A Study on Financial Literacy of Women in Hyderabad City

Financial education is the base for all most all financial services, such as banking, insurance and shares and mutual funds .Socio economic empowerment of women is possible only when the women are strong enough to take financial decisions. In India where women constitute 44% of total population it shows nearly equally competent to men so financially educating women is the need of the hour and it will lead to small saving and well running of her family and gain well status in the society. Women’s specific financial Growth, development and financial inclusion, financial literacy as a tool for women empowerment, Gender inequality and lack of access to financial services, certain issues and aspects related with financial inclusion and women empowerment. Financial literacy by studying the relationship between women empowerment and financial inclusion. In this study, 68 women are respondents from different corner of the Hyderabad city of Telangana State is selected and structured questionnaire method is used to collect the data about the financial awarene attitude and financial behaviour and result drawn on the basis of collected data suggestions are followed.

Financial education is the base for all most all financial services, such as banking, insurance and shares and mutual funds .Socio economic empowerment of women is possible only when the women are strong o take financial decisions. In India where women constitute 44% of total population it shows nearly equally competent to men so financially educating women is the need of the hour and it will lead to small saving and well running of her family and l status in the society. Women's specific financial Growth, development and financial inclusion, financial literacy as a tool for women empowerment, Gender inequality and lack of access to financial services, certain issues and aspects related with al inclusion and women empowerment. Financial literacy by studying the relationship between women empowerment and financial inclusion. In this study, 68 women are respondents from different corner of the Hyderabad city of Telangana State is structured questionnaire method is used to reness, financial attitude and financial behaviour and result drawn on the basis of collected data suggestions are followed.

Financial Services; Development; Women
Financial Literacy aids financial inclusion in many ways as it provides knowledge and awareness in the Why save, Why save with banks, Why borrow for income generating purposes, Why to repay loans in time, What is interest and how moneylenders charge it, What is the need of insurance. It is only when women control decisions regarding credit and savings, they will well manage their own and household`s welfare leading to financial growth and empowerment. Financial education enables women for Economic decision making, Enhancing purchasing capacity, Control over loans and Control over income and savings, borrow for investment and insure against risk. Financial literacy is an important aspect to help the women to accept and use the products to which they increasingly have access. It helps to develop skills to compare and select the best and empower them to exercise their rights and responsibilities. It enables women to act "Smart Financially" by providing them knowledge and skills to understand financial planning, savings, investment, basics of banking, understan budgeting.

FSDC (Financial Stability and Development Council),
The National Strategy for Financial Education (NSFE) for India has been prepared. The action plan of creating awareness and educating consumers on access to financial services and calls for active involvement of individuals, financial sector regulators, NGO`s, central and state Government. One of the basic objectives of NSFE is to standardize the financial education of various stakeholders.
Poor financial literacy has promp existing financial education programs and launch of new programs. The need for continual updating of Dec It is only when women control decisions regarding and savings, they will well manage their own and household`s welfare leading to financial growth and empowerment. Financial education enables women for-Economic decision making, Enhancing purchasing capacity, Control over loans and Control over ncome and savings, borrow for investment and insure against risk. Financial literacy is an important aspect to help the women to accept and use the products to which they increasingly have access. It helps to develop skills to compare and select the best products for their needs and empower them to exercise their rights and responsibilities. It enables women to act "Smart Financially" by providing them knowledge and skills to understand financial planning, savings, investment, basics of banking, understanding need of household FSDC (Financial Stability and Development Council), The National Strategy for Financial Education (NSFE) for India has been prepared. The action plan of creating awareness and educating consumers on access to vices and calls for active involvement of individuals, financial sector regulators, NGO`s, central and state Government. One of the basic objectives of NSFE is to standardize the financial education of financial literacy across all age groups because of the dynamic nature of financial products and services as well as the changing needs of individuals with time .It is observed that exposing women to financial education. Financial literacy is of particular relevance to emerging economies. As these research from around the world reports inadequate financial literacy which raises serious concerns about the ability of individuals to secure their financial well-being. Financial literacy is associated with higher educational attainment and income. As soon as the education levels of individuals increases their understanding about the financial terms and clarity about their financial needs and requirement in order to protect their money they increase the effort towards the accessing the financial information ,which ultimately enhances their knowledge of present financial services and products.
Financial literacy provides knowledge and awareness in the following aspects-Why we need to save money.
Why we should save with banks Why we borrow for income generating purpose.
Why to re-repay loans in time.
What is the need and use of insurance etc?
Though government has initiated many plans and different steps are taken there is a required strategic action to increase financial inclusion of women. An effort has been made through this paper to analys financial literacy and financial inclusion as a tool for women empowerment.

Factors influencing financial literacy:
An individual is said to be financially literate if he/she is able to perform the following: 1. Financial literacy is influenced by so many factors such as age, region or country in which the individual resides, the financial environment , income level, socio demographic factors like his family, number of dependents, mother's education, financial advice etc.

