation. duration courses on
the capital markets
Financial literacy is a prerequisite for women to efficiently manage their personal and household finances
and equip them with prudent decision making regarding financial products. It also aids in preventing over-
indebtedness and cultivating a sense of entrepreneurship among women and assists in the smooth functioning
of their business.
Educate to empower: Embracing financial literacy for women | 9

The primary hurdle in
increasing the financial
literacy of women is
altering the mindset of
diverse stakeholders
involved in the
process, encompassing
policymakers, financial
institutions as well as
existing and potential
customers.
Stumbling blocks in raising

the bar of women’s financial
literacy1

Chapter 1
Woman empowerment is the most highly talked about subject of the 21st century. Having said that, women,
especially in India, are still happy playing second fiddle to their fathers and spouses when it comes to managing
their money. Twenty three year old Meena Devi (name changed) in Rajasthan knows very little about planning
and saving for a rainy day. Her husband, a daily wage labourer, has an erratic income owing to the seasonal
nature of the construction industry. A majority of women like Meena are unaware of government schemes
specially formulated for them. A familiarity with insurance schemes is beyond imagination for them. They
prefer to keep money at home to have immediate access to it.
Abandoned by her alcoholic husband about 15 years ago, Raj Kumari’s (name changed) tremendous struggle to
support her three children deserves a mention. Mounting household expenses have deteriorated her financial
condition. She works in a school earning a limited income to fulfil the daily needs of the family. Her predicament
is worsened by the fact that her income was solely handled by her husband earlier on in her life (to which she
has no access), and currently she has neither the interest nor acumen to manage her limited income and save
for the future.
Though the aforementioned instances illustrate that women illiteracy is a key impediment in their stable
financial condition, the situation of literate women is no better.
Rashmi Tandon (name changed), a 26 year old software professional has been working for the past four years.
She has always relied on her father to keep track of her money and invest as appropriate. Such habits of
passing on decision making with regard to their investments die hard, and contribute to lower financial literacy
levels in educated women professionals.
Most women do not engage in planning their savings and investments and enthusiastically pass on the financial
decision-making to their fathers or spouses. A financial consultant contacted Hema Gupta (name changed), a
30 year old medical practitioner, to discuss investment options with her. Instead of getting involved herself, she
willingly handed over the choice of making investments to her husband.
All such illustrations highlight how a lack of financial knowledge as well as confidence in handling financial
matters is holding back the financial inclusion of women. This assertion is further substantiated by some of the
following global facts.
In United Kingdom, only In Poland, almost 60%

49% of women know how of women do not know that
high investment returns are
compound interest works,
accompanied by high risk,
against 75% of men
against 45% of men
In United States, 32% In Malaysia, 85% of

of women with low financial
non-married women save
literacy are likely to engage
informally in comparison to
in problematic credit card
75% of non-married men
behaviours
Source: Addressing women’s needs for financial education, OECD, 2013

Women experience various financial challenges due to interrupted employment histories as well as lower
income during employment and longer life expectancy than men. Hence, it is essential to address the barriers in
increasing women’s financial literacy to make them financially secure. There are several persistent factors that
thwart the progress:
Literacy: Women’s financial knowledge has been correlated with women’s education. Due to lack of education,
the numerical abilities are low in women leading to difficulty in comprehending financial information. As per the
OECD report 2013, young women, widows and less educated and low income women, possess limited financial
knowledge. Non-working women (including homemakers, retired women, students and unemployed) have lower
financial knowledge than those who are employed in countries such as Ireland, Albania, South Africa, Poland
and the UK according to OECD report 2013.
In India, the literacy level of women (65.5%) is low as compared

Low levels of to men (80.0%), which leads to low financial literacy levels among
women literacy Indian women as per Census 2011.
Kerala is the only state in India Women are not able to plan their finances well due to lack of
where at least one person basic or higher education, which in turn hampers their saving and
in 49% of families is investment decisions. Low literacy levels also makes it difficult for
computer literate women to understand financial concepts such as inflation analysis,
calculation of compound interest inflation and diversification
of portfolio.
There is a high proportion of non-working women in India. Increased

Less financial family income dissuades women from joining the labor force. As
resources a result, they are dependent on their father or spouse for taking
financial decisions.
Only 27% of women in India
are in the labor force which is the
lowest among BRICS countries as
of 2013
Confidence: Men and women have varied attitudes towards financial matters. Women not only answer fewer
financial literacy questions correctly but are also more likely to state that they do not know the answer to these
questions. Many women recognize their lack of knowledge in financial matters. This awareness makes them an
ideal target for financial education programs.
As per OECD report 2013, women’s self-reported levels of financial knowledge are lower than men’s in
Germany, the Netherlands and the US. According to a study on understanding debt concepts in the US, women
gave themselves lower ratings than men when evaluating their personal financial knowledge.

Chapter 1
Lack of confidence among some women is also viewed as a
Low confidence deterrent to increasing financial literacy in India. Women have a
among women fear of both, not possessing enough knowledge about financial
investment options and making poor judgements. Also many women
77% of working women have a fear of consulting any financial adviser to plan their finances
bank on spouse and/or parents
due to being charged more fees or the possibility of money
for their investment decisions in
being misused.
India as per DSP BlackRock study
conducted by Nielsen as of 2013 As per the DSP BlackRock study conducted by Nielsen, while 92%
of working women claim to be engaged in the investment decision-
making process, 70% of these women are actually joint decision
makers and 52% of these are only informed about the investment
decisions which have already been made. Women don’t take
investment decisions as they are safety oriented and reluctant to
take risks.
In India, women are particular about safety while investing and thus, put more money in instruments that yield
fixed returns. As per the DSP BlackRock study conducted by Nielsen, most of the women believe that they are
controlled and disciplined about their spending.
Culture: Discriminatory attitudes towards the status of women in the family (including bias towards sons and
early marriage) and women’s employment play a significant role in impacting women’s access to financial
literacy.
The prevalence of gender disparity in India is reflected through

