Expert Shares Insights On Importance Of Inclusivity Of Elderly Women In Financial Decision-Making

In today’s world, economic independence is increasingly recognised as a vital aspect of personal empowerment and well-being. With further progress toward greater gender equity, there is an increasing chance to make certain that older women are included meaningfully in discussions around money, inheritance, and ownership. While cultural expectations are traditional practices that have created a different reality in the past, now there is increased awareness and impetus to turn this around.

Empowering older women through legal rights and practical inclusion and support is a meaningful step toward building a more equitable and respectful society for all generations.

Cultural Norms and Financial Participation

For some older women, involvement in financial decision-making is determined by conventional family roles and deeply embedded cultural norms. Women had traditionally absorbed responsibilities within the home, while monetary concerns were usually taken care of by male relatives. Following widowhood, this scenario might persist, with sons or other men in the family often being responsible for making financial decisions. While existing government policies encourage co-ownership of property and financial inclusion, awareness and active engagement by older women may remain constrained. Enhancing access to financial education and facilitating higher engagement can enable more equitable decision-making within households.

TheSignificanceof Financial Literacy

Financial literacy is significant in empowering older women to efficiently take care of their finances. Surveys, nonetheless, show that over 70% of the older responders depend on relatives for economic security. A majority are indeed dissuaded from seeking financial education, hence making financial literacy seemingly irrelevant. Not only does this absence of knowledge limit their ability to make sound choices, but it also maintains their reliance on male relatives, perpetuating a cycle of disempowerment.

Gender Discrimination in Property Holding andInheritance

In patriarchal cultures, inheritance is greatly biased in favor of males, even if there are laws that appear to give sons and daughters equal treatment. Although laws to promote equality in rights of property inheritance are there, cultural hesitation leads women through the cracks. Even where individuals do make wills, property is under the management of children, especially sons, with old women being coerced for their rightful portions. Most women have been subjected to abuse by their children to disinherit them, clearly showing the need for structural change.

Technology: An Untapped Resource

• Technology has the potential to be a powerful force in enhancing access to information, services, and financial products.
• Yet, approximately 90% of older women in middle and lower-middle-class families lack a smartphone, which restricts their potential to take advantage of digital services.
• Family support is important, but women in older age groups frequently get minimal support to learn or interact with new technology.
• HelpAge India is implementing a national program for digital literacy and safety among older people.
• Trends in participation indicate that more than 70% of the people enrolled in such programs are men, reflecting a clear need for targeted outreach and support for older women.

Intergenerational Learning and Financial Inclusion

Intergenerational dialogue can promote increased financial inclusion for older women. Projects that match young volunteers with seniors for hands-on technology training have worked, usually facilitated by strong grandparent-grandchild relationships. Organisations such as HelpAge India are also making a difference through digital and financial literacy initiatives. With more than 4,000 Elder Self-Help Groups, many of which are run by women, they're empowering micro-enterprises and assisting older women in becoming financially confident.

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The journey to financial inclusion for older women may be complex, but it is possible, and it is needed. Through defying traditional stereotypes, building strong financial literacy, adapting to technology, and breaking down gender biases, we can build a future where older women are active actors in determining their economic future. It is time to come together as people, communities, and institutions to advocate for their inclusion and unleash their potential. In partnership, we can create a more prosperous society in which every woman, no matter what age, can succeed financially.

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