An materials and forces; that entrepreneurship throws up as

extensive study of previous research and literature has been done to find out
the meaning and the need for financial literacy to women entrepreneurs as well
as identifying major players in the field of financial literacy. Website,
newsletter and monthly bulletin of (Reserve bank of India, National Education
Council) has been reviewed to collect the relevant material and summarize their
growing effort.


Conceptual Framework of Women

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Entrepreneurship is an economic activity  which is undertaken by an individual or group
of individuals. Entrepreneurship can be defined as the making of a “new
combination” of already existing materials and forces; that entrepreneurship
throws up as innovations, as opposed to inventions and that no one is
entrepreneur forever, only when he or she is actually doing the innovative

Women entrepreneurship is the process where women organise all the
factors of production, undertake risks, and provide employment to others. The
definition of women entrepreneurship has never been differentiated on the basis
of sex and hence could be extended to women entrepreneurs without any

Thus, a woman entrepreneur is one who starts business and manages it
independently and tactfully, takes all the risks, faces the challenges boldly
with an iron will to succeed.  Women
entrepreneurship is an economic activity of those women  who think of a business enterprise, initiate
it, organise and combine the factors of production, operate the enterprise and
undertake risks and handle economic uncertainty involved in running a business

Financial Literacy

It is a combination of awareness, knowledge, skill, attitude, and
behaviour necessary to make sound financial decision and ultimately achieve
individual financing wellbeing (Organization of Economic Co-operation and
Development).  Other definition by
President Advisory Council on Financial literacy, financial literacy consist of
ability to use knowledge and skill to manage financial resources effective for
lifetime (Pailella, 2016). Financial literacy as the ability to collect
important information, and also differentiating between diverse financial
option, discussing financial issues, planning and proficiently answer that
affect financial decision making. Economic issues related to the understanding
about economic issues in a country or worldwide. Financial services related to
the knowledge about the current product and service. Investing related to the
knowledge in investment and risk of the investment. Gender, age, education
level, marital status, family income, financial decision-making process,
budgeting and expenditure as influence factor in financial literacy.

The Gender
Gap in Financial Literacy

show that, on average, women are less financially literate than men. A wide
range of factors contribute to this disparity; but whatever the cause, women
suffer as a

They are less prepared to take critical steps like saving for retirement, buying
a house, or thriving in the aftermath of divorce. Without access to basic
information,  it’s hard to be an equal
partner within a relationship or effectively manage one’s own financial
details. What’s more, many victims of the financial literacy gender gap may be
ashamed that they lack education. As a result, they may be reluctant to seek
help or educational resources.

Financial literacy rates differ in important ways when it comes
to characteristics such as gender, education level, income, and age. Worldwide,
35 percent of men are financially literate, compared with 30 percent of women
Women have weaker financial skills than men even considering variations in age,
country, education, and income. There is also a gap in financial literacy when
looking at relative income.

in the BRICS economies. Thirty-one percent of the rich in these
economies are

financially literate, compared to only 23 percent of the poor.


An overview on Financial literacy around the world

Financial literacy rates differ
enormously between the major advanced and emerging economies in the world. On
average, 55 percent of adults in the major advanced economies–Canada, France,
Germany, Italy, Japan, the United Kingdom, and the United States–are
financially literate (Figure 1). But even across these countries, financial
literacy rates range widely, from 37 percent in Italy to 68 percent in Canada.

In contrast, in the major emerging
economies—the so-called BRICS (Brazil, the Russian Federation, India, China,
and South Africa)—on average, 28 percent of adults are financially literate.
Disparities exist among these countries, too, with rates ranging from 24
percent in India to 42 percent in South Africa



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