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 85 JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIX, No.08, 2023

ANALYSIS OF FINANCIAL LITERACY AMONG WOMEN IN VIZIANAGARAM

DISTRICT

Ms. RUKMINI MURUGESAN, Research Scholar, Madurai Kamaraj Universtity, Madurai

Dr. V .MANOHAR, Associate Professor, Department of Commerce, VHNSN
College(Autonomous), Virudhunagar
CH. MAHESH, Assistant Professor, MRPG college, Vizianagaram.

ABSTRACT
In today's world, competition is constantly intensifying, resulting in a wide variety of
financial products with different risk, and return characteristics. Economic savvy people can easily
make financial decisions related to managing bank accounts, choosing the best financial products,
preparing households, and more, as stated by Marcolin & Abraham (2006). Financial literacy
allows individuals to properly assess their finances which results in accurate, and responsible
financial decisions. Financial education not only improves the country's financial system but also
contributes to the development of the economy as a whole. With constant change, technological
advances, and changing needs for savings, borrowing, retirement planning, and wise investment,
the need to measure the level of financial literacy of young people is increasing. In the present
study, the researcher has attempted to measure the financial literacy among women in the
Vizianagaram district by analyzing the demographics and background characteristics of the
respondents and determining the association between factors determining financial literacy and
basic demographic variables.

Financial literacy consists of three determinants, namely, financial knowledge, financial

behavior, and financial attitude as given in the OECD (Organization for Economic Cooperation,
and Development) approach. From the previous chapter analysis, the present paper is attempts to
examine the relationship between factors that determine financial literacy and various
demographics, namely, age, education, and annual income of respondents. Apart from this, the
present paper also checks whether all these demographic dimensions significantly affect the level
of financial literacy of respondents (women). Accordingly, the measurement of financial literacy
has been further categorized into three sections.

Keywords: Finance, Determinants, Women, Vizianagaram, Literacy

INTRODUCTION

The present study emphasizes that individual income can be enriched with financial literacy
only. The financial standard level can be improved through proper utilization of financial resources,
and proper financial planning. In this process, both women and men play an equal role. But
unfortunately, Indian women don’t have deserving priority in developing economies and
productive areas. Though women occupy half of the population of the nation they are kept behind
in financial matters, the prime reason for this is the dependence of women on men. To liberate
women from such dependency the government is playing an important role through different
supporting schemes.
Women's development in various fields is progressive but women still lag in financial
protection. The prime reason for the weak financial protection among women is the lack of financial
literacy. So many economists have identified the importance of financial literacy in economic
 86 JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIX, No.08, 2023

growth. But the most alarming fact is that India is lagging in financial literacy when compared to
economically developed countries. Financial literacy is an important part of women's financial and
non-financial freedom. Being financially ignorant can result in a variety of issues. Women may be
more prone to debt accumulation, poor spending habits, or a lack of long-term planning. Financial
literacy gives people, particularly women, the ability to make their own decisions. If a woman is
financially literate, she can take the appropriate steps in the event of an emergency or unforeseen
occurrence.

OBJECTIVES OF STUDY
1. To analyze the financial literacy determinants and demographic variables of women in
Vizianagaram district.
2. To present findings of the analysis of financial literacy among women in the Vizianagaram
district.
3. To encapsulate suggestions to improve financial literacy among women.
The present paper deals with the measurement of the level of financial literacy among the
women in the Vizianagaram district. Financial Literacy has been measured using OECD
(Organization for Economic Cooperation, and Development) approach by combining its four
sections, namely, financial behavior, financial attitude, financial skills, and financial knowledge.
This paper is comprised of three sections, 1.1 to 1.3. Section 1.1 of the paper examines the level of
Financial Literacy of women age-wise. Section 1.2 measures the level of Financial Literacy by
educational qualification of women. Section 1.3 assesses the Financial Literacy of the women based
on annual income.

