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Asian Journal of Research in Business Economics and Management
Year : 2015, Volume : 5, Issue : 11
First page : ( 46) Last page : ( 60)
Online ISSN : 2249-7307.
Article DOI : 10.5958/2249-7307.2015.00193.0

An Impact of Financial Decision Making of Independent Women: Need for Financial Inclusive Growth of Society

Kumari Sharda1

1Assistant Professor, L.N. Mishra College of Business Management, Muzaffarpur, Bihar, India

Online published on 6 November, 2015.

Abstract

Financial inclusiveness of the country is the need of any developing nation for becoming developed country. As India is one of the most promising developing countries as 2nd largest populated country with average 7% GDP. According to IMF World Economic Outlook (April-2015), GDP growth rate of India in 2014 is 7.168% and India is 15th fastest nation of the world. Total Female Population in India, 622, 365, 144 (622 million in 2015) which are the huge population with money as urban 20% female is working. The study was done for rural women to check the potential & scope of improvement to grow financially.

Study was based on primary data through questionnaire & scheduler to find the financial decision making process of the women & how it impacts the empowerment to have financial inclusiveness of the country.

Major finding are they are well educated academically but even source of income or working opportunities are less & if working also income is low. Financial decisions are majorly influenced by nearby or family members mostly husband. They have the highly influenced by media & advice for decision making. Traditional financial products are highly in use & awareness is correlated but like Share Market, Mortgage industry, Mutual fund, pension plan etc. which can be increase & improve the interest of women & empowered them to financial independence. They find the financial decision independence as empowerment for them but need to improve on financial literacy too

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Keywords

Financial Decision Making, Women Empowerment, Financial Inclusiveness & Financial Literacy.

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