Universal Journal of Accounting and Finance Vol. 9(4), pp. 810 - 819
DOI: 10.13189/ujaf.2021.090427
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Factors Contributing to Financial Literacy and Financial Inclusion among Women in Indian SHGs


Dharmesh K. Mishra , Sushant Malik *, Asmita Chitnis , Dipen Paul , Subham Sushobhan Dash
Symbiosis Institute of International Business, Symbiosis International (Deemed University), Pune, India

ABSTRACT

The purpose of the study is to analyse the factors contributing to financial literacy and financial inclusion among women of self-help groups (SHGs) of Sisilo village in Balianta block of Bhubaneswar, India. A survey questionnaire was designed and administered to a sample of 100 women respondents in the age group of 18 to 59 years. The survey data were analysed using factorial analysis. Factor extraction was done by the method of principle component analysis. The three factors extracted which influenced financial literacy were identified as education level, awareness of bank and insurance products and household income. The four factors extracted which influenced financial inclusion were identified as product knowledge, risk level of products, insurance schemes for security, and availability of bank branch. A few of the factors are hindrances to financial literacy and financial inclusion which are gender difference, access to education, ethnicity, personal finance, lack of trust in financial institutions, distance and lack of proper guidance. The study will help bankers and policymakers to be aware of the factors that influence financial inclusion and financial literacy amongst women, and incorporate the same for implementing successful interventions for women SHGs in India.

KEYWORDS
Banks, Economic Development, Financial Outreach, Microfinance, Rural Development

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Dharmesh K. Mishra , Sushant Malik , Asmita Chitnis , Dipen Paul , Subham Sushobhan Dash , "Factors Contributing to Financial Literacy and Financial Inclusion among Women in Indian SHGs," Universal Journal of Accounting and Finance, Vol. 9, No. 4, pp. 810 - 819, 2021. DOI: 10.13189/ujaf.2021.090427.

(b). APA Format:
Dharmesh K. Mishra , Sushant Malik , Asmita Chitnis , Dipen Paul , Subham Sushobhan Dash (2021). Factors Contributing to Financial Literacy and Financial Inclusion among Women in Indian SHGs. Universal Journal of Accounting and Finance, 9(4), 810 - 819. DOI: 10.13189/ujaf.2021.090427.