Determinants of Financial Literacy and its Impact on Financial Behaviour of Indian Women Entrepreneurs

Abstract

Financial literacy is the ability to understand and effectively apply various financial skills, including personal financial management, budgeting, and investing (Kenton, 2020). Financial literacy helps individual become self- reliant so as to achieve financial stability. As per OECD (2011), a combination of awareness, knowledge, skill, attitude, and behaviour are necessary to make sound financial decisions and ultimately achieve individual financial well-being. newlineFinancial Behaviour involves one s behaviour towards managing own funds, it can be done by checking various financial decision-making abilities of an individual. OECD and other studies (Garrison and Gutter, 2010; Ford and Kent 2010) show that women have lower financial literacy levels than men in both developed and developing countries.The thesis is divided into various chapters namely, introduction, literature review, research methodology, data analysis, discussion, conclusion and future scope of research. newlineHere in this study, an attempt has been made to study three parameters i.e., financial literacy, financial behaviour and financial attitude of women entrepreneurs in India, for which a primary survey has been made. Along with the primary survey, a secondary analysis was also conducted to measure the financial literacy, financial behaviour and financial attitude of women entrepreneurs.The collected primary data was analyzed using SPSS software and Microsoft Excel. To generate the outputs in line with the objectives, several tests like one-sample t-test, independent sample t-test, Chi-square, Factor Analysis, Post-Hoc Tukey and One-way ANOVA were applied which suited the nature of the question. Responses were sought from different women entrepreneurs who include FICCI Flo (FICCI Ladies Organization), GCCI Business Women Wing (Gujarat Chamber of Commerce and Industry) and other women entrepreneurs. newline newline