Have you ever considered the unique challenges that rural women entrepreneurs face when it comes to learning financial management? For many WeAct members, access to resources, education, and support networks is limited, making it difficult to navigate the complexities of budgeting, investment, and financial planning. WeAct’s workshops on financial literacy help them gain knowledge on various aspects of finances needed to have smooth operations of their enterprises.
WeAct has been dedicated to conducting financial literacy workshops since its inception, recognising that financial education is not a one-size-fits-all endeavour. Our approach is tailored to meet the specific needs of each WeAct member, ensuring that the information we provide is relevant and applicable to their enterprise. We assess their financial background and deliver targeted knowledge and skills required for them to make informed decisions. The personalised approach of WeAct has enhanced engagement with our members, making them understand relevant financial concepts and achieve their aspirations.
Please read on to learn more about the WeAct financial literacy initiative.
Understanding WeAct’s Financial Literacy
Financial literacy for rural women differs significantly from that of their urban counterparts due to the unique complexities and cultural contexts they navigate. Rural women often face distinct challenges, such as limited access to financial knowledge, fewer educational opportunities, and societal norms that may restrict their engagement in financial decision-making.
Understanding these barriers is crucial for tailoring financial education to their specific needs. WeAct has effectively deconstructed the concept of financial literacy into relatable and practical components, enabling our rural women members to easily comprehend and apply this knowledge in their personal and professional lives. Our financial literacy workshops empower WeAct women to enhance their financial capabilities, contributing to their business success and economic independence.
Barriers to Financial Literacy
WeAct members from rural areas encounter unique challenges in acquiring basic financial literacy. India's cultural landscape is diverse, and women often find themselves at the bottom of this hierarchy. Traditional gender roles and age-old customs have limited their educational opportunities, preventing them from gaining essential knowledge about finance and taking on decision-making roles within their households.
As they grew into adulthood, these gender expectations continued to restrict their ability to earn and access vital information, hindering their professional growth. WeAct’s financial literacy workshops address these issues by not only emphasising the importance of finance but also approaching the topic with sensitivity. This empowers women to recognise their significant role in the Indian economy and helps them feel included and valued.
Building a Strong Financial Foundation
WeAct’s workshop on financial literacy covers two major aspects: first, how budgeting and saving can help in their personal finances and understanding GST, Udhayam registration, and bookkeeping for their enterprise.
1.Personal Finance Management
Our financial literacy training equips WeAct members with essential skills and knowledge to navigate their finances effectively. Through engaging workshops and practical exercises, WeAct members learn the fundamental concepts of saving and budgeting, empowering them to make informed financial decisions not only for themselves but also for their families. Our experts inculcate a deeper understanding of financial management, aiming to enhance their overall economic well-being and encourage sustainable financial practices that can benefit their households for years to come.
2.Understanding Credit and Loans
Another key component of our financial literacy workshop centres on empowering participants with the knowledge they need to effectively manage their enterprises. This includes comprehensive training on the Goods and Services Tax (GST), which helps them understand their tax obligations and compliance requirements.
Additionally, we provide insights into various government schemes specifically designed for micro, small, and medium enterprises (MSMEs), highlighting the benefits and resources available to support their business growth. We also emphasise the importance of Udyam registration, which is crucial for accessing these government initiatives and maximising their potential for success.
Entrepreneurial Financial Management
Our rural women entrepreneurs often run small and medium-scale enterprises, which necessitate a solid foundation in various financial and business management concepts to ensure sustainable growth. Understanding the intricacies of planning, income tax regulations, balance sheets, and cash flow statements is crucial for these entrepreneurs, as it enables them to make informed decisions and strategically manage their resources.
WeAct plays an important role in this process by providing tailored training and support that demystifies these financial aspects, equipping the women with the tools they need to effectively analyse their business performance and identify opportunities for scaling. WeAct guides them to promote their current operations, resulting in the expansion of their enterprises and contributing to their income generation.
Using Technology for Financial Management
WeAct also guides its women members with essential knowledge and skills in e-commerce and online payment systems, such as Google Pay and Paytm. In today’s digital landscape, understanding these tools is crucial for enhancing their business reach and efficiency.
Our financial literacy workshops focus on teaching them how to navigate online marketplaces and utilise digital payment methods, enabling them to conduct transactions securely and conveniently. E-commerce helps these women expand their networks and customer base from the comfort of their homes, breaking geographical barriers and increasing their market visibility.
Conclusion
WeAct addresses unique challenges faced by our members, helping them take control of their financial futures. Our personalised approach dismantles barriers and provides them with essential knowledge on budgeting, GST, savings, and various government loans. Financial literacy workshops by WeAct help them enhance their financial capabilities and promote a sense of inclusion. As they gain valuable skills and insights, they can drive economic independence with confidence.
References
https://fastercapital.com/content/Women-in-rural-entrepreneurship--Financial-Literacy-for-Rural-Women-Entrepreneurs.html
https://www.fincart.com/blog/key-role-of-financial-literacy-in-empowering-women-entrepreneurs/
https://www.nasscomfoundation.org/blog/women-empowerment/investing-into-women-entrepreneurs-to-strengthen-the-entrepreneurship-landscape-of-rural-india-authored-by-nidhi-bhasin-ceo-nasscom-foundation/