Only opening a bank account the mindset of restricting homemaking role to women and the
does not ensure financial breadwinning role to men. Therefore, men are primarily entrusted
independence to women unless with the task of decision making in the family.
they start using accounts Women, even if employed, cannot make any choice to use their
earned income. They also face intermittent career patterns due
to childbearing and caring responsibilities.
In the light of these prevailing barriers, women are not engaged in

financial matters of the family despite having knowledge and talent.
Access: Social and economic factors may restrict women from attending financial courses or seminars, use
their financial knowledge and act independently with respect to financial matters.
The financial institutions are not accessible to women mainly in rural

Lack of areas from their place of residence or where they conduct business.
approachability Hence, visiting that financial institution becomes costly and time
consuming. Due to lack of private transport and less reliance on
Over 20% of business public transport services, some women are not able to attend the
correspondents experienced financial education courses or the awareness programs on financial
fraud in 2017 as per MicroSave education run by the government at different places.
report, depositing fake or
demonetised currency notes was The business correspondent (BC) model was introduced in 2006
the most common fraud reported. by the RBI to enable banks to employ intermediaries to promote
Such BC fraud would hinder financial inclusion. It has been instrumental in opening numerous
financial inclusion, adversely Jan Dhan accounts. However, in this model, the compensation is
impacting the financial literacy insufficient and the activities of BCs are limited to opening new
of women deposit accounts for a commission.

Access to finance is the primary constraint
for both male and female led micro and small
enterprises in developing countries. However,
women face more difficulties in accessing
finance, and fewer women use credit from
banks to finance their start-ups than men.
Women might be charged higher interest rates
and asked for more guarantees, as they often
have shorter credit histories, less operating
capacity and collaterals. For instance, many
female entrepreneurs in India face difficulties in
accessing credit at affordable rates. The National
Bank for Agricultural and Rural Development
(NABARD) has been engaged in various
initiatives to promote the financial inclusion of
women including facilitating self-help groups
(mostly comprising women), to access credit
from formal banking channels. The Credit Link
Capital Subsidy scheme has been implemented
for financing technology upgrading of women-
owned firms.
Despite significant strides being made to open

up access to the financial system to unbanked
individuals and communities, progress in
closing the financial access as well as literacy
gap between genders is far from impressive.

Chapter 1

India accounts for about
17.5% of the world
population, however,
about three fourths of the
adult population does not
comprehend even the basic
financial concepts as per a
global survey conducted by
Standard & Poor’s Financial
Services LLC.2
Financial literacy for women

Chapter 2
According to the S&P Global FinLit Survey 2014, financial literacy was measured using questions which
assessed basic knowledge of fundamental concepts in financial decision making such as numeracy (interest),
compound interest, inflation, and risk diversification.3 A person is considered as financially literate when he
or she demonstrates understanding (via correct answers to the questions) of at least three out of the four
aforementioned financial concepts.
The survey demonstrated that globally, women were more likely than men to respond to a question with “do not
know.” Additionally, men were more likely to have three out of four topics correct compared to women. Only
20% of women were financially literate in India as per the survey.4
Financial skills by gender
World Major advanced economies

8%
16%
35% 59%
30% 22% 51% 12%
3 out of 4 Average don’t know 3 out of 4 Average don’t know

topics correct response rates topics correct response rates
Major emerging economies
20%
30%
25% 27%
Men 3 out of 4 Average don’t know

Women topics correct response rates
Source: S&P Global FinLit survey
Globally, there is a substantial gender gap in account ownership, savings, credit, and payments behaviour.
In 2014, 58% of women had an account in comparison to 65% of men.5 In 2011, 47% of women and 54% of
men had an account.6 This implies a seven percentage point gender gap in account ownership. In developing
countries, this gap is persistently nine percentage points.7 In India, 43% of women had an account vis-à-
vis about 63% of men, in 2014, indicating about 20% gender gap in account ownership. Besides account
ownership, other indicators for financial inclusion such as debit card and savings at financial institutions have
also shown substantial gender gap as illustrated in the table on the following page.

Key financial inclusion indicators for India
Key indicators (2014) Gender gap
Account (%, 15+) 62.8% 43.1% 19.7%
Credit card (%, 15+) 6.7% 1.6% 5.1%
Debit card (%, 15+) 32.3% 11.4% 20.9%
Borrowed from a financial

institution (%, 15+) 7.8% 4.9% 2.9%
Saved at a financial
18.4% 10.1% 8.3%
institution (%, 15+)
Source: Global Findex, 2014
Traditionally, women have played the role of household money managers, saving for educational and health
needs as well as managing their families’ daily needs. According to the global non-profit organization, Women’s
World Banking (WWB), even when incomes are low and unpredictable, women save on an average 10% to 15%
of their income.8 However, with limited access to financial services, skills and knowledge, women are
less equipped to safely save for emergencies, less encouraged to start and grow businesses and less
economically mobile and productive.

