Why is it important for women to have a bank account? A recent report revealed that 35% of women’s bank accounts in the country are inactive, indicating a widespread lack of financial independence among women.
Many women lose their jobs for various reasons, including leaving the workforce to raise children. This often leads them to abandon their accounts, resulting in a loss of financial autonomy.
Regardless of age, women need to develop a habit of saving and managing their own money by maintaining a personal bank account.
A separate savings account provides financial security and independence, allowing women to manage their finances effectively, monitor their spending, and plan for the future.
A personal savings account also enables women to set and work towards financial goals, access government subsidies and schemes, and make sound investment decisions. This fosters confidence and independence, ultimately elevating their social and economic status.
Moreover, women’s savings accounts offer various benefits, including higher interest rates, additional personal services, cash-back offers, and insurance benefits to provide financial protection in times of need.
These accounts cater to women’s specific financial needs and empower them to achieve their financial aspirations.