Where is the money going?!
There is no doubt that we transmit many habits and behaviors to our daughters through education, such as teaching etiquette, manners, customs, traditions, and “sanad” (refined conduct), among other aspects. Yet we often neglect to teach them “financial literacy.” We may teach a girl from a young age how to preserve money, but we do not teach her how to earn it or invest it, unlike our sons. This crucial dimension of financial awareness is overlooked in the family, school, and broader society. We might tell a girl, “Be frugal, don’t spend wastefully, save your salary, avoid risks,” but we fail to show her how to invest or grow her wealth. In contrast, a young man learns many financial aspects from his father, and society—particularly through “diwaniyas” (social gatherings)—continues the education. Consequently, a persistent financial knowledge gap exists between men and women, one that has nothing to do with salary levels or economic status, but stems solely from women’s lack of financial awareness. Women must pay attention to this, as financial literacy is no longer a luxury but a necessity for women to grow their wealth. This gap requires addressing, because women’s economic awareness benefits society at large: if women are economically educated and possess sufficient awareness to invest their money, they become a significant force in the economy. This calls for launching financial and economic awareness initiatives targeted at women. Moreover, financial awareness for girls should begin in childhood within the family, be integrated into school curricula, and be supported by community and government initiatives.
We previously launched the “Nawtak” initiative, which aimed to empower Gulf women economically. It is a non-profit initiative designed to educate women about economic principles, proper money management, and investing in profitable ventures, thereby contributing to the local economy. A woman may be employed, earn a good salary, and have savings, yet often lack the knowledge to manage those savings. The problem is not a lack of money, but rather that women are frequently excluded from discussions about how money is managed and grown. Men, by contrast, begin early in diwaniyas to discuss stocks, real estate, projects, and investments, and are encouraged to take financial risks. They may lose money, make mistakes, try again, and learn. Women, however, are often told to be “cautious,” and their economic ambitions are marginalized under the flimsy pretext that the man is the family’s provider.
It is worth noting that caution regarding investing or managing money is not always sound advice. Money that sits in bank accounts for years is not safe; it loses value as inflation erodes its purchasing power year after year. While the risk of managing and investing money may seem daunting, the cost of not taking that risk is also significant. I am not urging women to become economic experts; it is sufficient for them to possess a minimum level of financial awareness and basic economic principles that enable them to manage and grow their wealth, making it profitable over time. We were raised with a flawed notion that financial independence is achieved solely through a job and a salary. Over time, we must realize as women that saving alone is insufficient, especially amid high inflation rates, and that true security comes from knowing how to manage those savings.
On another note, there is an economic behavior that cannot be ignored: many women and girls spend large sums on “luxuries,” which can consume a significant portion of a woman’s savings or salary. However, even the decision to buy a handbag or a watch from a major global brand can be a smart financial choice. Many of these luxury items serve as assets and investments over the years and can be sold later for a financial profit. The same applies to gold.
Economic and financial awareness is no longer a luxury for women; it is an urgent necessity that should be prioritized in community initiatives, associations focused on economics and women, and other civil and government institutions. The time has come for women to become significant economic players in society.
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