Exploring Financial Decision-Making Abilities for Female Workers in the Indian Context
Priya Gupta
Research Scholar
Department of Commerce
Indira Gandhi University,
Meerpur, Rewari
priya.comm.rs@igu.ac.in
ORICID ID: 0009-0001-4887-7042
Corresponding Author
Dr. Mamta Aggarwal
Assistant Professor
Department of Commerce
Indira Gandhi University,
Meerpur, Rewari
mamta.commerce@igu.ac.in
Dr. Meera Bamba
Associate Professor
Department of Commerce
Indira Gandhi University,
Meerpur, Rewari, Haryana
meerabamba@gmail.com
Abstract
Women’s decision-making capability and empowerment are becoming increasingly important in the rapidly evolving socio-economic landscape. This exploration sheds light on the factors influencing women's autonomy and their ability to contribute to financial decision-making. This work investigates the intricate interplay of financial literacy, inclusion, self-efficacy and decision-making capabilities by focusing mainly on working women. These elements are intricate in dynamic ways that influence each other and can shape their economic empowerment. Additionally, this study uses purposive sampling to examine the mediating influence of financial self-efficacy on this relationship by gathering data from 160 employed female respondents in the Delhi-NCR area. PLS-SEM and bootstrapping with 5000 iterations were used to analyse the relationships among the variables. The results show that financial inclusion significantly impacts the decision-making abilities of female employees within the financial sector. However, possessing financial knowledge about financial matters does not guarantee their decision-making capability. This pertains to their financial efficacy, representing their confidence and ability in financial matters. Financial literacy significantly influences decision-making ability through financial self-efficacy, with implications for boosting women's economic empowerment. By examining how financial literacy and inclusion indirectly influence decision-making through financial self-efficacy, this study offers a new perspective for understanding economic empowerment among marginalised communities.
Keywords: Women’s Financial Literacy, Financial Decision-Making, Financial Self-Efficacy And Women.
Introduction
In today’s rapidly evolving economic scenario, women’s financial decision-making capabilities have become a critical study area for researchers and policymakers. This concept has garnered significant attention recently, as women's economic participation in the economy and empowerment play crucial roles in ensuring their well-being and the broader societal development of an economy. Despite significant strides in women’s education and workforce participation, women struggle to make independent financial decisions (Dalmas et al., 2018). Women's empowerment is intrinsically linked to their capabilities to make informed decisions about their literacy level and access to financial resources and services. The term empowerment, as defined, involves individual self-control and independent participation in decision-making processes. It indicates a shift from denial to one where individuals can fully engage in methods for shaping their lives (Gubhaju, 2023). In decision-making, empowerment encompasses the ability to utilise financial services and information to possess confidence actively.
Women are valuable to society and contribute significantly to the country's economic growth. They represent approximately half of the global population, and their equivalent engagement in the economy is a prerequisite for ensuring the sustainable growth of the economy as a whole. (Bayeh, 2016). Women have significant decision-making power at household, community, and national levels, leading to improved resource allocation, gender-sensitive policy formulation, and inclusive governance.(Chaudhry & Nosheen, 2009). Accurate financial reporting is a prerequisite for making informed decisions(Singh & Singla, 2024). Women’s economic empowerment contributes to poverty reduction, health improvement, and sustainable economic growth.
Understanding the complex interplay among all the factors is crucial to formulating strategies to foster women’s financial autonomy and resilience, aligned with several Sustainable Goals. By examining these factors, this study aims to highlight the interconnection and their relevant influence on their financial outcomes.
Financial literacy ensures women’s decision-making capabilities by equipping them with the proper knowledge and abilities to navigate the complex economic landscape, make strategic choices, and provide financial security(Mulasi & Mathew, 2022). Financial literate women can make better financial plans for the future and avoid financial pitfalls(Raj, 2020).In the current scenario, despite making significant progress in educational and professional domains, women face numerous barriers to acquiring financial literacy due to socio-economic inequalities and limited and restricted access to targeted financial education that hinder their decision-making capabilities.
