Beyond urban boundaries: understanding financial literacy, financial well-being and financial behaviour of rural women entrepreneurs in India

Deepika Kanth · Ashish Ranjan Sinha · Jogeswar Mahato

10 citations0/0 files storedInternational Journal of Social Economics

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Financial Literacy and Behavior Financial Literacy, Pension, Retirement Analysis Microfinance and Financial Inclusion

Abstract

Purpose This study investigates the mediation effect of financial well-being on the relationship between financial literacy, personal financial management behaviour and investment decision-making behaviour among women entrepreneurs in India. Design/methodology/approach A sample of 396 rural women entrepreneurs from four rural-dominated districts in Bihar, specifically Gaya, Muzaffarpur, Nalanda and Madhubani, was randomly selected for the study. The data collected underwent analysis using the partial least square structural equation modeling (PLS-SEM). Findings The study found a positive significant relationship between financial literacy and financial well-being in enhancing investment behaviour and personal financial decisions of self-employed rural women in Bihar. This underlines the importance of financial literacy and well-being in addressing rural women’s investment decision-making and personal financial management behaviour. Practical implications Acknowledging the critical importance of financial literacy and overall well-being, policymakers can develop focused financial literacy interventions and education initiatives to improve rural women entrepreneurs' knowledge and financial skills in Bihar. The study further contributes substantially to the existing body of research, especially the “Theory of Planned Behavior”. Originality/value Understanding rural women entrepreneurs’ financial literacy, investment decision-making behaviour, personal financial management behaviour and financial well-being is novel since it propels modern society’s economic and social advancements in the emancipation of women. Peer review The peer review history for this article is available at https://publons.com/publon/10.1108/IJSE-05-2024-0434.

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References

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