Money to Call Her Own: An Empirical Study of the Relative Influence of Factors on Indian Women’s Financial Independence

International Journal of Humanities and Social Science

© 2021 by SSRG - IJHSS Journal

Volume 8 Issue 2

Year of Publication : 2021

Authors : Nikita M Daga

10.14445/23942703/IJHSS-V8I2P114

How to Cite?

Nikita M Daga, "Money to Call Her Own: An Empirical Study of the Relative Influence of Factors on Indian Women’s Financial Independence," SSRG International Journal of Humanities and Social Science, vol. 8,  no. 2, pp. 86-103, 2021. Crossref, https://doi.org/10.14445/23942703/IJHSS-V8I2P114

Abstract:

Indian women have lower participation in the workforce, lesser control over their earnings, and lower financial literacy than men, leaving them less economically empowered. This study aimed to evaluate female Indian respondents’ ratings of the importance of factors that affect their financial independence. Among the factors studied— Education, Financial Understanding, Cultural or Societal Pressure, Household Responsibilities, and Freedom and Empowerment — Financial Understanding and Household Responsibilities were rated the highest. The high mean ratings of Cultural or Societal Pressure and Freedom and Empowerment gave by unmarried respondents capture the unique dynamics of Indian society. Due to India housing a society that places a high priority on women’s marriage, unmarried women are unable to get equitable financial treatment. This study explored potential solutions to combat these issues via both government and private action. The government curriculum can incorporate life skills such as housework and taxes for all students, irrespective of gender. The marketing strategies of financial companies can aim to make women literate about their offerings to attract diverse customers and increase revenues. Companies can offer flexible timings and leaves for both men and women in efforts to enable equal distribution of household responsibilities, hence enabling women’s financial independence.

Keywords:

financial independence, financial literacy, household responsibilities, marital status, societal pressure

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