Financial inclusion indicates access to banking, credit, insurance, and other financial products that enable women to manage their financial affairs effectively(R. et al., 2024). Financial inclusion empowers women by allowing them to use the tools and techniques required to build their savings investments and financial wealth and bear economic shocks(García Moritán, 2020). However, in the current landscape, gender disparity persists, particularly in lowand middle-income countries, where numerous cultural and structural barriers limit their access to financial services.
This work aims to study the interplay between financial literacy, efficacy, and inclusion and how these factors influence women's decision-making capabilities. By examining the relationship among all the specified factors, this study seeks to uncover numerous strategies to bolster women's independence and autonomy in making decisions. Through the gender lens, this study enhances the more profound understanding of mechanisms that can drive an equitable environment for women, ultimately supporting more inclusive and equitable growth in alignment with sustainable goals. Additionally, this study offers a thorough understanding of factors influencing decision-making and how they can enhance financial empowerment through the mediating influence of financial self-efficacy. This study makes several unique contributions to the existing area by identifying the influence of multiple factors in the context of working women’s decision-making capabilities. Unlike previous research that examines the factors in isolation only, this study integrates to analyse how these factors collectively influence their financial behaviour and outcomes. Limited studies have revealed and analysed the combined influence of literacy and inclusion on decision-making among women workers. Insufficient research exists to demonstrate the mediation influence of self-efficacy in the relationship. Additionally, there is a scarcity of research that provides context-specific work, particularly in Delhi-NCR. Moreover, this work is in line with several Sustainable Development Goals, including SDG 5 (Gender equality), SDG 8 (Decent work and economic growth), and SDG 10 (Reduced inequalities), which enhances the importance of undertaking this work. By examining the combined effects of all these factors, this study provides valuable insights for researchers, policymakers, and institutions in developing strategies to empower women socially and economically.
This study is divided into seven sections to provide the compressive view. Section 1 highlights the introduction, which first introduces the research and states the unique contribution and connection of the survey with several SDGs. Section 2 delves into the review of existing work by studying the link between the factors in previous studies and providing the basis for hypothesis development. Section 3 provides the study's conceptual framework by integrating all the aspects. Section 4 states the methodology part, which provides the research design, sampling, data collection technique, and statistical methods. Section 5 elaborates on the findings derived from the study. Section 6 discusses and interprets the findings, and section 7 presents the conclusion and study’s implications for the multiple stakeholders. Finally, section 8 presents some limitations of the work and recommendations for conducting future studies.
Literature Review
This section highlights the comprehensive review of existing literature based on women’s financial decision-making, financial literacy, financial inclusion and financial efficacy. It provides a basis for hypothesis development based on existing studies.
Financial Decision-Making
Empowerment involves giving authority and power to individuals to represent their opinions and thoughts toward the community and society(Misra et al., 2021). When this concept applies to women, it means providing them with adequate opportunities to actively participate in decision-making processes across all spheres of life, allowing them to manage risk and improve their status and well-being(Gupta & Roy, 2023). It encompasses assessing, choosing, and implementing options in numerous aspects of life, from the personal to the professional domain(Dalmas et al., 2018). Women encounter numerous obstacles, including societal and cultural norms, that restrict their autonomy in decision-making, such as limited education, the gender wage gap, and societal and cultural norms(Otobe, 2017). Fostering women’s decision-making capabilities is crucial for empowering women. It consists of enabling women with the required tools, education and opportunities to make informed decisions(Golla et al., 2011). Financial decision-making involves evaluating and choosing various financial options to achieve financial goals. It can be defined as managing finances effectively, making investment decisions, and running enterprises efficiently(Dalmas et al., 2018). This process can be influenced by numerous factors, such as the availability of resources, economic conditions, and the agency required to manage resources effectively(Kabeer, 1999). Women on their financial empowerment journey face unique challenges and obstacles, such as the wage gap, care giving responsibilities, the undue burden of unpaid care work, and longer life expectancy(Seedat & Rondon, 2021). Empowering women with adequate resources to make informed decisions contributes to their independence and well-being. Educated and financially literate women are better equipped with resources to manage household finances, invest wisely, and prepare retirement plans(Hung et al., 2012). This improves their financial safety and contributes substantially to broader economic development.