Chapter 2

Espousing a strong
foundation of financial
education will enable
the investment choices
of women move beyond
the confines of banks’
fixed deposits (FDs) and
small saving options
including National Savings
Certificates (NSCs) and
Public Provident Fund
(PPF), thereby diminishing
a conservative streak in
them while managing
their finances.
It’s high time now...to be a

financially literate woman9

Chapter 3
“Women often bear the brunt of poverty and limited access to economic opportunity,
including unfavourable financial access. Thus, inequality is not just a moral issue—it is a
macroeconomic issue. For growth to be more inclusive, finance has to be more inclusive.” -
Christine Lagarde, Managing Director, the International Monetary Fund.
Increase in life expectancy, contribution in economic development and financial independence necessitate
women to have sufficient financial skills not only for themselves but also for future generations.
On an average, women live five years longer than men as per

Women tend to live study by OECD (2013). A higher life expectancy can lead to higher
longer than men medical expenses as the likelihood of health ailments including
diabetes, high blood pressure and joint pain increases with age.
In India, life expectancy at birth is Thus, women should develop an understanding about financial
70 years for females and 67 planning and investment avenues to protect themselves from future
years for males as of 2015 financial challenges.
Women investors are expected to enhance the liquidity in the

Increased participation market and drive the scope of trade in the economy, thus
in the economy contributing to the overall development of the country. This can be
attained only if women are financially literate.
Proprietary non agricultural
establishments under women
ownership were 53 lakhs
(13.4%) In India as of 2016-17
Women are not given the freedom to manage their finances

Financially independently. It is important for women to be well versed with
independent the financial matters to be financially independent. This will bring
a change in their status in the society as men and women are
Only 18% of single working likely to be treated as equals while taking financial decisions.
women make their own
investment decisions as per DSP Also financial literacy will protect women from exploitative
BlackRock study conducted by financial schemes and exorbitant interest rate charged by
Nielsen as of 2013 moneylenders.
It is not only macro-economic and socio-cultural factors that can bring winds of change, but also media
which can break the typecast.

Traditionally, financial
products in India have
been marketed to men
which is gradually
changing as most
women nowadays are
opting to make their own
investment decisions.
Targeted advertising
breaking the stereotypes10

Chapter 4
The financial decision making among women has been influenced by rising awareness spread by financial
product companies through advertisements and companies educating employees on tax planning. The internet
has also enabled women to research and select financial products suited to their requirements.
• BankBazaar, an online marketplace offering quotes on personal finance products to users, witnessed a 183%
increase in the number of female visitors in 2016
• 5nance.com, an online investment platform, claimed over a quarter of its investors were women
According to a study “What Women Want” by an ad agency JWT which aimed to understand modern women
from certain economic background, women in India placed career and financial independence on the highest
pedestal among other priorities as of 2015.
Women's financial goals for next five years
Become financially independent 55%

Advance my career 55%
Open my own business 37%
Buy a home 37%
Buy a car 33%
Make a major purchase 21%
Pay for my children's education 27%
Get married 19%
Pay off debt including a mortgage 23%
Retire 7%
Note: The figures denote percentage of women surveyed

Source: JWT study
Several brands have realized the significance of communicating directly to women. Many women-centric
campaigns have been released in the financial sector. BankBazaar, in its early stage of advertising, realized
the need to focus on women by leveraging women protagonists through its “#PlayYourPart” campaign. Max
Life Insurance also used a female protagonist in a commercial to attract women agents and consumers. Many
other advertisers are also portraying independent women in their advertisements, showcasing the increased
involvement of women in financial decision making.
Globally (including India), policymakers and organizations are spearheading efforts in bridging existing
gender gap in financial literacy.

Although different
organizations have taken
various initiatives to
bolster financial literacy
among women, there is
still a significant scope
to increase accessibility
of awareness programs
including workshops,
seminars and financial
management courses to
enhance knowledge of
banking services and other
financial products.11
No single silver bullet for

promoting financial literacy

Chapter 5
Globally, a large number of policymakers have implemented financial education policies and initiatives catering
to the needs of women and girls.12 Several of such initiatives have common goals to accomplish.13
• Serving the needs of specific subgroups including young/ old women, women living on low incomes and
excluded from formal financial products and services and women entrepreneurs of small and
micro businesses
• Reinforcing strategies to grow the use of financial products, retirement planning solutions, etc. by women
Financial education programmes for women/girl

Source: OECD 2013
In India, the Government and the RBI have directed their actions toward integrating the country’s unbanked
regions and population into the formal banking system. The foremost step to improve the penetration and
increase adoption is to make Indians, particularly women, financially literate through massive awareness
programs and education about banking and other financial products.14
Some of the initiatives to increase financial literacy of women in India are described below15 :
RBI has undertaken Project financial Literacy to disseminate

RBI initiatives information regarding the central bank and general banking
concepts to various target groups including women.
Information available in 13
regional languages aiding It planned to initiate pilot project on financial literacy to be
people to deal with banks commissioned in Maharashtra, Chhattisgarh, Bihar, Odisha,
Karnataka, Telangana, Andhra Pradesh, Haryana and Uttar Pradesh
CRISIL Foundation will set up across 80 blocks by six NGOs in collaboration with the sponsor
and manage 20 centers for banks as of October 2017.
financial literacy in Haryana
and Maharashtra until 2020 The project aims to educate people on e-transactions, formal sector
borrowings and insurance purchases.
1,384 Financial Literacy Centers (FLCs) were operational as of

March 2016. During 2015-16, 87,710 financial literacy activities
(outdoor camps) were conducted by FLCs.
The RBI also provides the booklet FAME (Financial Awareness

Messages) containing financial literacy messages and audio visuals
on basic financial literacy, unified payments interface and
going digital.

