STUDY OF FINANCIAL LITERACY AMONG WORKING WOMEN OF INDIA AND ITS IMPORTANCE FOR ECONOMIC GROWTH

Abstract

Financial literacy plays a pivotal role in empowering working women in India, enhancing their ability to make informed financial decisions and achieve economic independence. Despite increasing female participation in both formal and informal sectors, a significant gender gap persists in financial awareness, access to banking services, and long-term financial planning. This research explores the current states of financial literacy among Indian working women, its underlying causes and broader implications for individual empowerment and national economic development. Secondary data sourced from research papers, government reports, and institutional surveys indicate that only 21% of Indian women of financially literate compared to 27% of men, with access to active bank accounts also showing a 12% gender disparity. Socio economic barriers, cultural norms and lack of targeted financial education contribute to this gap. The study further analyses how improving women’s financial literacy fosters entrepreneurship, digital inclusion, household economic securities and greater participations in the labour market. It also highlights key strategic areas such as skilling, formalisation, childcare infrastructure and digital empowerment as enablers of financial inclusion. The paper includes by offering practical recommendations to enhance financial literacy among working women, thereby promoting gender equality, economic resilience and inclusive national growth.