When it comes to the matters of finance, quite a number of us encounter one issue or the other that prevents us from achieving total financial well-being. Sometimes, these issues might not even be a direct influence of our actions as one or more external factors might cause them.
These issues — financial barriers — can span from limited access to banking services to insufficient financial education and guidance, to incomplete access to one’s own money, and so many more.
But the cause doesn’t matter so much as one thing does: overcoming them. Financial Barriers are harmful to whoever is going through them and can’t find a way to navigate them or keeps digging a well into these issues.
And if this is your situation, or if achieving financial well-being has always eluded you, consider today your lucky day.
In this article, we’ll be delving deeply into the concept of Financial barriers, ultimately breaking down what causes these financial barriers and how Tita Finance empowers you to overcome them and seize control of your finances, achieving total financial well-being.
To start with, let’s define the concept of Financial barriers.
Understanding Financial Barriers
Financial barriers are simply the invisible walls or obstacles you encounter in your journey to financial well-being. These barriers manifest in various forms, creating significant challenges for you that are seeking to access, manage, and grow your financial resources. It prevents you from accessing essential financial services and, in essence, financial independence.
Financial barriers are not just numbers on a balance sheet. They’re more than that, and they can be apparent in lots of ways, as you’ll get to see yourself in this article.
Here are some of the ways in which Financial Barriers manifests in your life:
• Insufficient Financial Education
• Limited Access to Traditional Banking Services
• Lack of Easy Fundraising Process
Insufficient Financial Education
“Knowledge is power” is beyond a saying or a phrase. It’s the truth and nothing but that. Let me give you a scenario. Imagine entering a room completely blindfolded. You can hear the voices of people speaking, laughing, and engaging in conversations. Maybe they even welcome you to the room, but they return to what they were doing before you came in.
You’re in that room, but you can’t see anything. Of course, a part of you feels cut off from everything else going on. You can participate in the conversations all you want, but you still don’t feel inclusive; you feel left out. Because you’re blindfolded, something is deliberately over your eyes.
And that’s just how it is when it comes to Financial education. So many of us take steps, sometimes damaging steps to our finances, and we have absolutely no idea. We do it, maybe because we stepped into the world of finance blindfolded and made the decision to stay blindfolded. Or perhaps because we stepped in, eyes wide open, but eventually embraced the concept of being blindfolded and decided to stay that way.
To be able to make the most of your finances and live a life of financial well-being, ultimately achieving financial independence, you need to be adequately empowered with the right information. You need to know precisely what it is you’re getting into: when it starts, when it ends, when you need a renewal, why you’re there, what you want to achieve from being there, and so many other factors. You need to be equipped with the right information.
And this is something that Tita Finance does for you. By joining the brand on social media alone, you’re making a decision that will equip you right — and by taking a step further to join the community, you’re taking complete control of your finances and are well on your way to achieving your financial dreams. Because in this community, you’re never alone. You learn daily, and to add to it, you learn with people. And there’s no greater gift than that.
Limited Access to Traditional Banking Services
This is yet another way that financial barriers can be made manifest. And through this means, there are a whole lot of barriers involved. Let’s break it down. Did you know that at this time, there are lots and lots of people who still can’t access traditional banking services due to reasons like geographic limitations and lack of proper identification?
And let’s assume this is not your case. Let me ask you, on a scale of one to ten, to rate your excitement level when it comes to going to a bank to sort out one issue or the other. Your answer is all you need to let you know that even you still face a financial barrier or two, which you must break before 2024.
And this is where Tita comes in. Did you know that with just your phone number, from the complete comfort of your home, you could access the Tita Platform and start your journey? I bet you didn’t know that. But now, you do. And if you’re like me, who is dedicated to a life of no stress, then you know what to do.
Lack of Easy Fundraising process
Almost nothing screams “financial barrier” as much as needing funds urgently, perhaps for a medical emergency, a business venture, or unexpected expenses and not being able to get it as soon as possible due to complex procedures, hurdles, lengthy waiting times and the like.
It is the proper representation of financial barriers as that process alone can be time taking for you who just wants to raise funds to grow your business, set up a campaign and just get a direct avenue for support.
Over here at Tita Finance though, we do things differently. You should know it’s all about ease — and more of this will be expatiated in our upcoming blog post — but for now, just know that this particular barrier can be eliminated with our easy peer-to-peer fundraising feature.
The Effects of Financial Barriers
Now that we’ve discussed how Financial barriers can be shown and that you understand the concept behind it, let’s talk about just three of the many things that can happen to your financial growth as a result of financial barriers:
• Limited Financial Inclusion
• Prevention of Economic Growth
• Increased Financial Vulnerability
Limited Financial Inclusion
Financial inclusion is very vital to us. And that is something we’re unable to achieve if financial barriers restrict us.
Exclusion from traditional financial services confines you to a cash-based economy, restricting your ability to engage in essential transactions and hindering your participation in the formal economy.
Prevention of Economic Growth
Financial barriers not only affect you as an individual and a citizen but also profoundly impact community and economic growth. Let’s take small businesses, for example, which we know is the lifeblood of local economies.
Now imagine these businesses struggling to get things done, to expand, simply due to limited access to capital and financial tools. This is what financial barriers do to you.
Increased Financial Vulnerability
Earlier, we mentioned how financial knowledge is crucial to your successful financial independence and empowerment journey. Did you know that lacking financial literacy and tools exposes you to heightened vulnerability?
Many unforeseen expenses or economic downturns can lead to financial crises because you lack the knowledge and resources to navigate these challenges effectively.
Conclusion
These are just three of the many effects of financial barriers. In our subsequent blog posts, we’ll be discussing how exactly Tita Finance empowers you to overcome Financial Barriers. Make sure to not miss out on it.
For now, you can find more head to our website for more information. And make sure to subscribe to this page for more of this.