NGOs commenced financial literacy programme as a part of their Self
NGO initiatives Help Groups development programme.
During 2016-17, the Trust Jnana Jyothi Financial Literacy and Credit Counselling Trust,
conducted 21,750 campaigns jointly sponsored by Syndicate Bank and Vijaya Bank, offers financial
through its 75 centers, out of literacy and credit counselling services.
which 4,324 campaigns
Diksha is a financial literacy program of Parinaam Foundation that
covered over 2.6 lakh
educates women on cash-flow, income and expenditure budgeting,
persons belonging to groups
savings options, and debt management. As of 2015-16, 107,000
including women
women were trained in this program.
It is a national mission on financial inclusion which envisages universal

Pradhan Mantri Jan access to banking facilities with at least one basic banking account
Dhan Yojana for every household, financial literacy, access to credit, insurance and
pension facility. Also, the beneficiaries would get RuPay Debit card
16.5 crore rural urban female having inbuilt accident insurance cover of INR100,000.
beneficiaries as of March 2018
Statewise account opening: Rural urban female beneficiaries (in %) as of March 2018
Jammu & Kashmir

(50%)
Himachal Pradesh Arunachal

Punjab (49%) (47%) Pradesh
Meghalaya (55%)
Chandigarh (44%) (60%)
Uttarakhand Assam
(52%) (58%)
Haryana (47%) Delhi Sikkim (51%)
(47%)
Rajasthan (58%) Uttar Pradesh (53%)

Nagaland
Bihar (54%) (53%)
Manipur
Jharkhand (54%)
Gujarat (47%) Madhya Pradesh (53%)
(50%) West Beng
al
(52%) Tripura
Daman and Diu Odisha (55%)
(53%) Mizoram
(32%) (20%)
Dadra and Nagar
Haveli Maharashtra (48%) Chhattisgarh
(45%) (54%)
Telangana (55%)
Goa (46%)
Andhra Pradesh
(57%)
Karnataka
(53%)
Puducherry
(55%)
Kerala (58%) Andaman and Nicobar
Tamil Nadu (57%) Islands
Lakshadweep (49%)
(57%)

Chapter 5
The NCFE has been established to implement National Strategy for
Establishing National Financial Education (NSFE), under the guidance of a Technical Group
Centre for Financial on Financial Inclusion and Financial Literacy of the Financial Stability
and Development Council (FSDC).
Education (NCFE)
It comprises representatives from RBI, Securities Exchange Board
Primary intent is to create
of India (SEBI), Insurance Regulatory and Development Authority of
financial education materials
India (IRDAI), Pension Fund Regulatory and Development Authority
and conduct financial
(PFRDA) and National Institute of Securities Markets (NISM).
education campaigns
Growth of technology has helped propagate the use of financial models by

women. Digital solutions have disrupted the traditional banking sector and are
transforming the way India’s most economically backward communities are
served.

Financial literacy can
leverage the power of digital
through effective usage of
channels including mobile
and internet to be sensitized
about financial instruments,
comprehension of content
received through digital
medium and application of
such knowledge in the best
possible manner.17
Going digital 16

Chapter 6
With the government providing significant impetus to Digital India through path-breaking initiatives, digitization
of financial services is gaining traction, thereby leading to emergence and wide-scale adoption of fintech
offerings. Digital financial services can be provided in multiple forms including ATMs, cards (pre-loaded or
debit), point of sale (PoS) terminals and mobile phones. However, the digital divide between women and men
cannot be overlooked.18
In South Asia, the gender gap in mobile ownership stood at 26% while the gender gap in mobile internet use
stood at 70%, reflecting the region’s largest average gender gap in both mobile ownership and mobile internet
use, according to GSMA Intelligence Consumer Survey 2017.19
India has the highest gender gap in mobile ownership and mobile internet penetration vis-a-vis its developing
counterparts in Asia, Africa and Latin America, showcasing substantial gender inequality in access to
mobile technology.
Mobile owners (%) Mobile internet users (%)

65% 8%
India India
84% 26%
97% 72%
China China
97% 75%
84% 66%
Brazil Brazil
83% 69%
81% 61%
Mexico 85%
Mexico
68%
85% 31%
Kenya Kenya
92% 49%
91% 61%
Colombia Colombia
63%
90%
73% 18%
Tanzania Tanzania
81% 30%
Women Men Women Men
Source: GSMA Intelligence Consumer Survey 2017
With the rise in the number of smartphone users in India, the internet penetration rate is also rising. According
to the Internet in India 2017 report by the Internet and Mobile Association of India and Kantar IMRB, the
number of Internet users in India increased by 11% y-o-y to 481 million in December 2017. However, only 30%
of the total internet users were women.20

Low mobile ownership and the lack of a digital ecosystem leads to low awareness and trust in digital financial
services especially among poor, rural women.21 Hence, mobile technology and the proliferation of mobile
financial services has the potential to promulgate access to affordable financial services, especially in remote
areas. Further, it elevates security of people and their assets, eliminating the need to carry cash over long
distances. It offers transparency in payments leading to limited scope for leakage in money transfers.22
Embracing such digital financial initiatives paves the way towards empowering women in unlocking their
financial independence.
Fintech/ Digital initiatives
Digital platforms aid in better Digitization of financial services can aid

management of business risks 5 1 in reducing the gender difference in
through insurance products such as account ownership whether accounts
microinsurance jointly offered by a at financial institution or mobile
mobile operator and an insurance Digital financial accounts
company protecting farmers against initiatives for
extreme weather conditions women
Paving the way towards
4 financial literacy and 2 Women benefit from digital intitiatives
Digitization can reduce time spent
inclusion in terms of increased financial
on travelling to bank branches for
autonomy and privacy. With digital
activities including depositing checks
transfers, money can be directly sent
and withdrawing money. It enables
into a woman’s account, maintaining
women entrepreneurs to connect
3 privacy
with the market virtually at their
home or office premises
Digital transactions build a credit history for

women aiming to raise capital from the formal
financial market to start or expand their
businesses. These also open avenues for
multiple methods of collateral for women not
having access to traditional credit assets and
credit history
Source: Global Partnership for Financial Inclusion
With partners such as Oxigen Services and Sonata Finance, Grameen

Sonata Finance Foundation India (GFI) partnered with Citi Foundation to scale its
collaborates with digital financial services (DFS) and financial education initiative to
Sonata’s female borrowers.
Oxigen Services
to benefit women Oxigen Services, payment solutions provider, entered into an
agreement to provide Micro-ATM based services to Sonata’s (a mid-
borrowers size micro finance institution) rural clients across 150 branches spread
across Uttar Pradesh. The clients, primarily from economically weak
27,000 women beneficiaries
backgrounds, would be able to make Aadhaar Enabled Payment
of Sonata on digital financial
System (AEPS) based repayments at Sonata branches. Further, they
services and financial education;
could withdraw their loan amounts disbursed to their bank accounts
program aims to serve over
and access wide range of DFS.
2,00,000 of its women clients,
installed 150 Oxigen Micro GFI educates front-line workers to assist women through this
ATM’s process, via its G-LEAP e-learning.

