Financial Literacy of Women in India-A Study on the Select Self Help Group Members in the Dhaniakhali Block of the Hooghly District, West Bengal
Abstract
Self Help Groups (SHGs) can be regarded as an important way of poverty alleviation,micro-entrepreneurship, financial inclusion, and women empowerment. The members of women SHGs may enjoy a better standard of living by improving their level of financial literacy through joining with SHGs. The study was conducted to find the level of financial literacy and to measure the variations in such literacy among the members of women SHGs belonging to different demographic/socio-economic characteristics.An empirical assessment was made in the study where the Dhaniakhali block of the Hooghly district of West Bengal was taken as a study area. A field survey was conducted to collect the primary data through a structured questionnaire. The objectives of the study were fulfilled by computation of Financial Literacy Score (FLS) and by application of binary logistic regression model and non-parametric test statistics like Kruskal-Wallis test and Pearson Chi-square test. The findings of the study ensured the significant impact of age, marital status, education, and family income of the members on FLS as well as on variations of their level of financial literacy. More than 70 percent of members were scored as holders ofan average level of financial literacy. The level of financial literacy among the members of SHGs in the study area can be improved by providing proper training relating to financial education.
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