With changing times, Shaziya Khan, National Planning Director, Wunderman Thompson India sheds light on the significance of educating daughters about financial matters with implications of this on brands.
A significant attitudinal shift is teaching daughters early on about financial matters. For daughters, in particular, being money-wise and financially savvy is now seen as a learned life skill. One that must be taught early on. Our study reveals this as a progressive and practical shift in today’s consumers.
Understanding the shift:
We are in a country where a girl’s education itself is a key developmental goal (Beti Bachao, Beti Padhao). Happily, it now comes with an even more progressive corollary namely, the financial education of daughters early on. This attitudinal shift is significant and practical. It is good to give daughters a school education but it is vital to give them a financial education, too. This has a significant impact in terms of girls no longer being considered a passive beneficiary but an active participant in matters of financial education.
The age-old perspective of daughters being financially dependent (‘Paraya Dhan’ ) is making way for daughters to be financially savvy. What is heartening is that the attitudinal shift recognizes that this requires education and early education, at that, it won’t ‘just happen’.
This mega shift towards the financial education of girls is among the top 5 shifts across the entire study. What is significant is that it was equally strong among young and old people. It has a slightly higher score among women (being top three shifts) than among men (being in the top 10), but it is among the top shifts for both.
The statement for this mega shift:
Girls must be educated from early on to become money-wise and financially-savvy women.
The supporting statements for this shift are:
To have a good quality of life these days, people need to be financially literate
Women are becoming more financially savvy when it comes to the intricacies of financial planning
Implications for Brands
We believe that this attitudinal shift in the financial culture of our times has significant implications for financial brands, education brands, child welfare brands, in particular. (Though, of course, it ripples out, across categories catering to the girls/children)
- Girls/children can be advocates for driving the importance of financial literacy (banking, capital markets, insurance, and personal financial management). The way, environmental consciousness & the green living agenda, often have voices of the future generation, leading and advocate change, is an example of how their perspectives can be incredible and practical.
- Secondly, financial brands can tailor-make their offerings and innovations to complement and support girls/children’s education in this regard. Personal financial management could become a practical subject taught early on.
- Thirdly, the communication of financial brands can shift, even potentially, its mainstream narrative to include girls/children as a force of influence as well as a catalyst and symbol of progressive change.
This article is authored by Shaziya Khan, National Planning Director, Wunderman Thompson India