Financial Literacy and Decision-Making
Financial literacy involves understanding financial concepts, using education to make informed decisions, and mastering skills such as saving, budgeting, investing, and understanding interest rates, inflation, and economic risks (Bojuwon et al., 2023). Multiple studies indicate that households with excellent knowledge tend to make more sound financial decisions.Chen and Volpe (1998)state that students with less financial education tend to hold incorrect opinions and make poor decisions on numerous financial concepts. Similarly, Kochar et al. (2022)Emphasised that women's active engagement in household decisions increases with their share of household income and level of formal education. Higher financial knowledge and experience lead to improved cash management, credit management, savings, and investment(Tran et al., 2021). The money management courses improved individuals' financial behaviour by teaching proper credit card payments, debt management, bill payment, chequebook balancing, and savings sufficiency.(Chen et al., 2023).Higher financial knowledge is linked to an increased likelihood of having a retirement savings plan. Similarly, a significant link exists between literacy level, retirement planning, and individuals' participation in pension funds.(Lusardi, 2019). Financially literate individuals are more likely to contribute more to their pension savings and plans.(Hastings & Mitchell, 2018)This enables them to navigate complex financial dynamics and make prudent financial choices to avoid detrimental financial behaviour. Women typically live longer than men and require more substantial savings for retirement. Financial Literacy can empower women to plan better for the unseen eventualities that can ensure their financial safety and security in later life. While extensive work has established a significant link between literacy and decision-making, there still needs to be more literacy in developing countries like India. By focusing on the women workers in Delhi NCR, this study can highlight context-specific insights into India’s rapidly growing setting.
Financial Inclusion and Decision-Making
Financial Inclusion refers to providing individuals access to affordable financial products and services, such as savings, credit, insurance, payment systems, and banking (Thorsten, 2016). It aims to empower individuals by enabling them to manage their finances effectively, mitigate risks, and invest in future opportunities(Mishra et al., 2024).Kumari (2022)Financial inclusion initiatives such as KYC norms, no-frills accounts, and the availability of short-term loans can empower women and influence their financial decision-making capabilities, particularly in restricted social norms. Pal et al. (2022) found that financial access significantly contributes to enhanced individuals’ ability to manage risk, plan for the future and invest in health and education. It can reduce poverty and inequality among individuals by enabling them to save securely, borrow money at low rates and invest in high-income-generating endeavours(Omar & Inaba, 2020). Additionally, Somville and Vandewalle (2023)demonstrate that providing an individual’s access to banking leads to an increase in their saving and investment in health, education and business. These initiatives can boost their saving and investment, reduce their vulnerability to bear financial shocks and improve financial stability. Several studies demonstrate that financial inclusion improves individual savings and investment in health and education and reduces poverty and financial stability. These studies point out the financial well-being of individuals after indulging in the financial system. However, a lack of research examines the influence of financial inclusion on women’s autonomy and independence while making financial decisions. Through this thorough examination, this study fills the gap by examining the relationship between working women’s financial inclusion and their decision-making capabilities.