Chapter 6
LTFS partnered with Action for Agricultural Renewal in Maharashtra
L&T Financial Services (AFARM), an NGO, to launch “Digital Sakhi” programme. It was
(LTFS), introduced launched on pilot basis in 32 villages in Maharashtra in June 2017.
“Digital Sakhi” a “Digital Sakhi” is a rural woman, with a digital device, equipped
programme on digital with skills and knowledge to train women in pilot villages, thereby
strengthening financial inclusion.
financial literacy and
inclusion for rural This pilot is a one-year program with women receiving a 10-day
training and two refresher courses.
women
The program will develop a team
of 100 “Digital Sakhis” as
digital enablers, who will
educate 1,000 women
entrepreneurs to conduct
daily transactions using digital
modes of payments; she will
also conduct camps in villages
to sensitize ~1,00,000
villagers on government’s
initiatives and digitization
programmes
Rang De, a not-for-profit P2P lending platform, has launched

Swabhimaan by Rang Swabhimaan in March 2017 that aims to offer financial literacy
De to digitize lending and enable online loan application, credit scoring and cashless
disbursal through digitized channels with the help of kiosks
especially to rural installed in villages.
women
First Swabhimaan Kendra at
These self-service kiosks (or Bioscope) will enable rural women to
Yeshwantpura village in Kolar
understand financial concepts and help them apply for and receive
district (about 50 kms from
loans independently at reasonable interest rates.
Bengaluru) used by over
100 women to self-learn Rang De will help rural women to leverage India Stack features such
principles of financial as Aadhaar, eKYC and Unified Payment Interface (UPI) to avail
literacy as of September 2017 micro loan.

Diamond Bank collaborated with Women’s World Banking to develop
Agent banking in BETA, a savings account which can be opened in less than five minutes
Nigeria and has no minimum balance or fees. Agents, called BETA Friends,
visit a customer’s business to open accounts and handle transactions
BETA had women customer including deposits and withdrawals through mobile phone-based
base of 186,622 and women application. The bank has made its services accessible and relevant to
accounted for 59% of the low-income women by offering this account through BETA Friends.
total BETA Friends as of
The bank also offers short-term loans, BETA Kwik Loan, to its BETA
2017
Savings clients, giving low income women access to loans to grow
Diamond Bank’s “Bank
On their businesses or support them during emergencies. The bank’s
Her” campaign increased BETA Friends aid in disbursing and receiving loan payments and
outreach to women so educating clients about the importance of on-time loan payments.
that women accounted for
62% of the new accounts as of
2017
In 2017, Wave Money, a fintech venture, signed a partnership with the

Digital gamification United Nations Capital Development Fund (UNCDF) and the Australian
on financial literacy in Department of Foreign Affairs and Trade (DFAT) to develop a financial
gaming application that will be accessible via users’ mobile phones.
Myanmar
The app’s content will be delivered through a gamified system that
Wave Money, UNCDF and
educates consumers on savings, interest and insurance. The company
Australia’s DFAT aim to reach
aims to increase financial literacy and inclusion of women consumers.
260,000 women, 30,000
of whom already use
mobile money accounts

Chapter 6

Integrating financial
education into
curriculums at schools
will educate an average
individual about
personal finances.
Engaging them young 23

Chapter 7
Instilling the habit of financial prudence at an early age is the most significant step towards building a society
of financially literate individuals. This can be attained by embedding financial literacy modules in the education
curriculum to cultivate basic financial skills in the young generation.
Financial literacy is an invaluable life skill which should be ingrained in an individual right from the start.
According to all India Survey on Higher Education 2015-16, total enrolment in higher education was estimated
to be 3.5 crore with 1.9 crore boys and 1.6 crore girls. Girls constituted 46.2% of the total enrolment.24 Total
enrolment in schools (classes I to XII) was estimated to be 25.9 crore with 13.5 crore boys and 12.5 crore girls
during 2014-15.25 Such a large pool of students will eventually have to take charge of their own financial future
at some point of time.
Hitherto, young adults are adapting to live independently. Hence, for a sustainable living, they will need to
understand the importance of budgeting and opting for right financial products.
The Government and other regulatory bodies have undertaken numerous initiatives to promote financial
literacy among younger generation through commencing financial literacy courses, conducting workshops and
campaigns as well as organizing assessments.
Money Smart School Program (MSSP)

NCFE initiatives It is a financial literacy program for school students of class VI to X.
Programs based on two pillars —
NCFE will provide the school a set of five Financial Education
education and awareness Workbooks (at free of cost) jointly developed by the NCFE and CBSE.
NCFE’s National Financial
Financial Education Training Program (FETP)
Literacy Assessment
Test (NCFE-NFLAT) is a It conducts FETP for school teachers of class VIII to X across India.
first of its kind national
These teachers will be certified as “Money Smart Teacher” after
level test to measure the level
completing the training and would conduct financial education
of financial literacy among school
classes in schools.
students; available in three
categories — NFLAT Junior
Financial Awareness and Consumer Training (FACT)
(Class VI to VIII), NFLAT (Class
IX and X) and NFLAT Senior It is a financial literacy program for graduate and post graduate
(Class XI and XII) students.
It includes several modules including identity theft protection,

responsible use of credit card and education loan borrowing
principles.
It, also known as Digital Financial Literacy campaign, was launched

Vittiya Saksharata by launched by Ministry of Human Resource Development in
Abhiyan (VISAKA) December 2016.
It aims to train students about how to open an account, linking

Aadhaar card with bank account, linking mobile number to Aadhaar
Over one lakh students card and other information necessary for transforming cash society
of higher educataional to less cash society.
institutions had volunteered
to be associated with the The training will be imparted in Aadhaar based payment system,
campaign within first four days of pre-paid card, Unified Payments Interface (UPI), mobile wallet and
its launch as of December 2016 Unstructured Supplementary Service Data (USSD).

