Financial education empowers women to make good decisions. Whether they are working women or housewives, it equips them with the knowledge and skills to invest money, manage debt or savings, or turn their savings into assets, Noor us Saba, Deputy Manager for Business Development in Pakistan Mercantile Exchange, Islamabad, told WealthPK. “Being financially independent, women can act more confidently as entrepreneurs and contribute to economic growth. It also helps them mitigate financial risks, and cope with unexpected expenses or monetary emergencies. They do not know where to get micro-loans, grants, or other financial help if they decide to start a business. They are not even well aware of the banking system. If they wish to save money, they do not know which way is better, whether they should purchase bonds, savings certificates, or buy stocks. To make them aware of all these aspects, financial education is the gateway,” she said. She said the government must focus on popularizing financial literacy, awareness, and training programs related to it so that their vulnerability concerning different financial aspects would decrease. Women make a large part of Pakistan’s population.

To increase the GDP and overall economic output, it is crucial to make them a regular part of the economic stream. It will be possible and effective when they are introduced to the monetary systems through awareness and financial education. Discussing the need for financial education to empower women, Assistant Manager of Equities at Zahid Lateef Khan Securities Hamza Anwaar shared with WealthPK, “It is important for women, especially when there is a matter of increasing the scale of savings. Domestically, saving money in the form of gold or hard cash is a common trend. But it can bear more fruit when it is turned into an asset like stocks, shares, or any other form of savings enhancer platform. But to make any of these decisions, the knowledge to use money as a wealth generation depends upon financial literacy”. “Usually, females are responsible for saving money. If they get proper financial knowledge or even awareness, they can make the isolated money at home or in bank lockers more productive. Now, the trends are changing and financial education, especially for females, must be focused at all levels,” he added.

Talking to WealthPK about the importance of financial education to empower women, Najda Dar, Manager of Facilitation at Islamabad-based The Hive corporate office, said, “It is a great dilemma that a lot of hurdles stop our women from being independent. Mostly, they are kept away from financial decision-making. The thinking that females have nothing to do with monetary matters has become a part of the culture. This approach must change now.” She said women play an active role in different walks of life, especially when they are entrepreneurs. If they have enough knowledge of finance, they will be able to perform more confidently and smartly. A lot of banks offer several business and savings plans. If they also conduct regular awareness sessions, especially for females, they will get a good number of female clients. Most finance departments are male-dominated. The reason is that females’ trend to gain financial knowledge is not on a par with their male counterparts. It is direly needed. So, at the academic level, it is necessary to start financial education as a subject. The media should also play its role in bringing awareness about female financial education.

The focus of the government on this concern will also play a vital role. Talking to WealthPK about the positive outcomes of financial education to empower women, Head of Operations at Allianz Call Center Services Private Limited, Islamabad, Syed Mustafa said, “To make women more independent and stronger, financial education is a must. Female officials are actively performing their duties in Allianz’s seven offices in Dubai and two in Pakistan. Mostly, they are dealing with the stocks and share investors.” “Dealing with commodities is regular here at Allianz. Services for selling and buying the stocks of our regular clients like Apple, Tesla, Amazon, and NVIDIA are also operated from this platform. Females are perfectly handling them. But all this is due to their financial knowledge. In Pakistan, a strong initiative from the government’s side is required to bring awareness about the importance of financial education in females to empower them,” Mustafa said.

Credit: Independent News Pakistan