Financial Self-efficacy and Decision Making
Financial self-efficacy refers to individuals' belief in managing financial tasks effectively to make informed financial decision-making(Ishtiaq, 2019). Psychologist Albert Bandaru first introduced the concept of self-efficacy as part of social cognitive theory. He stated, "It is an individual’s belief in his or her ability to organise and implement action to produce the desired outcomes and results.” Financial self-efficacy extends this concept in the financial context, impacting their confidence in managing financial affairs properly(Pavani & Alagwadi, 2023). Individuals with better financial self-efficacy are likelier to make effective financial planning, saving and investment decisions promoting their financial outcomes. Tripathi et al. (2022)Reports that financial self-efficacy and adequate financial literacy result in more informed and confident decision-making. It states that financial efficiency mediates the association between financial literacy and behaviour by highlighting that confidence in one's abilities is crucial for making effective decisions(Chong et al., 2021). A greater level of self-efficacy leads to improved financial behaviour by ensuring regular savings, prudent investment and effective credit management. The low level of financial efficacy is associated with more financial stress and other suboptimal financial behaviours, such as spending more than income and under-savings(Farrell et al., 2016). Women generally have low confidence in their ability to manage their financial affairs, which causes them to hesitate more while making risky investments and financial decisions(Sharma & Kota, 2019). Conversely, men are more confident, leading to excessive trading and risky endeavours, while women’s lower confidence results in a more cautious type of financial behaviour(Gonzalez-Igual et al., 2021). Financial self-efficacy serves as a critical component of financial behaviour and decision-making. While existing studies have established its significance, a gap remains in the literature examining the combined direct influence of financial literacy and inclusion on women’s decision-making capabilities of women workers along with the mediating influence of financial efficacy, particularly in developing economies like India. This study aims to fill this prevailing gap by examining the mediating role of financial self-efficacy.
Conceptual Framework
This study explores the relationship between financial literacy, inclusion, self-efficacy, and decision-making among women workers. The conceptual framework hypothesises direct and indirect influence grounded on relevant theories and empirical evidence. Figure 1 illustrates the visual representations of this proposed hypothesised relationship among the specified constructs.Financial literacy is the basic knowledge and understanding of financial concepts necessary to make informed decisions. A review of existing studies shows that individuals with higher financial knowledge are more adept at managing their finances effectively.
Financial literacy and inclusion serve as the study's independent variables. Financial decision-making is the dependent variable, and financial self-efficacy is a mediating variable within the research framework. Therefore, greater financial literacy is hypothesised to impact financial self-efficacy and decision-making positively. Financial inclusion emphasises the individual's access to and use formal financial services like savings, credit insurance, etc. Greater financial inclusion is supposed to influence decision-making and financial self-efficacy positively. It enables individuals to make more effective decision-making by providing the proper management tools and opportunities. Financial self-efficacy refers to an individual's belief in their capabilities to manage financial tasks effectively. It is hypothesised to mediate the relation between financial literacy, inclusion and decision-making.
The model states that financial literacy and inclusion contribute to women’s financial self-efficacy, influencing their decision-making capabilities. This model captures the association between all the constructs and highlights the significance of belief and confidence in understanding financial confidence.
Figure 1: Visualization of Conceptual Framework of the Study
Based on the conceptual framework, The following hypotheses are proposed:
Direct Effects:
H1: Increased financial literacy leads to improved financial decision-making among female workers.
H2: Greater financial inclusion enhances the financial decision-making capabilities of female workers.
H3: Improved financial literacy enhances the financial self-efficacy of female workers.
H4: Increased financial inclusion enhances the financial self-efficacy of female workers.
H5: Higher financial self-efficacy improves the financial decision-making capabilities of female workers.
Mediating Effects:
H6: Financial self-efficacy mediates the relationship between financial literacy and decision-making.
H7: Financial self-efficacy mediates the relationship between financial inclusion and decision-making.
Research Methodology
This section provides a detailed description of the research design, research area, participants, data collection techniques, different measures used in the study, and measurement techniques employed in the study.
