Assessing Financial Literacy and Economic Wellbeing Among Marginalized Working Women: An Empirical Study in Palakkad District

Abstract

Financial literacy is the ability to understand and effectively manage personal financial resources and decisions. Economic wellbeing refers to an individual’s ability to achieve financial stability, meet basic needs, and maintain a satisfactory standard of living. Financial literacy is a key driver of economic wellbeing, as it enables marginalized working women to make informed financial decisions, improve savings behaviour, manage financial risks and achieve long-term financial security. Marginalized working women are economically active women belonging to socially disadvantaged groups who experience challenges such as low income, employment insecurity, discrimination, and limited access to education, healthcare, financial resources, and social protection. These issues affect their ability to manage money, save, invest and achieve economic stability. Therefore, this study aimed to assess the financial literacy and its influence on the economic wellbeing of marginalized working women in Palakkad District. A descriptive research design is adopted for the study. Both primary and secondary data are used to achieve the objectives of the research. Primary data are collected through a structured questionnaire administered to 210 marginalized working women in Palakkad District to assess their financial literacy and economic wellbeing, while secondary data are gathered from books, journals, research articles, reports, and websites. The collected data are analyzed using statistical tools such as Percentage Analysis, Mean Score, Standard Deviation, Chi-Square Test, ANOVA, and Linear Regression Analysis. It is mentioned from the analysis that high level of financial literacy is obtained by the respondents belong to the 26-35 years age group, private employees and have 5 – 10 years of working experience. Also, highest level of economic wellbeing is perceived by the respondents belong to qualified graduate and above, earn above Rs.30,000 monthly and saving regularly.