The association between financial literacy determinants and demographic variables is

summarized as follows:

TABLE 1.1. FINANCIAL LITERACY AND AGE GROUP OF THE RESPONDENTS

Age (in years)
Factors 18-28 29-39 40-50 51-61 Above 61
Financial Behavior -0.0407 0.0112 0.0867 -0.1054 -0.8499
Financial Attitude -0.1562 0.1867 -0.0206 -0.0925 -0.1759
Financial Skills 0.0716 0.2343 -0.1436 -0.431 -0.6868
Financial Knowledge -0.1123 0.2762 -0.0901 -0.1687 -0.7807
Financial Literacy -0.2376 0.7084 -0.1676 -0.7976 -2.4933
Source: Computed data
The above table shows the mean score of the four factors that determine financial literacy
according to the age of the respondents. Financial literacy is high in the age group of the
respondents between 29 and 39 years who scored high mean value as 0.7084. The mean values of
the remaining group of the respondents who have score below zero which indicates poor financial
literacy.
.From this data, it can be inferred that as a whole financial literacy is high in the age group
of the respondents between 29 and 39 years.
TABLE 1.2
FINANCIAL LITERACY AND EDUCATIONAL LEVEL OF THE RESPONDENTS
 87 JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIX, No.08, 2023

No formal Secondar M.Phil

Factors Primary Intermediate Graduation PG
Education y / Ph.D
Financial 0.203
-0.3073 -0.0612 0.2635 0.5686 -0.1942 -0.0128
Behavior 2
Financial
-0.1734 -0.4688 -0.0855 0.3263 0.0163 -0.1084 0.564
Attitude
Financial 0.315
-0.4205 -0.3604 -0.0518 0.5394 -0.0934 0.1265
Skills 2
Financial
Knowledg -0.7807 -0.4732 -0.3281 -0.077 0.2786 0.3423 1.073
e
Financial 2.155
-1.6819 -1.3636 -0.2019 1.3573 0.0073 0.3476
Literacy 4
Source: Computed data
The above table depicts the mean score of the four factors that determine financial literacy
based on the educational level of the respondents. The respondents with M.Phil/Ph.Ds have high
financial literacy with mean value as 2.1554. The respondents with intermediate educational
qualification have scored next high mean value as 1.3573. The respondents with PG educational
qualification are at third place with a mean value as 0.3476 and the respondents with graduation
have secured fourth place with a mean value 0.0073.
From the above data analysis it can be inferred that the respondents with M.Phil/Ph.Ds have high
level of financial literacy.

TABLE 1.3. FINANCIAL LITERACY AND INCOME LEVEL OF THE RESPONDENTS

Annual Household Income (In Lakhs)
Above
Factors Below 1 1-2 2-5 5-10
10
Financial Behavior -0.044 -0.2391 0.1193 -0.0195 0.2986
Financial Attitude -0.0244 -0.0814 0.1865 0.065 0.5482
Financial Skills -.0234 -0.0079 .0982 0.2185 .4304
Financial
-.3823 0.2177 0.1132 0.0106 1.339
Knowledge
Financial Literacy -0.0684 -0.1107 0.419 0.2746 0.8468
Source: Computed data
The above table shows the mean score of the four factors that determine financial literacy
based on the income level of the respondents. The respondents whose household annual income is
above ten lakhs of rupees have high financial literacy with mean value as 0.8468. The respondents
whose household annual income is between two and five lakhs of rupees are scored next high mean
value as 0.419. The respondents are at third place whose household annual income is between five
and ten lakhs of rupees with a mean value as 0.2746. The respondents whose household annual
income is between one and two lakhs of rupees are at fourth place with a mean value 0.1107. And
least mean value as 0.0684 by the respondents whose household annual income is below one lakh
of rupees.
From the above data analysis it can be inferred that the financial literacy is high among the
respondents with high level of income.
The above table shows the summary of mean scores of four factors that determine financial
literacy according to demographic variables wise. From this data, it can be inferred that as a whole
 88 JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIX, No.08, 2023

financial literacy is high in the age group of the respondentsof 29 to 39 years. At the education
level, MPhils/PhDs have high financial literacy. As per income level, the respondents in the above
10 lakhs of rupees income have high financial literacy.

Financial literacy is high among women than among the adult age group of women, higher
educated women, and women with a high-level income. It is very low among old-age women,
women with no formal education, and women with a low level of income.

A descriptive analysis of data that was collected by administering the research instrument to
women in the district of Vizianagaram is presented in this study by employing various techniques
of data analysis. The results of the statistical tests are presented in this study with an interpretation
explanation of the results of each statistical test.

On the whole, the present paper presents the analysis of financial literacy determinants
associated with basic demographic variables. And lastly, with the combination of all four factors
that determine financial literacy, the researcher has attempted to measure the financial literacy
among women in the Vizianagaram district.

