Financial Literacy Key For Creating And Sustaining - amazonia.fiocruz.br

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Nazneen Ahmed Financial Literacy Key For Creating And Sustaining 10, Though financial inclusion is a powerful instrument for sustainable economic development, notable gender gaps are observed in different aspects of the financial services portfolio. There is no denying the fact that greater financial inclusion leverages ways to expand the horizon of people's access to productive resources, and thus contributes to overall inclusive development of the country. Bangladesh's financial sector has undergone rapid growth and has embraced technology solutions to improve the financial inclusion of the general population. However, the women have not progressed on a par with the general trend. A widespread gender gap is observed in terms of financial literacy, financial numeracy, access to finance, use of financial services, readiness to digital financing etc.

The survey depicts that women remain financially underserved compared to men, with substantial gender gaps in the uptake of financial services. Various financial inclusion indicators mentioned in the FII revealed that except for registered users of Non-bank financial institutions NBFIs that also includes Microfinance institutions MFIswomen lagged behind men in all the cases in Women were less likely to be financially included via a registered mobile money account Sustaaining bank account than men.

It underlines that the primary means of internet access in low-income and middle-income countries is a mobile phone, especially for women. Therefore, the lower rate of the ownership of smartphones by women also results in a lower level of internet use by women. The gender gap is most significant for influence on household spending decisions for both financially included and financially excluded segments. It is noted that the percentage of financially included women having voice and agency is higher than those of financially excluded men.

In the case of control over personal finances, the financially included group shows a smaller gender gap than does the financially excluded group. Overall, it is noted that the gender gap reduces when women are financially included.

However, only 7. SME Foundation identified that access to finance to be a key constraint faced by women entrepreneurs to start a business as well as to expand them. Recognising the lack of access to financial services is a significant reason for income inequality and slower economic growth, Bangladesh Bank has made a shift in policy paradigm in favour of the financially excluded and Sustainong, especially for MSMEs and women entrepreneurs.

A total amount of BDT Bangladesh Bank is raising awareness regarding financial education, especially among rural women.

If all types of SME loan disbursement are considered not only refinanced loanonly 6. A similar situation is noted in the case of the size of loan Creaating by women borrowers. Thus, a gender gap with regards to accessing finance prevails in terms of the number of borrowers, the amount of total loan disbursement, and the size of loans.

The main reasons for financial exclusion identified in this survey are- i Poor physical access or banking infrastructure, ii High requirement of minimum balance, iii Inadequate financial literacy or education, iv Lack of proper documentation including ID cards, introducers, wage slips, proof of domicile and reference letter required to open a checking or savings account click, v Lack of initiatives of banks and financial institutions, vi Low level of technological infrastructure, vii Lack of suitable product structure of banks and MFIs, viii Low income, ix Opportunity cost time and money of getting financial services, x High cost of products, especially, in case of Micro Finance Institutes MFIsx Absence of credit bureau and insurance of MFI borrowers.

While all these barriers are prevailing for both men and women, the obstacles appear to be more intense for women. Women in rural areas do not have the custom to go out of the home to use conventional banking solutions.]