Research Design and Area
This study employs a quantitative research design to analyse the impact of financial inclusion and literacy on women’s decision-making and the mediating influence of financial self-efficacy among women workers in the Delhi NCR area. Delhi-NCR was chosen due to diverse demographics, such as educational backgrounds, occupational diversity, income, and socio-cultural differences. As an economic and industrial hub, this area offers a wide array of employment in numerous sectors. It attracts people who migrate from different regions and countries for employment. The high socio-cultural diversity in the area offers a unique perspective on how different norms and values influence women’s financial decision-making. By focusing on this area, this study leverages the socio-economic, regional, culturally diverse and dynamic characteristics to gain a comprehensive and nuanced understanding of women workers' capabilities and contribute to the broader disclosure of women’s financial empowerment.
Participants and Methods
The targeted audience of this study is the women workers employed within the Delhi-NCR area. A structured questionnaire was developed to gather data from respondents, and respondents rated their agreement with each statement on a 5-point Likert scale. The questionnaire has been designed to measure the following constructs: financial literacy, financial inclusion, financial decision-making and financial efficacy using a five 5-point Likert scale. Purposive sampling techniques were adopted to select the respondents engaged in an economic activity. This approach is significant for ensuring that the sample includes all the relevant participants for this research work. The questionnaire for conducting this study was structured into three main sections. The initial section defines the study's primary objective, provides clarity to the respondents regarding the aim and significance of the study, and provides assurance regarding the safety of their personal information. The second section entails personal information based on their socioeconomic and demographic profile, such as age, income, region, marital status, locality, household head, and occupation. The final section contains statements based on multiple measures, and respondents were asked to rate them on a scale ranging from strongly disagree (1) to agree (5). Firstly, a pilot study was conducted with 50 respondents to confirm the questionnaire's clarity, language, understanding, and acceptance. Finally, to ensure a diverse representation of the targeted audience, responses were collected from 160 women workers engaged in economic activities in various sectors within the Delhi-NCR area. This study gathers reliable and comprehensive data for analysis by following this data collection method.
Measures and Measurement Techniques
The study focused on critical constructs reported in Table 1 and their relevant scales. Each construct has been measured using a 5-point Likert scale from 1 strongly disagree to 5 strongly agree.
Table 1: Indicates Different Measures and their measurement scales
|
Measures |
Relevant Scale Used |
|
Financial Literacy |
Scale adapted from Wijaya et al. (2019) |
|
Financial Inclusion |
Scale adapted from Noor et al. (2022). |
|
Financial Self-efficacy |
Scale adapted from Mindra and Moya (2017). |
|
Financial Decision Making |
Scale adapted from Dalmas et al. (2018). |
Data collected from the questionnaire survey were analysed using descriptive statistics and PLS-SEM using Smart PLS and Bootstrapping 5000 techniques to handle a model with multiple constructs. This study follows the guidance given by Hair et al. (2019)For conducting the PLS-SEM on the collected dataset. It guides the evaluation of the measurement scales first based on composite reliability and validity benchmark values. Then, the structured conceptual framework was analysed using Bootstrapping techniques in the next step. R2 and Q2 were used to assess relevance and predictive power. This approach can ensure a comprehensive and nuanced understanding of relevant factors and their predictive power, enhancing the robustness of the study results.
Findings and Interpretations
Socio-economic and Demographic Profile of the Respondents
Table 2 provides a brief overview of the socioeconomic and demographic profiles of the respondents. The findings reveal that the study includes 160 working women respondents. Most of the women in the sample fall into the age groups of 14 to 25 (36.3%) and 26 to 35 (35%). Conversely, the age group 45 to 60 has the lowest number of respondents (8.7%). The majority of female respondents reside in urban areas (56.9%). Most study respondents belong to the lower income group (45.6The highest percentage of female respondents have completed their master's degree (56.3%). The data shows that 68.8% of female respondents reported that the male head of the household manages household affairs. More married women participated in the study than divorced and widowed women. Most women reported having 5 to 7 family members, while a small proportion of female respondents reported having more than seven respondents in their family.