SUMMARY OF FINDINGS, SUGGESTIONS AND CONCLUSION

The work carried out in this research is based on a survey of women knowing different
opinions about financial literacy, financial behavior, and financial attitudes in Vizianagaram. The
study also evaluates the level of financial literacy.
The first research objective is to explore the conceptual framework of financial literacy. It
includes a study about the need for financial literacy among women and the economy. The research
carried out a study on past research studies regarding financial literacy at the national level and
international levels. Based on past studies, the researcher has tried to identify the definition,
concepts, significance, and factors that determine financial literacy.
The second research objective is to evaluate the demographic and socio- economic
characterstics of the respondents. As no exhaustive list of factors that determine financial literacy
is available, different components showing financial knowledge, financial behavior, financial
skills, and financial attitudes are considered.
The third objective is to analyze the factors that determine financial literacy. In this context,
the researcher collected the opinions of women on sixty statements, fifteen for each determinant -
financial behavior, financial attitude, financial skills, and financial knowledge. Factor analysis in
SPSS is done to reduce the dimensions of all statements into four determinants.
The fourth objective of the research deals with the assessment of the level of financial
literacy which is analyzed through four factors that determine financial literacy with the association
of the three main demographic variables such as age, income, and education. It is found that
Overall, the study results revealed that people who have more income have more financial literacy
as the people with more income have more opportunities for savings and investments. They can
explore more opportunities for the application of their surplus funds which may increase their level
of financial literacy. Financial literacy is high among women than among the adult age group of
women, higher educated women, and women with a high-level income. It is very low among old-
age women, women with no formal education, and women with a low level of income.
 89 JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIX, No.08, 2023

The last objective is to present the findings of the study and to propose the relevant
suggestions. Thus, this research concludes that financial literacy is high among women than among
the adult age group of women, higher educated women, and women with a high-level income. It is
very low among old-age women, women with no formal education, and women with a low level of
income.
FINDINGS
The research reached the following findings based on the analysis.
 The study has revealed that most of the respondents (36.3 per cent) are in middle adulthood
i.e. 40 to 50 years age group.
 The researcher has found that the majority of respondents (80.7 per cent) are married in the
present research study.
 The researcher has found that majority of the respondents (71.1 per cent) have nuclear families
system. More than four household sizes are found as joint families which is 28.9 percent.
 From the data collected, the researcher has observed that families with two earning members
and only one earning member are more in the samples which have a more impact on the total
family household income.
 The researcher has observed that the majority of women (67.8 per cent) is dependent on others
and have no involvement in financial matters. But as members of the family, there is an
emergent need for financial literacy which molds their financial behavior of them to lead to
healthy financial performance.
 The data depicts the information about the participation of respondents in the investment
decision of the family. It reveals that in majority of the families (83.7 per cent) spouses only
make an investment decision. In 10.4 per cent of families both wife and husband jointly make
an investment decision and only 5.9 per cent take decisions on their own.
 It is observed that women as dependants are becoming ignorant of the financial matters of the
family and trapped in the financial crisis under uncertainties. In most of the respondent
families, individuals alone make decisions that affect the women’s resources and family well-
being.
 From this, the researcher has analyzed that residing at own house shows the financial stability
of the family.
 The researcher has observed that SHGs are one of the drives for financial inclusion through
which saving habits are inculcated among the members. So, participation in SHGs improves
financial literacy skills among women.
 From the data, it is observed that after PMJDY, a 100 per cent achievement became possible
in opening bank accounts.
 The introduction of insurance schemes under both central and state levels covered the majority
(54 per cent) of respondents.
 The researcher has observed the data regarding spending patterns and found that the normal
spending pattern is below or equal to their income shows ill financial health.
 With the above analysis, the researcher has observed that priority is given to savings and very
few are investing in assets and keeping reserves. So it is very essential to enhance financial
literacy skills to make good returns on their savings.
 It can be inferred that all the variables under financial knowledge are correlated to each other.
 It can be inferred that all the variables under financial skills are correlated to each other.
 It can be derived that all the variables under financial attitude are correlated with one another.
 All of the characteristics connected to financial behavior are found to be correlated.
 After exploring factors from four factors that determine financial literacy, those factors are
saved as variables according to regression factor values. From the dimension reduction, the
sixty statements are comprised of sixteen factors.
 Findings from One-Way Anova
90 JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIX, No.08, 2023

