Training women to be financially ‘street’ smart
In the bustling streets of Delhi, several women street vendors are the unsung heroes of their families, supporting their households through hard work and modest earnings. Despite their pivotal role, these women are not financially literate. In a bid to provide these women economic independence, a workshop was organised by the National Association of Street Vendors of India (NASVI) on Wednesday.
Mar 20, 2025, 11:29 IST
The workshop aimed to bridge the gap in financial awareness, offering these women guidance on bank accounts, savings, safeguarding against fraud, and understanding the significance of digital security.
Training Women to Be Financially ‘Street’ Smart
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In an era where financial independence is crucial, initiatives aimed at empowering women with financial literacy are gaining momentum. Across various communities, training programs are being launched to ensure women are financially "street" smart, enabling them to make informed decisions, secure their futures, and break free from financial dependency.
Why Financial Literacy Matters for Women
Women often face unique financial challenges, including the gender pay gap, career breaks due to caregiving responsibilities, and a longer life expectancy that requires more savings. However, many lack the confidence or knowledge to manage their finances effectively. According to studies, a significant percentage of women struggle with financial planning, investments, and entrepreneurship, which can limit their economic growth.
Empowering Women with Financial Knowledge
Recognizing these challenges, various organizations and financial institutions are stepping up to bridge the knowledge gap. Training programs, workshops, and online courses are being designed to equip women with practical financial skills such as:
Budgeting & Saving: Teaching women how to allocate their income wisely and save for future needs.
Investing Basics: Introducing concepts like stocks, mutual funds, and real estate to help them grow wealth.
Debt Management: Educating on responsible borrowing, loan repayment strategies, and avoiding high-interest traps.
Entrepreneurship & Business Finance: Helping women start and manage small businesses with proper financial planning.
Digital Payments & Banking: Encouraging the use of digital banking services for secure and convenient transactions.
Real Impact: Stories of Change
Many women who have participated in financial literacy programs report significant improvements in their financial confidence. For instance, in a rural community in India, a microfinance training program helped a group of women entrepreneurs grow their small businesses, enabling them to support their families independently. Similarly, in urban areas, corporate-led initiatives have empowered working women to invest wisely and plan for retirement.
Government and Private Sector Support
Governments and private institutions are playing a crucial role in promoting financial literacy for women. Policies that encourage financial education in schools, workplace financial training programs, and women-focused banking products are some of the strategies being implemented worldwide.
Conclusion
Training women to be financially "street" smart is not just about personal empowerment—it’s about fostering economic growth and social progress. When women have control over their finances, they make better decisions for themselves, their families, and their communities. With ongoing efforts, the future looks promising for women striving for financial independence and success.