The Open Page has had articles on how men are struggling in the kitchen in the absence of wives or on husbands praising their wives for efficient handling of household work. It is heartening that there are husbands who acknowledge the effort their better halves are putting in in running the home efficiently.
But there is one aspect where the homemaker is not expected to be an expert or it can be said that our patriarchal society is happy that she is not even aware of it. This article is aimed at creating awareness of the area where most homemakers lag behind and why it is important for them as well as their husbands to ensure that they have the required knowledge of it. The area is financial literacy. Just as the husband faces a dilemma in the kitchen in the absence of his wife, the wife is at a loss when an untoward incident happens in the family like a medical emergency or the death of the sole breadwinner.
We see many articles in newspapers where the family is suddenly on the streets or at the mercy of relatives when the head of the family is no more. The primary reason for this is that the lady of the house is not aware of how her husband managed the finances, and how much savings they have. In some cases, there will be even loans taken, the particulars of which he may not have shared with his wife and she comes to know about the fact only when lenders start pestering her when the husband is no more. Society takes advantage of her ignorance in financial matters and she ends up facing a much worse dilemma in life than what her husband suffered in the kitchen in her absence.
So what is financial literacy? In simple terms, it is to know about the income and expenditure of the family. In practical terms, in today’s world one should know how to open a bank account. How to deposit and withdraw money. How to use the debit card in ATM. Husbands can go a long way in helping their wives be financially literate. They need to ensure that their wives are aware of the financial dealings. In addition, share the details of your income with them — what are your savings, what loans you have taken and what is the EMI for each of them. Also ensure that you nominate your wife for all your savings and let her know that also.
In addition, encourage your wife to take up some economic activity. Even if she does not want to be a full-time employee, she can choose many part-time options like tailoring which she can pursue once you go to office and the kids to school. Interacting with different people will make her a confident person and she will be in a better position to handle any emergency. Your family needs to live a life of dignity even in your absence and it is up to you to ensure that by making your wife financially literate and independent.
(The writer’s email is mira.gopal@gmail.com)