Table 2: Socio-economic and Demographic Information
|
Variable |
Specification |
No. |
% |
|
Age |
14-25 |
58 |
36.3% |
|
|
26-35 |
56 |
35% |
|
|
36-45 |
32 |
20% |
|
|
45-60 |
14 |
8.7% |
|
Education |
Secondary |
6 |
3.8% |
|
|
Senior Secondary |
17 |
10.6% |
|
|
Bachelor |
26 |
16.3% |
|
|
Masters |
90 |
56.3% |
|
|
PhD or another professional course |
21 |
12.5% |
|
Employment |
Part-time |
31 |
19.4% |
|
|
Full time |
86 |
53.8% |
|
|
Self-employed |
43 |
26.9% |
|
Annual Income |
Below 2,50,000 |
73 |
45.6% |
|
|
2,50,000- 5,00,000 |
50 |
31.3% |
|
|
5,00,000-10,00,000 |
28 |
17.5% |
|
|
Above 10,00,000 |
9 |
5.6% |
|
Region |
Urban |
91 |
56.9% |
|
|
Rural |
45 |
28.1% |
|
|
Semi-Urban |
24 |
15% |
|
Marital Status |
Single |
69 |
43.1% |
|
|
Married |
70 |
43.8% |
|
|
Divorced/separated |
13 |
8.1% |
|
|
Widowed |
8 |
5% |
|
Household Head |
Male |
110 |
68.8% |
|
|
Female |
50 |
31.2% |
|
No. of Members |
1-4 |
71 |
44.4% |
|
|
5-7 |
76 |
47.5% |
|
|
More than seven members |
13 |
8.1% |
Analysis of Construct Reliability and Validity
The framework of this work encompasses four latent variables. This study follows the approach for applying SEM modelling. Following the given approach, first, the reliability and validity of the constructs were examined based on multiple measures such as Cronbach alpha, factor loading, AVE, Composite reliability, etc. The results of all these measures are reported in Table 2, and the visualisation is in Figure 3. These highlight the outcome of all the prescribed measures using thePLS-algorithm criteria. Cronbach alpha measures the internal consistency of the dataset. It represents how closely a set of items forms a group, especially when the items are supposed to measure the same thing and produce similar scores. Higher value ensures greater internal consistency and indicators for the underlying construct. However, a value greater than 0.7 is considered appropriate for ensuring the reliability of the dataset. All items' Cronbach alpha is more significant than 0.7 within the given set except FI1 (Loading 0.685) and FI3(loading 0).685) nearest to 0.7. Although the loading of these two items is less than 0.7, the AVE score of the construct is more significant than 0.5, making it acceptable.
AVE serves as a measure for testing the convergent validity of the construct. It measures the degree to which different measures of the same construct are correlated to each other. It provides the average variance captured by the underlying construct about the items that are supposed to measure the same. Simply, it measures how much variation in observed variables is accounted for in the construct they intend to measure. Per the threshold criteria, an AVE value higher than 0.5 is acceptable. AVE for all the underlying constructs is higher than the threshold requirement within this dataset, provided that all the items (observed variables) in the measurement model capture a substantial variance in the underlying construct, which means they effectively measure the underlying construct of the study.
Composite reliability measures the reliability of the latent construct of factor. This measure is similar to Cronbach alpha but is more appropriate while applying SEM. A higher value indicates better reliability. Values above 0.7 are considered relevant and serve as a threshold criterion. Within the given dataset, the CR>0.7 for all the underlying constructs highlights the reliability of the dataset.
