Impact of Financial Literacy Programmes on Women's Empowerment: Evidence from Rural, Urban and Tribal Women in Ranchi District, Jharkhand

Abstract

Financial literacy is a major instrument helping to achieve financial inclusion and the socio-economic empowerment of women. The present study aims to find the effect of Financial Literacy Programme on financial empowerment of women in rural, urban and tribal areas of Ranchi district in Jharkhand. The primary aim of the study is to examine the impact of financial literacy programmes on financial behaviour and examine financial literacy and outcomes of empowerment. The research design used was Descriptive and Analytical research design using quantitative research approach. The main data gathered were of structured questionnaires from the female respondents participating in the financial literacy programmes. The raw data consisted of 200 samples, but information screening and the absence of some data resulted in the final analysis being of 197 valid responses. The data in the study were analysed by descriptive statistics, reliability analysis, Pearson correlation analysis and multiple regression analysis. The findings indicated that the financial literacy programmes had a positive impact on women's financial behaviour, financial savings and formal financial services. The finding through correlation analysis was the positive significant correlation between financial literacy and women's empowerment, while the regression results indicated that financial literacy and financial behaviour significantly predicted the outcomes of women's empowerment. The study also revealed that financial literacy was positively associated with financial independence, decision-making and economic participation among the women. The results suggest that a strong financial education initiative can take significant steps to improve financial inclusion and inclusion of women, particularly for those who are rural and tribal.