Financial Literacy and Its Effect on Economic Empowerment Among Self Help Group Women Members

Abstract

Objective - This study aims to explore financial literacy and its effects on economic empowerment among the self-help group (SHG) women members who are from the Virudhunagar District of Tamil Nadu, India. Methodology/Technique - Data were randomly collected from 400 SHG women members who were from 11 Blocks of the Virudhunagar District. The techniques used were the Financial Literacy Scale and Economic Empowerment Questionnaire which were developed and standardized for the study. Descriptive analysis, quartile and f-test were used to analyse data. Findings - The study reveals that financial literacy, like saving skills, financial knowledge, borrowing skills and investment skills, play a very significant and vital role in the economic empowerment of the self-help group women members in the Virudhunagar District. Novelty - Financial literacy like saving skills, financial knowledge, borrowing skill and investment skills play a very significant role in empowering women in the Virudhunagar District. Type of Paper - Empirical Keywords: Financial Literacy; Economic Empowerment; Self Help Group; Financial Knowledge; Women Empowerment. JEL Classification: I22, I25.

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