Table 3: Reliability and Validity Analysis
|
Construct |
Items |
Loading |
Mean |
SD |
Cronbach alpha |
CR (rho_a) |
CR (rho_c) |
AVE |
|
Financial Inclusion |
FI1 |
0.685 |
3.794 |
1.061 |
0.894 |
0.863 |
0.893 |
0.627 |
|
|
FI2 |
0.768 |
4.213 |
1.142 |
|
|
|
|
|
|
FI3 |
0.685 |
3.950 |
1.234 |
|
|
|
|
|
|
FI4 |
0.816 |
3.906 |
1.100 |
|
|
|
|
|
|
FI5 |
0.800 |
3.788 |
1.142 |
|
|
|
|
|
|
FI6 |
0.883 |
4.013 |
1.129 |
|
|
|
|
|
|
FI7 |
0.827 |
3.850 |
1.163 |
|
|
|
|
|
Financial Literacy |
FL1 |
0.874 |
4.150 |
0.976 |
0.957 |
0.907 |
0.917 |
0.614 |
|
|
FL2 |
0.909 |
3.938 |
1.047 |
|
|
|
|
|
|
FL3 |
0.850 |
3.550 |
1.111 |
|
|
|
|
|
|
FL4 |
0.881 |
4.044 |
0.977 |
|
|
|
|
|
|
FL5 |
0.869 |
3.894 |
1.093 |
|
|
|
|
|
|
FL6 |
0.901 |
4.125 |
0.998 |
|
|
|
|
|
|
FL7 |
0.893 |
4.025 |
1.060 |
|
|
|
|
|
|
FL8 |
0.844 |
3.981 |
1.098 |
|
|
|
|
|
Financial Self-efficacy |
FSE1 |
0.820 |
3.781 |
0.973 |
0.878 |
0.959 |
0.964 |
0.771 |
|
|
FSE2 |
0.802 |
3.587 |
1.027 |
|
|
|
|
|
|
FSE3 |
0.769 |
3.763 |
1.087 |
|
|
|
|
|
|
FSE4 |
0.893 |
3.775 |
1.018 |
|
|
|
|
|
|
FSE5 |
0.812 |
3.494 |
1.090 |
|
|
|
|
|
Financial Decision making |
FDM1 |
0.856 |
3.594 |
1.080 |
0.850 |
0.883 |
0.911 |
0.673 |
|
|
FDM2 |
0.868 |
3.513 |
1.072 |
|
|
|
|
|
|
FDM3 |
0.714 |
3.094 |
1.249 |
|
|
|
|
|
|
FDM4 |
0.758 |
3.638 |
1.015 |
|
|
|
|
|
|
FDM5 |
0.752 |
2.962 |
1.156 |
|
|
|
|
Figure 2: Measurement Model
Data Source: Smart PLS
Construct’s Discriminant Validity
Discriminant validity for the specified constructs was tested through two criteria: “Fornell and Larcker criteria” and “Heterotrait-monotrait (HTMT) criteria”. The relevant results based on both criteria are reported in Tables 4 and 6.
Table 4: Fornell and Larcker criteria for testing Discriminant Validity
|
Constructs |
FDM |
FI |
FL |
FSE |
|
FDM |
0.792 |
|
|
|
|
FI |
0.566 |
0.784 |
|
|
|
FL |
0.506 |
0.787 |
0.878 |
|
|
FSE |
0.534 |
0.674 |
0.711 |
0.820 |
The Fornell and Larcker criteria is a widely used technique for assessing the discriminant validity of constructs. In Table 4, the square root of the Average Variance Extracted (AVE) for each construct is shown on the diagonal, and the correlations among the constructs are displayed below the diagonal. The Fornell and Larcker criteria confirm the discriminant validity of the constructs at the construct level, as the square root of the AVE for each construct is greater than the correlation of that construct with the others in the model. These results confirm the discriminant validity of the constructs based on these criteria.