 One-Way ANOVA tool is applied to find the association of each determinant of financial
literacy with each demographic variable.
 Financial literacy factors, including knowledge, skills, attitude, and behavior, are significantly
influenced by age, with a significant difference observed among respondents' age groups.
 Financial behavior is influenced by family commitments and responsibilities, with middle
adult women showing higher levels due to full nest families and children's education
commitments, while late adulthood respondents have lower levels due to empty nests.
 The study reveals a strong financial attitude among respondents aged 29-39, with middle
adulthood scoring highest and late adulthood scoring least, indicating a strong correlation
between age and financial attitude.
 The study reveals that respondents aged above 61 have the lowest mean, while those aged 40-
50 have significantly different mean values. The financial skills level is good in the 18-28 age
group and high in the 29-39 age group, but declines with age.
 Financial skills increase from early adulthood to adulthood, decreasing from middle to late
adulthood, especially during the settlement period from 18 to below 40 years.
 The study reveals that financial knowledge about investments like shares, bonds, and mutual
funds increases from early adulthood to adulthood, decreasing from middle to late adulthood,
indicating the importance of financial knowledge.
 People involved in practical financial transactions generally have more financial knowledge.
Financial literacy varies with age, and policymakers should focus on improving practical
knowledge and confidence for youth, enabling wise decision-making and long-term financial
security.
 The One way Anova output shows a significant 5% level of significance relationship between
education and financial literacy factors, including knowledge, skills, attitude, and behavior.
 The study indicates a strong correlation between education levels and financial behavior, with
higher education levels resulting in higher financial behavior, except at graduation levels,
possibly due to other influencing factors. Thus, it can be inferred that there is a weak
association between education levels with financial attitude, as attitude is a psychological
factor that cannot be ruled out on a fixed parameter. It is influenced by different factors beyond
the scope of the present study.
 The higher the level of education, the higher the degree of financial skills, and vice versa,
except at the graduation level, which may be inapt due to other influencing factors such as
family background and behavioral concepts.
 The subset and mean plots show that education and financial knowledge have a strong
relationship. The higher one's level of education, the more financial education is, and vice
versa.
 Education not only imparts theoretical knowledge but also enhances financial literacy.
Policymakers should incorporate practical aspects of finance in education, preparing students
to understand financial terminologies and make accurate decisions. Policymakers should also
focus on improving financial literacy among women and targeting low-income individuals
through targeted financial education programs.
 The One-way - ANOVA output indicates that all of the factors that determine financial literacy
such as Financial Knowledge, Financial Skills, Financial Attitude, and Financial Behavior are
associated with the Annual income variable. Factors that determine financial literacy and
Annual income have a significant relationship.
 It is also observed that financial behavior is more with the increase of income from low-income
groups to middle-income groups to high-income groups. It is also revealed that as income
increased from low-income to middle-income to high-income groups, so did financial
attitudes.
 It is also discovered that as income rises, the level of financial skills rises. There is a substantial
association between annual income and financial skills, according to the subsets and mean
plots. It is also discovered that as income rises, the level of financial skills rises.
 91 JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIX, No.08, 2023

 The financial knowledge of individuals who earn between one lakh to two lakhs of rupees and
above ten lakh rupees is higher than the rest of the income groups. A notable relation does
exist between annual income and financial knowledge, according to the subgroup and mean
plots.
 Overall, the study results have revealed that women who have more income have more
financial literacy as the women with more income have more opportunities for savings and
investments. They can explore more opportunities for the application of their surplus funds
which may increase their level of financial literacy.
 Financial literacy is high in the age group of the respondents between 29 and 39 years who
scored high mean value as 0.7084. The mean values of the remaining group of the respondents
who have score below zero which indicates poor financial literacy.
 Financial literacy is high among the women who belong to adult age group, higher educated
women, and women with a high-level income. It is very low among old-age women, women
with no formal education, and women with a low level of income.
SUGGESTIONS
As financial literacy is determined by various factors, all the factors are psychological and
societal concepts. Financial Literacy is an important fundamental ability which ought to be instilled
in an individual right from the beginning. Improving financial literacy is an integrated task from
the micro level to the macro level – individual to national level.
SUGGESTIONS FOR WOMEN
 There are abundant resources available today for women who want to become financially
literate. For those who want to educate themselves, there are numerous online resources
available. However, it is a harsh reality that women in India may not always have access to or
knowledge of the Internet to learn these things on their own.
 Women are naturally good at budgeting and finance. Nonetheless, they are hesitant to make
major financial decisions because their fathers and husbands have always managed the
household finances. Indeed the time has come for financial education to be included in school
curricula to boost students' self-confidence and promote financial literacy.
 Parents should start their daughters by providing them with a monthly allowance and a bank
account. This will teach them how to manage their allowances and understand the value of
money. Reviewing and discussing monthly statements with the child will help track their
spending habits and preferences.
 Women have to be encouraged to take participation in various finance schemes provided by
the government such as Self Help Groups, non-government, or government welfare
associations. They have to utilize government initiatives and schemes for women
empowerment to develop women entrepreneurs.
 Girls and women need to understand the importance of protecting the confidentiality of card
information and adhering to fundamental security precautions when making purchases online.
This is important since internet fraud and phishing scams have increased recently.
 Another subject that women should know is, the basics of finance while entering the real world
of investing. A woman is better equipped for the challenges ahead and for this she must learn
money management skills.
 Regular training programs for women are essential to instill financial literacy and reduce their
reluctance to manage their finances.
 Women need multifaceted financial skills that are intertwined with their lives, livelihoods, and
businesses, such as budgeting, savings, understanding financial services, debt management,
financial negotiation skills, and investments. As a result, they must be taught financial
terminology through financial awareness programs and courses.
 92 JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIX, No.08, 2023