Partnership with colleges and universities
NSE initiatives NSE signed an agreement with the Banaras Hindu University,
Has tied up with over 90 Varanasi (BHU) to launch two new streams - B. Com (Honours) in
colleges across India to Financial Market Management and MBA (Financial Management) in
conduct short duration courses 2016.
on the capital markets It has also tied up with three universities for MBA and BBA
The Nagaland Board had (Bachelors in Business Administration) courses, including Punjabi
introduced the financial University in Patiala, Guru Gobind Singh Indraprastha University at
literacy course in select Delhi and the Maharishi Dayanand University in Rohtak.
schools in three districts It has collaborated with IIM Shillong, to commence a two year post
of Kohima, Mokokchung and graduate course in financial markets, the first to be started by
Dimapur in 2016; around 5,150 an IIM.
students had enrolled for the
course in Class IX, across 60
Partnership with State Boards and CBSE
schools
NSE Academy, a wholly-owned subsidiary of the National Stock
Completed seven editions Exchange of India Limited (NSE), partnered with Nagaland Board of
of NSE FUNancial Quest and School Education to impart financial literacy to class IX students.
reached out to over two lakh
Teachers from 167 schools registered with the Board were trained
students across 33 cities as at the Board’s office in Kohima by NSE Academy for academic
of 2018
session 2017. The academy also operates financial literacy courses
in partnership with the State Boards of Tamil Nadu, Himachal
Pradesh and Goa.
NSE had also teamed with CBSE to launch Financial Market

Management (FMM) course for students of classes IX and X. They
had launched the FMM course for students of classes XI and XII as a
new subject stream in 2007.
Financial literacy workshops
The NSE conducted financial literacy workshops for millennials and

reached out to over 40,000 students over 200 schools in 15 cities
across India in CY2017.
It introduced FUNancial Quest, where students of classes VIII and

IX are imparted training on financial management. It involves
workshops called base camps which include financial activities,
hands-on community projects, interactive videos and quizzes.

Chapter 7
The National Payments Corporation of India (NPCI) has been
NPCI initiative conducting pan-India series of financial literacy campaigns under its
Campus Connect initiative.
Reputed management institutes
of Pune, Hyderabad, Bangalore, The financial literacy workshops led by NPCI’s Human Resource
Chennai and Mumbai will host vertical were initiated in August 2017 to integrate digital payments
over 3,000 students from in campuses across India.
about 35 universities
Students can participate in NPCI Ideathon, brainstorming sessions,
where they will be familiarized
to present ideas to improvise on Unified Payments Interface (UPI)
with financial products
or Bharat Interface for Money (BHIM) apps.
The National Council for Education Research and Training (NCERT)

NCERT initiative has created new syllabi and textbooks for all stages of school
education.
Introduced Life insurance, a
major theme, in Business Studies These syllabi and textbooks in all the subject areas across the
in Class XI elementary stage encompass components of life insurance
literacy including the concepts of savings and money. This has been
introduced as a major theme, Life Insurance, in Business Studies in
class XI.
Kotak Mahindra Bank partnered with Brainsalt Education to launch

Collaboration between Junior Finance Wiz, the National Finance Olympiad, aimed at
bank and education promoting financial literacy among students of 9 to 18 years of age.
services company Through the programme, students will learn about the basics
of finance including savings, budgeting, banking, investments
As per the survey by Brainsalt
and insurance.
Education, over 95% of
parents and educators
strongly recommend financial
education to be a part of school
curriculum and over 72% of
students learn about finances
from their parents
Best practices emerging in the sphere of financial literacy in India have been
illustrated through the case studies described in the following section. They
can be used as a reference point for increasing financial awareness in the
backdrop of the landscape noted in the preceding sections.

No society can
develop sustainably
without transforming
the distribution of
opportunities, resources
and choices for males
and females so that
they have equal power
to shape their own lives
and contribute to their
families, communities,
and countries. Promoting
gender equality is smart
development policy.
World Bank
Case studies 26

Chapter 8
Mann Deshi Foundation and Mann Deshi Mahila Sahakari Bank27
Mann Deshi Foundation was established in Mhaswad, Maharashtra in 1996, to enable poor rural women to have
more control over their lives. However, lack of access to institutional banking services, opportunities for skill
building and access to support networks prevented them from increasing their income. Also they are less likely
to have a say in how to spend their income.
Founded in 1997, Mann Deshi Mahila Sahakari Bank was the first bank in India, for and by rural women,
to receive a cooperative license from the RBI. The bank was set up with a working capital of INR7,08,000
raised from its 1,335 members. Currently, it has reached over 3,10,000 women with the financial support
and emotional impetus to become successful entrepreneurs. From its single branch in Mhaswad, Mann Deshi
operates with a working capital of INR150 crore across seven branches in Maharashtra.
The aim of the Mann Deshi Mahila Sahakari Bank was to offer access
to formal financial institutions and be a safe space for rural women to
save their money.
The bank provides regular banking services such as deposits, pensions and insurance as well as doorstep
banking services. It also develops customized finance and credit products to support small female
entrepreneurs. It was one of the first banks that adopted biometric identification for its account holders.
First pension
fund in partnership First cash credit
90,000 accounts
with the Unit Trust of product for rural
with the Mann Deshi
India for rural women women in weekly
Sahakari Bank
micro-entrepreneurs markets
in India
Source: Mann Deshi Foundation
To promote the right of women to own property, the bank succeeded in convincing the Revenue Department
of Maharashtra in 2004 to include women’s names on stamp papers which are required in transactions of
immovable properties.
The unique feature of the operating model of the bank is that it

employs microfinance and financial literacy as a means to improve
disaster resilience among rural poor women.