2.
Financial knowledge and understanding: The individual should be known of the products which are available in market. Should possess enough knowledge about the basics of the products, the related concepts, Choosing appropriate products: Should be able compare similar products and choose the correct product.
3. Financial Planning: The intensity to save and plan for their retirement life should be clear. Investing in proper way or saving through various investment plans show their attitude and behaviour towards financial matters.
4. Money management: Financial literacy helps an individual to have control over his financial matters. It enables an individual to frame correct budgets which in turn helps them to track his finances and meet the ends. 5. Financial literacy is a universal issue. The level of financial literacy required depends upon the financial needs of the individual. Members and over 2.5 lakh individual members, it is the largest Institute of its kind in the world and is working with a mission "to develop professionally qualified and competent bankers and finance professionals. The institutes offer education, training, examination consultancy/counselling and continuing professional development programs". It is our strong belief that, if an increased understanding of banking and finance, people can enjoy their other financial services.
Financial Literacy in India various surveys show that the level of financial literacy of Indians is low. India stands in the 23rd position out of 27 countries in the recent survey conducted by Visa.

Government steps to enhance the financial literacy
The following are some of the initiatives taken: Older men and women in full-time work with an employed spouse have the most financial capability but results suggest that age, and employment status has the largest impacts. Tullio Jappelli(2009), has done a comprehensive assessment of literacy across the world based on a survey of executives in 55 countries, in 1995-2008. The survey respondents are a selected group of managers and country experts, and regression analysis shows that its level depends on educational achievement, social interactions, financial literacy and financial development, financial knowledge depends on cognitive ability. Worthington: 2006, however there is no evidence to suggest that these low-income families are financially illiterate. Financial stress could be related to many social issues such as unemployment, large families and poor economic conditions of the family.
Atkinson & Kempson: 2004. Numerical skills are important in assisting the understanding of financial skills. There is support in many countries such as Australia and the UK to have financial skills taught at middle school levels across the curriculum. According to the annual MasterCard's index for financial literacy in terms of overall financial literacy, India is at the bottom among 16 countries in the Asia-pacific region India is above with 59 index points from Japan, the index is based on a survey conducted between April 2013 and May 2013 with 7,756 respondents aged 18-64years.The survey polled respondents on three aspects -basic money management (50% weight), financial planning (30% weight) and investment (20% weight) -to arrive at the overall financial literacy index.
Ansong and Gyensare (2012) conducted a study among 250 UG and PG University students of Cape Coast reveals that the age and work experience are positively related to financial literacy. Report by Australian Government(2011) Factors influencing financial literacy of marginalised women are knowledge about financial products, proper formal education, basic money management skills, financial numeracy, persuasion knowledge and self efficacy and basic banking activities.

Need of the study:
As earlier researcher stated that, financial literacy plays a vital role in providing social and economic security in urban and rural area special for working women, further it felt important to know what is the level of financial knowledge of working women .To fulfill this aim, it is necessary that the women who are living in the urban and rural area should have to enhance the knowledge of finance and also get awareness of countries financial position. We need to know the level of financial literacy of various groups. This study focuses on measuring the level of financial literacy of working women employees in Hyderabad.

Objectives of the Study:
The basic objectives of the study are as follows; respectively. Although Hyderabad city has population of 6,731,790; its urban / metropolitan population is 7,674,689 of which 3,927,029 are males and 3,747,660 are females.

Tools for data collection and Interpretations:
The present study is based on survey Method. It involves the collection of primary data from working women. The secondary data was collected from various books and articles published in various journals and magazines. Working women representing all walks of society were selected for the study. The primary data was collected with the help of a structured questionnaire. The data, so collected was processed and analyzed with the help of statistical tools like percentage analysis and cross factor analysis were applied. Analysis and Results: The data collected was encoded and tabulated. It was further exposed to statistical tools like percentage analysis. The profile of the respondents is given in

Cross Analysis:
After the overall analysis, an attempt was made to identify the influence of the age of the respondents on their level of awareness of financial products. The below

Suggestions
Based on the present study the following suggestions have been made 1. Special training programme should be organized for working women regarding the diversification of investment, cost benefit relation and time value of money. 2. Risk in investment leads to less investment by the working women they will be properly explained each and every investment have risk. 3. Insurance service providers should introduce such a insurance policy it will suite to working women. 4. Award and reward should be given to those working women who made diversified investment and gained. 5. The working women need to acquire more technological knowledge to proper use of ebanking and mobile banking. 6. Special workshop on financial literacy is conducted for only working women main aim is to orient them in financial skills like planning, decision making and so forth 7. The study was conducted in only Hyderabad city of Hyderabad district in Telangana state with reference to financial education and women, it is necessary to have studies in other areas also in order to generalize the findings.

Conclusions:
Systematic and regular finance is the need of the hour because of busy schedule of life everyone wants more earning on investments. So, awareness of the financial product is very most important. Male dominated society today also restricting women to gain financial knowledge but higher the education level leads to higher the working opportunity among women. It will defiantly solve the financial problems. Now 46 % of our population constitute women population. It is clear that they are equal in No with male so they will have equal opportunity to gain financial independence.
Today financial decision is not in the hands of only male so it is better to promote women in financial decision taking. The banks and all other financial institutions need to promote financial education among the working women through modern social media such as Face book, Twitter, Whatsapp and Internet.