U.S. Consulate General Hyderabad Launches a Financial Literacy Program for Women
Hyderabad: On April 6, the U.S. Consulate General in Hyderabad launched a financial literacy and planning program for working women. The program is organized by the Consulate in collaboration with Yugantar, a not-for-profit-organization, and in partnership with the Telangana Domestic Workers Union. Titled ‘Budget Rani’, 25 domestic workers from Hyderabad attended the opening program. Over the next six months, the program will train 250 women in essential financial literacy skills that will help them manage their family’s finances more effectively.
A day-long workshop provided capacity and skill building sessions to assist participants in managing their finances effectively. The program helped them improve their understanding of their savings and assets. The program included activities such as a modified Snakes and Ladders game to teach the value of financial planning to the participants. A session on creating a budget diary emphasized the importance of knowing how you spend your money so it is easier to create a personal budget.
The program also included components on interest rates, loans and savings, safe borrowing and saving avenues, investment options and the risks involved, pensions, insurance schemes, and how to identify scams. The workshop further focused on overcoming the challenges that working class women face in accessing formal financial institutions, while building their confidence in obtaining formal financial resources. This will help them in a personal capacity, as well as improve their family’s finances.
Dave Moyer, the Public Affairs Officer at the U.S. Consulate General in Hyderabad, speaking at the launch said “We are proud to work with our partner, Yugantar, on this important project. When women are more in control of their personal and family finances, the whole family sees the benefits including better access to health services and education.”
“Financial planning is largely available to the upper middle class and the rich and they are able to hire financial planners, there is a need to make this domain available to all sections of society and especially to working women who are struggling to make their ends meet,” Navika Harshe, Program Head of Budget Rani.
“There is a need for this program across the country and we aim to expand it to include more women using digital technology including an app and setting up a helpline to provide comprehensive financial solutions,” Tejaswini Madabhushi, CEO of Yugantar.