Mann Deshi Foundation set up the Mann Deshi Business School in 2006. It has seven centers and three mobile
schools as of 2015-16. These schools provide a host of programs which includes:
• Financial and digital literacy: A basic financial literacy module educates participants about the essentials
of banking including opening an account and importance of savings. An advanced six-day module offers a
detailed understanding of financial management and best practices for businesses
• Entrepreneurship development: It offers courses including agri-based business training, computer literacy
and fashion design
• Deshi MBA: This course enables women micro-entrepreneurs to strengthen their financial, planning,
inventory, marketing and accounting systems
• Para-Vet Training: The Goat Doctor Program, in partnership with the Nimbkar Agricultural Research
Institute (NARI) provides training in goat farming, vaccinations, first aid and artificial insemination
• Women and Young Girls Program: It offers life-skills and health workshops, financial literacy and livelihood
trainings to the least educated and most vulnerable groups of girls and young women living in rural
Satara district
4,00,000
women 25%
40% of
participated increase in 67% of
participants
in 16 business average annual women
started
school and income of its started earning
regularly
4 chambers business school an income
saving
of commerce trainees
programs
Women are educated on savings, investing, insurance and loans

through modules that comprise games such as Monopoly.

Chapter 8
The Foundation has set up three Chambers of Commerce in Mhaswad, Satara and Pune to support women
micro entrepreneurs through a toll-free helpline, advisory services in finance, marketing, registration and legal
matters, mentorship programs and networking opportunities.
35% women
20,000 women 43,000 women expanded their
have called on toll- participated in business through
free number programmes new weekly/regional
markets
17,000 women
9,000 women 30% women saw
trained on best
registered and started 35% increase in
practices in
additional businesses annual profit
accounting
The Foundation also has a community radio station that has 1,50,000 listeners, spread across 110 villages. It
highlights achievements of women and local communities as well as offers information on government schemes
and services for entrepreneurs and farming communities.
Mann Deshi has embarked on transforming the livelihood of rural women

through its pioneering initiatives and has been successful in carving
out entrepreneurial ambitions for women by making them financially
independent and self-sufficient.

Bharatiya Mahila Bank merged with SBI28
Bharatiya Mahila Bank (BMB) is the first of its kind in the domestic banking sector set up with an objective of
economic empowerment for women. The bank, set up in 2013, has 103 branches across India. The bank had
a loan book worth INR620 crore and deposit base worth INR927 crore as of March 2016. It is the first among
PSU banks in India to offer kitchen loans along with traditional loans. In addition to traditional asset products
such as home and vehicle loans, the bank provides women-centric products such as loans for child day care
centers and catering centers to engage women in economic activities.
The BMB had tied-up with New India Assurance Company Ltd. for offering general insurance products to
address the needs of women at bottom of the pyramid, working women and their families. The bank also
conducted programs on financial literacy and skill development as well as training for women to enable them
to get jobs and enter business ventures. The bank had organized financial literacy camps focused on creating
awareness about financial concepts, personal finance and money management. The awareness drive included
financial planning, budgeting, savings, advantages of saving with banks, difference between formal and
informal sources of borrowing, purpose and cost of borrowing and the different types of borrowing.
The bank was merged with State Bank of India (SBI) in April 2017 to ensure greater banking outreach to
women. The merger would enable the bank to achieve the objectives of affordable credit to women and
propagation of women-centric products through a wider network and lower cost of funds.
The SBI group has 126 exclusive all-women branches across India while the BMB has only seven. Within three
years of establishment of BMB, it has provided loans of INR192 crore to women borrowers while the SBI group
has provided loans of about INR46,000 crore to women borrowers. The SBI has over 20,000 branches and the
lowest cost of funds in the sector. Women constitute 22% of the total workforce of the SBI.
“Although the addition of 103 branches of BMB and business of

approximately INR2,000 crore would not make significant impact on
the branch network and business levels of SBI, it will ensure that the
merger strengthens and reinforces SBI’s focus on financing of women
entrepreneurs in order to fulfil the objectives behind setting up of
Bharatiya Mahila Bank.” - SBI
NABARD led SHG Bank Linkage Program29

The Self Help Group (SHG)-bank linkage program of NABARD, launched in 1992 to link 500 SHGs in a year’s
time, has transformed into the world’s largest microfinance program. It aims to increase the access of
marginalized groups through the extensive network of self-help groups. The NGO sector has worked as a Self
Help Group Promoting Institution (SHPI) by organizing, nurturing and enabling credit linkage of SHGs with
banks. NABARD co-opted other SHPIs including the rural financial institutions, SHG Federations, NGO-MFIs
and Individual Rural Volunteers (IRVs). The promotion and financing of the women SHGs scheme offers a
comprehensive package of services for women. It links banks with SHPIs, which serve as banking and business
facilitators, tracking and monitoring the groups and taking responsibility for loan repayments.

