Financial Literacy for Women Entrepreneurs (Comic Book)
Abstract
Funded by IMTFI (University of California, Irvine), IFMR LEAD (Institute for Financial Management and Research, Chennai) conducted a study in Dharavi, Mumbai - Asia's largest urban slum. The research was aimed at understanding the social, cultural and economic factors influencing modes of payments (cash versus electronic) used by small scale entrepreneurs. Our findings indicate a strong preference for cash, which is a culturally accepted payment mode for business transactions.
We have designed context-specific financial literacy modules that not only aim to address the knowledge gap about financial products and services, but also the underlying behavioural biases impacting financial decisions. The modules are being developed as a series of “comic books” using a story telling approach.
We are using two relatable characters Ramu and Shyamlal, and their stories emphasize financial behaviour of two individuals in cashless versus cash-only scenarios. Using real life stories we have tried to document the financial adversi es that women face, and how they resolve financial crisis through be er financial management and by modifying behaviours impacting women's financial situation.