Women’s Financial Literacy: Financial Wellbeing and Economic Empowerment

Abstract

Economic empowerment is a combination of individual’s knowledge, ability, skills and confidence for handling her own financial wellbeing. Increasingly, individuals are responsible for their own financial literacy and encountered with complex integrated financial instruments. The purpose of this study is to highlight the key constructs including financial literacy, financial attitude, financial wellbeing and economic empowerment and then present the impact of financial literacy, financial attitude and financial wellbeing on the economic empowerment. The sample size of this survey based study consists of 300 working women from non-financial sector. The results of this study indicate that financial literacy, financial attitude and financial wellbeing are positively and significantly related to economic empowerment. Higher the level of financial literacy and positive financial attitude in women, greater will be the financial wellbeing and ultimately increase women’s empowerment. Economic empowerment is found to be affected by age, education, income level, marital status profession, saving and investment behavior. Significant difference in economic empowerment was found on the basis of age and marital status of the respondent. Finally, results revealed that the presence of financial literacy, positive financial attitude and financial wellbeing is necessary for the economic empowerment of working women.