 ICTs (information and communication technologies) are a powerful tool for increasing
women's financial literacy. Mobile technologies are becoming more accessible to the poor and
can improve access to them. Using media outlets such as television, magazines, and the
internet to disseminate financial literacy training in the country can be beneficial.
 E-learning is another effective educational tool for training, knowledge sharing, and
international best practices. This must be separate idea in the male dominated society, cultural
change is the main issue that Indian women face.
 Women are more likely to engage in financial activities if offered benefits like low-interest
rates and tax breaks, but institutions need to improve their ability to access and use financial
information.
 Another barrier that women face is distance, as many financial institutions are located far from
where they live. To address this issue, banks, post offices, insurance companies, and other
businesses must open branches near residential areas.
 To effectively address the barriers to women's financial inclusion, financial literacy programs
must be integrated with gender concerns. Gender-integrated FLWE (Financial Literacy and
Women Empowerment) programs have significant benefits, including increased confidence
and mobility as well as better financial behavior.
 Financial literacy is a concept that should be ingrained from an early age and is not age-
specific. The simple act of depositing modest sums of money into a piggy bank is a valuable
lesson.
 Financial literacy can be enhanced by increasing one's knowledge and experience, which in
turn, leads to better financial decisions. Although we believe that additional education is one
way to increase knowledge, it should be recognized that education is the only method that can
influence behavior.
SUGGESTIONS FOR GOVERNMENT AND FINANCIAL INSTITUTIONS
 It is the need of the moment to organize financial literacy programs at all levels of the nation.
Its conception and lawful implementation can have a big impact. Social media and the internet
can be quite important in this. Without creating a digital field to actualize this, this cannot be
done. To solve this problem banks, the government, various financial institutions, and
insurance companies must work together.
 RBI suggests a structured financial literacy program, mandatory for all financial institutions
and educational institutions, to focus on micro-level training for individuals in both urban and
rural areas during Financial Literacy Week.
 Women commissions at the district level have to organize financial literacy campaigns in all
sections of women. Specifically, educational institutions, organizations, and companies
provide training on financial skills for the girl students and working women.
 There is a need for an hour to incorporate financial education at an earlier life cycle. So, saving
habits and money management skills can be inculcated among women right from their
childhood. It is imperative to introduce financial education as a core subject in the curriculum
of primary and secondary education.
 Indian financial regulators like the RBI, SEBI and IRDAI are making sincere efforts in this
direction, such as developing a national strategy for financial-related education that distributes
the efforts made by banks, stock exchanges, and other entities.
 National initiatives focus on Financial Literacy and Counseling Centers (FLCCs) established
by top banks in districts, but their success is limited due to camp-based methods and limited
accessibility.
 The government should collaborate with corporate and NGOs to implement financial literacy
programs, particularly for women, to enhance their financial well-being and reach areas where
the government cannot.
As a result, in this emergent India, a woman's most valuable assets will be her financial
knowledge and financial empowerment. In the end, one and all will desire freedom and security,
 93 JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIX, No.08, 2023

and financial literacy can help us achieve that! Therefore, let's celebrate the spirit of womanhood
by strengthening ourselves financially and sustaining one another.
In a nutshell, the current chapter reveals the findings of the present analysis of various
factors by applying different statistical tools. Based on the findings of the research, different
suggestions are presented.
CONCLUSION
It is an inclusion but not a conclusion for this present study on financial literacy among
women in the Vizianagaram district as financial literacy is a continuous process that goes hand-in-
hand throughout one’s life. Socio-economic characteristics are strongly associated with the other
factors that determine financial literacy such as financial knowledge, financial skills, financial
attitude, and financial behavior. Improving financial literacy among women is nothing but an
improvement for the economy as a whole.
“The number one problem in today’s generation and the economy is the lack of financial
literacy” – Alan Greenspan
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