Money in the Rice Jar

9:51:00 am


There’s this quote by Will Smith that goes “Money and success don’t change people; they merely amplify what’s already there.” I think this quote has gained new meaning during the demonetization drive that’s currently going on. At the stroke of midnight of November 8, 2016, our carriages turned to pumpkins and our horses turned to mice, leaving hordes of people running to ATMs, never mind a glass slipper or two being left behind in the rush!


Okay, so you’ve already read all about the serpentine queues and lack of cash in the ATMs. There’s enough trash talking going on everywhere too, with people either being vehemently against or passionately for the entire drive. Seems like there’s no middle ground these days, especially on social media! Anyway, amidst all the noise, it’s been quite interesting to look at how this has affected women, especially the ones who aren’t that educated.

My journeys to the money machines these past few weeks have revealed a few things about Indian women and money. Many of them are unable to fill out a basic deposit slip at a bank. It’s not that they’re illiterate (hello, 100% literate state?). It’s just that the entire process seems too complicated and they’re basically just scared. Women were asking me if I could accompany them to the ATM and help them withdraw cash. And this is in Kerala, a state where 91.98% women are literate, compared to the national average of 65.46%. I can only imagine the troubles borne by women who aren’t literate.

Source
However, turns out that the general understanding of literacy does not mean financial literacy. For most Indian women, saving bits of money here and there and putting them in rice and flour jars has been a common practice in the old days. You would think that most women have operational bank accounts in their name these days, but facts show otherwise. According to a UNDP report, 80% of women in India don’t have a bank account.

I have to admit, sitting in my apartment with a computer and an internet connection, I didn’t imagine that the number of unbanked women would be so high. I guess the patriarchal notion of financial planning being a man’s job still persists. There have been some sexist jokes going about since the demonetization started, like the one where husbands say that they’ll at least get to know how much money their wives have been ‘stealing’ from them. Seriously? Your wife works the whole day, all week and she budgets and saves money, and you call that stealing? Why don’t you just help her open a bank account? Why, are you scared she’ll become independent and won’t be as easy to control? Ugh!!


Before people start attacking me – I’m no financial expert myself! Any talk about equities, derivatives and endowments are enough to send me running. I know many other urban women are in the same boat, and the jargon makes the field of personal finance look intimidating. Yet, providing proper financial literacy for Indian women is something that has been way overdue, and I wish the centre and state governments focused more on this. Gender inequalities like these seriously hamper the development of the nation as a whole, as several studies have pointed out.

For all the women out there like me, I’m compiling some resources that’ll help us understand personal finance better and take more control of our money, whether it’s property, gold or other assets, like bonds or stocks (look at me, going all finance-y). So stay tuned for a post on financial resources for women coming up soon!

You Might Also Like

6 comments

  1. Financial literacy is really needed. Its shocking to know many women in India don't have bank accounts. Besides, I also know my women colleagues who earn a lot and just give their debit cards to their spouses to completely manage the finances. I think, its good for women to try to learn some financial basics.

    ReplyDelete
    Replies
    1. Yes, even having a job doesn't translate into financial freedom. This is something that women really need to take control of.

      Delete
  2. Excellent post and yes its a shame that financial literacy is still a man's domain. I am also clueless abt bonds, equity n stuff and get very intimidated about it all

    ReplyDelete
    Replies
    1. Sometimes I think financial jargon is just a worldwide male conspiracy to keep women out of earning, saving and investing!

      Delete
  3. I fear it is exactly what you said... that men fear that women will be independent if they have their own money. I say this because this whole demonetisation let to a lot of discussions between doctors and staff while driving together to work... and some of the views were horribly regressive. It will take a generation beyond ours to wipe out these concepts, I fear.

    Godyears.net

    ReplyDelete
    Replies
    1. I know what you mean. Every time I think that the country's finally moving forward I hear what some people say and realize it's not happening. I hope at least the next generation has better sense.

      Delete