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Financial Decision-Making by Women and Its Impact on Economic Empowerment: An Empirical Study

Gargi Khare1, Ravi Prakash Niranjan2, Dr. Shipra Saxena3

Research Scholar, Institute of Management Studies, Bundelkhand University, Jhansi, India 1

Research Scholar, Institute of Management Studies, Bundelkhand University, Jhansi, India 2

Associate Professor, Institute of Management Studies, Bundelkhand University, Jhansi, India 3

Abstract -. Women's financial decision-making is vital for economic empowerment, household well-being, and inclusive economic growth. Even with significant progress in financial inclusion worldwide, gender gaps still exist in access to financial services and independence in financial decisions. The World Bank Global Findex Database (2021) reports that about 74% of adults globally have a bank account. However, a gender gap is still clear in several developing countries. In India, the gap in financial inclusion has decreased due to initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY), but issues remain in financial literacy, saving habits, credit use, and independent financial decision-making. This research paper studies women's financial decision-making behaviour using quantitative data from global and Indian sources. It looks at trends in financial inclusion, financial literacy, household financial involvement, and economic independence. Data from the Global Findex (2021), Reserve Bank of India reports, National Family Health Survey (NFHS-5), and the S&P Global Financial Literacy Survey helps identify patterns and factors affecting women's financial participation. The findings show that while women's access to financial institutions has improved, their decision-making power is still limited by social norms, education levels, income differences, and gaps in financial literacy. Women who have higher education and are employed are much more likely to take part in household financial decisions. The study concludes that improving financial literacy, access to digital financial services, and gender-sensitive financial policies can significantly boost women’s financial independence and economic power.

Key Words:

Women’s Financial Decision-Making, Financial Inclusion, Financial Literacy, Economic Empowerment, Gender Gap, Household Financial Participation, Digital Financial Services, Women’s Economic Independence