Financial Literacy (2010, No. 3) (Open)

Financial Literacy (2010, No. 3)

The 30th GWI Conference resolves that:

  1. GWI recognize “financial literacy” as an essential life-skill that includes amongst its critical components: (a) financial knowledge and understanding,(b) financial skills and competence,(c) financial decision-making responsibility,(d) understanding of credit and money management,(e) understanding of taxes, pensions, benefits and savings,

    (f) understanding of the legal and financial implications of one’s civil status.

  2. GWI and its National Federations and Associations (NFAs) strongly support the immediate development and implementation, with public consultation, of national strategies for financial literacy.
  3. GWI and its NFAs urge their respective governments to allocate resources to the promotion and implementation of financial literacy programs to be delivered to all adults, especially to women of all ages and all circumstances, by government agencies, employers and not-for-profit community organizations.

Suggested National Action

  • Call on your government to develop and implement immediately a national strategy for financial literacy.
  • Call on your government to allocate resources for promoting and implementing financial literacy programs.
  • Urge your government to ensure that financial literacy programs are delivered to all adults, especially to women of all ages and circumstances.

GWI and NFA Action reported

  • Canada: CFUW supports financial literacy February 2012 Action taken in support of GWI Policy Resolution 2010, No. 3The Canadian Federation of University Women has received funding to help hold community-level information sessions to assist with financial literacy.Read More
  • Canada: CFUW involved in Financial Literacy Week October 2011 Action taken in support of GWI Policy Resolution 2010, No. 3CFUW will participate in the Financial Literacy Week, October 30 – November 5, 2011, a national awareness and engagement campaign that seeks to increase the financial literacy and math skills of Canadians through access to tools, resources and community events and celebrations. The Toronto Dominion Bank contributed funds for the campaign.- CFUW website

    – ABC Life Literacy Canada website

  • England & Wales: BFWG to gather data on availability of financial literacy courses July 2011 Action taken in support of GWI Policy Resolution 2010, No. 3During its Annual General Meeting (AGM) and Conference, the British Federation (BFWG) considered how to move forward on Resolutions on Financial Literacy for women and girls, passed at the 2010 International Federation of University Women Meeting in Mexico, and on plans to incorporate this into a National Study Theme 2011-2013. The Federation noted that “the importance of Financial Literacy cannot be underestimated; pensions are a key area of concern, as is student debt which will increase alarmingly in the next few years.” More information is available on the BFWG website
  • Australia: AFGW supports the 10thousandgirl Campaign, a Financial Literacy Programme for young women May 2011 Action taken in support of GWI Policy Resolution 2010, No. 03The Australian Federation (AFGW) is a partner in a national coalition eS4W – Economic Security 4 Women, which promotes lifelong economic well-being for women. One of the programmes supported by AFWG through eS4W is the 10thousandgirl Campaign on Financial Literacy for Young Women. This social educational programme is working to raise awareness on the importance of planning and to engage young women in life planning and basic financial literacy programmes. As part of the programme, experts provide young women with the time, tools and motivation to map out their life goals and to understand the financial principles that underpin long term saving and investing by providing: life planning workshops, personal finance program, school talks and a motivated and supportive community (online resource and discussion hub). – 10thousandgirl Campaign website – eS4W & 10thousandgirl Campaign flyer
  • The Graduate Women International (GWI) ran a 3-week online discussion on Financial Literacy in which 12 countries participated April 2011 Action taken in support of GWI Policy Resolution 2010, No. 03The Graduate Women International (GWI) led a 3-week online discussion on Financial Literacy in April-May 2011. The rationale for this discussion was that women’s lack of financial knowledge is a matter of serious global concern for which local, regional and national strategies are required. There were 32 contributions from 12 countries to the discussion in all from which was initiated, led and moderated by GWI Status of Women Committee members Ranjana Banerjee from India and Rae Duff from New Zealand. The Information Document, which was published to initiate the online discussion, identified the three key components of Financial Literacy: Financial Knowledge and Understanding, Financial Skills and Competence, Financial Responsibility. A series of questions was posed for each key component to which discussion participants were invited to respond. Read More.
  • Georgian University Women to organize courses in money management for women December 2010 Action taken in support of GWI Policy Resolution 2010, No. 3Georgian University women plans to organize courses for women in understanding credit and money management, financial decision making, tax pension benefits and savings. In addition are planning to teach women how to understand the legal and financial implications of their civil status.
  • The Turkish Association of University Women to organize a letter writing campaign to raise awareness on financial literacy November 2010 Action taken in support of GWI Policy Resolution 2010, No. 03To raise awareness on financial literacy, the Turkish Association of University Women plans to write letters to its Members of Parliament, municipalities and workers’ syndicates. It will also cooperate with other women’s associations to organise meetings and conferences, and write press releases.
  • The Indian Federation of University Women’s Association (IFUWA) holds meeting on financial literacy October 2010 Action taken in support of GWI Policy Resolution 2010, No. 03IFUWA held a meeting on financial literacy on 26th October 2010. The Federation considers it imperative to provide Indian women with a thorough knowledge of financial literacy in order to make them self-reliant. Lack of financial literacy prevents women from participating and contributing to financial matters either in their domestic or public lives. Knowledge in this area will lead to decision-making ability. It will also provide women with financial management skills. Read more.

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