Empowering South Asian women through financial literacy

How do you gain financial independence when cultural norms have limited how you manage household finances or you lack the confidence to navigate financial systems on your own?

That’s precisely the issue facing vulnerable South Asian women who’ve had little experience with money when their personal circumstances change, and they need to rely on financial documents to meet their everyday needs.

This is where The Bangle Foundation is stepping in with the help of funding through the Empowering Queensland Women grant which will support a practical skills-based workshop called Ghar Ka Paisa: Financial Foundations for South Asian women (Ghar Ka Paisa means money for the household).

Founded in 2011, the not-for-profit organisation provides domestic and family violence support services for women of South Asian heritage. Through this grant, The Bangle Foundation will help women build the financial skills and confidence needed to achieve greater independence for themselves and their families.

The new six-month program will give South Asian women across Brisbane the chance to strengthen their financial literacy, improve digital skills, and increase their readiness for employment, training or micro-enterprise opportunities.

Identifying the financial challenges for South Asian women

Yasmin Khan, Founder of The Bangle Foundation, said the idea for Ghar Ka Paisa grew from ongoing work supporting women who face significant challenges when it comes to understanding Australia's financial systems.

"For many South Asian women, they have limited capacity to handle money or accounts in a relationship, especially if they are stay-at-home mums," says Yasmin.

"When there is a breakdown in the relationship, it can be quite overwhelming for some of our women to cope, and some don't even have bank accounts.

"We thought if we could introduce them to the world of banking and finance, that would put them onto a pathway of financial independence and security."

The foundation has seen firsthand how a lack of financial knowledge can become a barrier to economic participation and self-sufficiency, particularly for women who are new to Australia or unfamiliar with local systems.

Understanding Australia's financial and employment systems

The women supported by The Bangle Foundation will navigate concepts and systems that may not exist, or operate differently, in their countries of origin.

"Sometimes it's about understanding what everything is," says Yasmin.

"How is my mortgage calculated? What is superannuation? What leave am I entitled to?

"They come from countries that don't have a lot of benefits for workers and don't have a social network to support them, so they need to know what they can and can't do, what is available to help them and what they have to do to support themselves."

The program will also encourage participants to develop long-term financial habits, including building savings and planning for unexpected expenses.

"Savings are a big issue as well. They seem to live for the day and then when the washing machine breaks down, they have nothing in reserve," says Yasmin.

"We want to push the idea of savings as important in the financial viability of a household."

Building confidence through practical financial learning

Throughout the program, participants will take part in monthly workshops and information sessions covering budgeting and financial literacy, loans and finance, and digital competency.

The aim is to help women feel more confident in discussing and managing money.

"It allows them to not be afraid of handling money and having financial conversations," says Yasmin said.

"It gives them the confidence to ask the right questions and be confident to make sure they are getting paid correctly, understanding taxation and savings."

By increasing their understanding of financial systems and workplace entitlements, the women will be better equipped to make informed decisions about their futures.

A program designed by community, for community

The Bangle Foundation has deep connections within South Asian communities and understands the cultural traditions and pressures that can shape women's financial experiences.

"We understand how they work," says Yasmin.

"Many haven't had to handle money, but they don’t know how to budget or save, for the long term.  Many don't understand 30-year home loans, or insurance or car financing.

"Many South Asian women have their own internal fundraising initiatives within their communities, and we know how they operate and how they are used. An outsider won't understand the concept.

"Plus, we can speak the language and understand the cultural pressures they may be under."

This trusted, culturally informed approach helps create safe learning environments where women can build skills and confidence without fear of judgement.

Looking towards stronger futures

Yasmin hopes the program will empower more women to make informed financial decisions, creating lasting benefits for themselves, their families and the wider community.

"That confidence can be vital for someone to progress through their career and have higher aspirations and to build a stable foundation for the children."

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