Research shows that more than 41 percent of the female population struggle financially. What are organization doing to change this? Financial literacy is the knowledge of how to open an account, how to save better and be more financially independent in general. Are organizations promoting financial literacy for women? We gathered information pertaining to programs all over the world aimed at improving financial literacy for women.
The Organisation for Economic Co-operation and Development (OECD) has published its findings about Women and Financial Education post the G20 summit in 2012. They have also made several literature reviews and analyzed barriers to women’s financial empowerment through lack of financial literacy.
Women’s Institute for Financial Education (WIFE) organization has a Money Club program where women meet regularly to discuss saving, budgeting, expenses, retirement planning and anything financial. Currently there are about 442 Money Clubs with 2,852 members in 46 states of USA and 7 other countries. In addition, WIFE also organizes Second Saturday workshops to impart financial information for newly divorced women.
The Financial Literacy Organization for Women and Girls (FLOW) aims to empower women and girls with financial knowledge and skills. FLOW organizes several year-round conferences, seminars, workshops and boot camps and has ties to many institutions like Federal Reserve Bank, Morgan Stanley and Credit Union. Their events help women make responsible decisions about spending, saving, borrowing, and investing for a promising future of economic well-being.
The Financial Women’s Association (FWA) organizes educational workshops for women and also has mentoring and scholarship programs for women since 2001. Women’s Institute for a Secure Retirement (WISER) too has workshops, training and provides materials to educate women of all ages about financial aspects. The Lisa Initiative and the Womanspace has similar programs for financial literacy for women.
Asia and other countries
In Hong Kong, The Women’s Foundation has several financial literacy programs for marginalized women. Launched in 2011. It uses innovative methods of training to communities and through its partnerships, their initiative has seen highly positive results and won many accolades. In Philippines, the Philippine Commission on Women has published its own Gender and Financial Literacy Training Manual to better train women from all backgrounds about microfinance, financial and risk management.
The Financial Literacy Foundation by the Australian Government has done extensive research on women’s current understanding of money matters. Daughters of Tomorrow (DOT) by Financial Women’s Association, Singapore has specially tailored coursework with case studies for improving financial literacy for women.
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