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Managing money wisely is an indispensable skill in today’s complex economic world.
Financial literacy, which includes understanding financial concepts, making smart
economic choices, and having good money habits, helps individuals to attain financial
security. However, many people, mainly women, still struggle with financial literacy,
which can affect their planning behaviour. Focusing on Delhi and its surrounding NCR
cities: Noida, Gurgaon, Faridabad, and Ghaziabad, this study investigates relationship
between Financial Literacy (FL) and Financial Planning (FP) among working women.
The research aimed to understand four key aspects: first, how financially literate
women in NCR are; second, how the different factors like age, education, income,
employment type, marital status and family type affect their financial literacy; third,
how different aspects of FL (knowledge, behaviour, and attitude) relate to each other;
and finally, how FL influences Financial Planning (FP) among women.
To achieve these objectives, the research followed a descriptive, cross-sectional
design and adopted quantitative approach. Data was collected from 606 working
women, both salaried and self-employed, across the selected cities. Statistical methods
like one-way ANOVA, t-test, and PLS-SEM used to analyze the data.
The analysis revealed that Financial Literacy (FL) among Indian working women
falls in a moderate range. Based on age, education, employment type and other sociodemographic factors, there are noteworthy differences in their FL level. Women who
are middle aged, married and living in nuclear families are more literate financially.
Similarly women with advanced education and higher income levels are better in
financial knowledge and planning habits. Moreover, self-employed women represent
better grasp of financial concepts than salaried women, as they are more involved in
handling their finances.
Another key finding was that attitude and behaviour towards finances contribute a lot
in shaping overall FL. Even if women do not have advanced financial knowledge, their
money management habits, attitudes towards saving and investment strongly influence
their financial planning. The overall results shows that FL significantly affect financial
conduct or planning among women, meaning that women with better understanding of
financial matters show greater efficiency in saving, investing, and planning ahead.
This research highlighted the requisite for women targeted educational programs,
especially for them who are from lower-income groups or have limited exposure to
financial decision-making. Policymakers, educators, and institutes offering finance
courses may practise these findings or opinions to develop training packages focused
on improving the financial awareness/knowledge and encouraging positive financial
behaviours. By strengthening FL, women can gain greater financial independence and
can secure their future.
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In conclusion, Financial Literacy (FL) is a fundamental and vital aspect for
Financial Planning (FP) for working women in India. The research provides important
insights which can help in improving financial awareness and creating better financial
policies to empower women. Promoting financial education and practical financial
management skills will help women to attain a secure future, thereby supporting
overall economic development and advancing financial inclusion. |
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