Chapter 8
The program has been one of the largest financial inclusion drives and a significant business opportunity for
the banking system in India with over INR61,500 crore outstanding bank loans and about INR16,000 crore
in savings accounts as of March 2017. The SHG Bank Linkage Program accounted for almost half of the
microfinance sector in India as of July 2017.
The program has provided a strong impetus to women empowerment in

India with over 86% of the groups being exclusively women groups.
SHG-Bank Linkage Program, 2016-17
SHGs credit linked SHGs having loans SHGs saving linked

during 2016-17 outstanding as of with banks
• 18.9 lakhs total March 2017 • 85.7 lakhs total
SHGs • 48.4 lakhs total SHGs
• 17.1 lakhs SHGs • 73.2 lakhs
exclusive women • 42.8 lakhs exclusive women
SHGs out of total exclusive women SHGs out of total
SHGs SHGs out of total SHGs
SHGs
For exclusive Women SHGs out of total SHGs

• INR14,283.4 crore SHGs saving linked banks
• INR36,103.1 crore SHGs credit linked during 2016-17
• INR56,444.2 crore SHGs having loans outstanding as of March 2017
e-Shakti, NABARD’s pilot project for digitization of SHGs, aims to improve the quality of book keeping of SHGs
and to enable banks to take informed credit decisions about the group through a Management Information
System. The project covers 25 districts and 130,176 SHGs have been digitized as of March 2017.
The SHG-bank linkage program of NABARD has contributed towards

increasing women’s access to credit and improving women’s financial
literacy, increasing their income and savings and also improving
their capacity to participate in decision-making within the family and
community.

Conclusion and the way
forward

Chapter 9
Much of the progress made in enhancing financial awareness till date has been attributed to regulators
placing financial literacy and inclusion on a high pedestal among public policies, increased interest of financial
institutions in serving women as well as the proliferation of digital technologies increasing the reach and
affordability of financial services. However, more concerted efforts are warranted in the sphere of expanding
the reach and increasing financial awareness.
Globally, women have varying financial needs which leads to designing targeted financial education programs.
These programs are connected to financial inclusion initiatives for women enabling access to saving and
microfinance products. Further many of these programs also include training on entrepreneurship skills to
propel women in setting up and running business activities.
Although most of the financial education is delivered through training courses and seminars, the other delivery
modes including counselling and advisory services and videos are also gaining momentum such as RBI’s booklet
FAME and audio visuals.
With policymakers recognizing the salient role of financial literacy in attaining women empowerment, the
following practices are of paramount importance:
• Gender disparities must be accounted for while formulating financial literacy initiatives for women and
inculcating financial prudence at an early age
• Sufficient financial skills to be imparted to women so that they possess awareness of and have enough trust
in digital financial technology to adopt them
• Focusing on diverse financial needs of women to enable them to seek the right information and advice which
will aid in identifying suitable financial products for themselves
• Building robust peer groups, forums, communities, self-help groups and other innovative modes to
disseminate financial education on a wide scale
• Tracking and assessing all financial literacy initiatives to become aware of deviations in education preferences
of women and the desired end result
Financially educating women generates a multiplier effect in having a substantial impact in disseminating
financial literacy to the future generations. As rightly said by Melinda Gates, Co-chair of the Bill & Melinda Gates
Foundation, “When women can make their own financial decisions, their families prosper and the entire
community around them is forced to rethink the role women play.”30

Footnotes
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Acknowledgement
EY report development team
• Jayanta Kumar Ghosh
• Pallavi Goel
• Sakshi Saxena
• Tarini Singh
• Ruchika Vermani

Notes:

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Educate to

To make this possible, it is imperative to develop skills of financial literacy. People

I am delighted to know that ASSOCHAM is organizing Conference on “Financial Literacy for

This report is a step-by-step approach on raising awareness about financial inclusion

Stumbling blocks in raising the bar of

It’s high time now…to be a financially

Targeted advertising breaking the stereotypes 22

No single silver bullet for promoting

Engaging them young 34

Conclusion and the way forward 44

8 | Educate to empower: Embracing financial literacy for women

There is a greater likelihood for women taking primary responsibility

A large number of policymakers have implemented financial

Educate to empower: Embracing financial literacy for women | 9

Stumbling blocks in raising

10 | Educate to empower: Embracing financial literacy for women

In United Kingdom, only In Poland, almost 60%

In United States, 32% In Malaysia, 85% of

Source: Addressing women’s needs for financial education, OECD, 2013

In India, the literacy level of women (65.5%) is low as compared

There is a high proportion of non-working women in India. Increased

12 | Educate to empower: Embracing financial literacy for women

The prevalence of gender disparity in India is reflected through

In the light of these prevailing barriers, women are not engaged in

The financial institutions are not accessible to women mainly in rural

Educate to empower: Embracing financial literacy for women | 13

Despite significant strides being made to open

14 | Educate to empower: Embracing financial literacy for women

Educate to empower: Embracing financial literacy for women | 15

Financial literacy for women

16 | Educate to empower: Embracing financial literacy for women

Financial skills by gender

World Major advanced economies

30% 22% 51% 12%

3 out of 4 Average don’t know 3 out of 4 Average don’t know

Major emerging economies

Men 3 out of 4 Average don’t know

Source: S&P Global FinLit survey

Educate to empower: Embracing financial literacy for women | 17

Key indicators (2014) Gender gap

Account (%, 15+) 62.8% 43.1% 19.7%

Credit card (%, 15+) 6.7% 1.6% 5.1%

Debit card (%, 15+) 32.3% 11.4% 20.9%

Borrowed from a ﬁnancial

Source: Global Findex, 2014

18 | Educate to empower: Embracing financial literacy for women

Educate to empower: Embracing financial literacy for women | 19

It’s high time now...to be a

20 | Educate to empower: Embracing financial literacy for women

On an average, women live five years longer than men as per

Women investors are expected to enhance the liquidity in the

Women are not given the freedom to manage their finances

Educate to empower: Embracing financial literacy for women | 21

22 | Educate to empower: Embracing financial literacy for women

Women's ﬁnancial goals for next ﬁve years

Become ﬁnancially independent 55%

Note: The ﬁgures denote percentage of women surveyed

Educate to empower: Embracing financial literacy for women | 23