Why Girls Need Financial Education
- Financial Literacy
- By InLife Sheroes
- Apr 21, 2022
- 0 Comments
Empowering girls by teaching them financial literacy
There are many reasons why financial literacy is important. It affects every aspect of our lives, most undoubtedly as we enter into adulthood. This is true for everyone especially girls. Basic financial literacy can help girls become more financially independent, be better at managing their own finances, and less likely to fall into debt or be taken advantage of financially.
Financial literacy can also help girls understand the role of money in society and the economy, and how to make responsible financial decisions. Having this understanding and capability can empower girls to take control of their own finances and achieve their financial goals.
Sadly, the ratio of girls to boys who understand financial literacy is imbalanced. This discrepancy is found in both advanced and emerging economies.
Financial literacy and education around the world
According to a recent study by the Standard & Poor’s Rating Services, only 33% of the people around the world are financially literate. This means that roughly 3.5 billion adults worldwide are not confident in their financial decisions. The study also found that women are less likely than men to be financially literate, coming it at 35% financially literate men vs. only 30% women.
Financial literacy in the Philippine setting
The Philippines is a developing country with a population of over 100 million people. While the country has made great strides in recent years in terms of economic development, there is still a large disparity between the rich and the poor. Many Filipino families live below the poverty line and do not have access to basic financial services.
This lack of financial literacy and access to financial services can have a significant impact on girls' lives. Girls from poor families are more likely to drop out of school, get married at a young age, and have children at a young age. They are also more likely to experience violence and exploitation.
Financial literacy can help girls escape poverty and build a better future for themselves and their families by understand how to use and save money, how to make responsible financial decisions, and how to access financial services.
How can girls learn financial literacy?
There are many ways to teach financial literacy and there is no one-size-fits-all approach. However, some key concepts that should be covered include budgeting, saving, investing, credit and debt management, and understanding financial products and services. Financial literacy education can be delivered in formal settings such as schools, or informally through community-based programs, financial education campaigns, or workplace initiatives.
Undoubtedly, there is a girl in your life that matters. She could be your sister, your daughter, a niece, or even a close family friend. Reach out to her and teach her components of financial literacy she will need later on in life. This can be as simple as teaching her how to budget her monthly allowance or how to deposit money into a savings account. While these steps may seem small, they all add up and help us create a society of financially literate girls!
To learn more financial tips, check out our bank of financial literacy articles!
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AUTHOR BIO Your friendly neighborhood Shero.