BEYOND THE KITCHEN: ARE HOMEMAKERS FINANCIALLY LITERATE AND EMPOWERED? A CASE STUDY IN COIMBATORE CITY
DOI: https://doi.org/10.5281/zenodo.22014551
Muskan Maheshwari, Ahanya C B, Dr. Samrat Ray, Dr Uday Arun Bhale
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Keywords:
Financial literacy and empowerment, homemakers, financial inclusion, women, Coimbatore, digital finance, and household decision-making.
Abstract:
The literature unequivocally highlights the importance of financial literacy for improving well-being of households and empowering women. Yet, homemakers have a relatively low presence in empirical studies despite being important players in managing household finances. This study examines financial literacy and empowerment among Coimbatore City homemakers, as well as the challenges to financial literacy and empowerment. Structured surveys and semi-structured interviews were used. A purposive sample of 60 homemakers provided primary data. Descriptive statistics, chi-square test, Pearson correlation, simple linear regression, one-sample t-test, and factor analysis were used in SPSS. The research found that 68.3% of respondents had intermediate financial literacy, whereas income and education did not significantly affect it. A very positive correlation between financial literacy and empowerment (r = 0.795, p < 0.001). In addition, financial literacy explained 63% of variance in financial empowerment. The research revealed that financial barriers are multi-dimensional in nature. Challenging traditional views, lack of financial knowledge was not seen as the major barrier. Psychological barriers, digital financial barriers, institutional barriers, and financial support barriers were more important barriers to financial inclusion. The findings contribute to the literature on women's financial empowerment by providing empirical evidence from urban India and policy recommendations for establishing targeted financial capability programs for homemakers.