A Study on Determinants of Financial Empowerment among Women of North Gujarat

Abstract

Increasing women’s financial empowerment is important as they experience a lack of control over economic resources as compared to men. Although plenty of research evidence is available on the determinants of financial empowerment among women in developed countries, there is less known in the context of a traditionally male-dominated society like North Gujarat. The current study proposes a conceptual model that examines the role of financial literacy and financial socialization, in the development of financial self-efficacy, financial coping behaviours, and financial empowerment among women. I also found the positive role of financial self-efficacy and financial coping behaviours in the development of financial empowerment. The practical implication of this study includes the provision of financial literacy education/training to North Gujarat women and increasing their financial socialization to improve their financial well-being.