Table 5: Cross-Loading
|
|
FDM |
FI |
FL |
FSE |
|
FDM1 |
0.856 |
0.472 |
0.417 |
0.471 |
|
FDM2 |
0.868 |
0.512 |
0.489 |
0.453 |
|
FDM3 |
0.714 |
0.350 |
0.285 |
0.354 |
|
FDM4 |
0.758 |
0.511 |
0.464 |
0.431 |
|
FDM5 |
0.752 |
0.358 |
0.303 |
0.391 |
|
FI1 |
0.331 |
0.685 |
0.476 |
0.441 |
|
FI2 |
0.401 |
0.768 |
0.561 |
0.454 |
|
FI3 |
0.339 |
0.685 |
0.446 |
0.426 |
|
FI4 |
0.480 |
0.816 |
0.659 |
0.539 |
|
FI5 |
0.478 |
0.800 |
0.668 |
0.547 |
|
FI6 |
0.522 |
0.883 |
0.768 |
0.626 |
|
FI7 |
0.505 |
0.827 |
0.668 |
0.615 |
|
FL1 |
0.391 |
0.690 |
0.874 |
0.587 |
|
FL2 |
0.485 |
0.730 |
0.909 |
0.638 |
|
FL3 |
0.486 |
0.676 |
0.850 |
0.667 |
|
FL4 |
0.407 |
0.668 |
0.881 |
0.599 |
|
FL5 |
0.428 |
0.673 |
0.869 |
0.633 |
|
FL6 |
0.474 |
0.683 |
0.901 |
0.617 |
|
FL7 |
0.468 |
0.733 |
0.893 |
0.652 |
|
FL8 |
0.401 |
0.672 |
0.844 |
0.589 |
|
FSE1 |
0.543 |
0.538 |
0.605 |
0.820 |
|
FSE2 |
0.373 |
0.584 |
0.576 |
0.802 |
|
FSE3 |
0.332 |
0.497 |
0.617 |
0.769 |
|
FSE4 |
0.464 |
0.630 |
0.645 |
0.893 |
|
FSE5 |
0.463 |
0.504 |
0.461 |
0.812 |
Table 5 presents the cross-loading results, indicating that each item loads higher in its intended latent variable than in other specified latent constructs. This demonstrates the significant presence of discriminant validity within the dataset obtained during the primary survey. This consistent pattern across all the constructs highlights the strong validity and the ability of each construct to distinguish itself from the others under investigation, thereby enhancing the significance of the model and its results.
Table 6: HTMT criteria for testing Discriminant Validity
|
Constructs |
FDM |
FI |
FL |
FSE |
|
FDM |
|
|
|
|
|
FI |
0.629 |
|
|
|
|
FL |
0.547 |
0.838 |
|
|
|
FSE |
0.611 |
0.750 |
0.722 |
|
Another widely used method to assess the discriminant validity of constructs is the Heterotrait-Monotrait ratio of correlations (HTMT). The threshold for discriminant validity is an HTMT value of less than 0.85 for each pair of constructs. As shown in Table 6, all the HTMT values are below 0.85, confirming the discriminant validity of the specified constructs.
Hypothesis Testing
Figure 3 and Table 8 illustrate the path coefficient and their corresponding p-values, sample mean, Standard deviation and t-statistics. Findings reveal that despite having a positive path coefficient, the influence of financial literacy on financial decision-making is not statistically significant, leading to the rejection of H1 (t= 0.238, p= 0.812).Financial inclusion significantly influences women's decision-making capabilities, leading to the acceptance of H3 (t=3.043, 0=0.002). Additionally, financial literacy and inclusion significantly influence women’s self-efficacy, representing their belief and confidence in their abilities with (t= 5.171, p=0.000) and (t=3.069, p=0.000) leading to the acceptance of H2 and H4, respectively. Financial self-efficacy positively and substantially influences decision-making with (t= 2.474, p=0.013), thus leading to the acceptance of H5. Furthermore, financial self-efficacy substantially influences the association between financial literacy and decision-making, with (t=2.386, p=0.017) leading to the acceptance of H6. Despite indicating a positive path coefficient for representing the mediating influence of self-efficacy on the association between inclusion and decision-making, the results are not statistically significant (t= 1.627, p=0.104), leading to the rejection of H7.
Figure 3: Path Modelling
Table 7: PLS Results
|
Hypothesis |
Path |
Beta |
Sample mean (M) |
S. D |
T statistics |
P value |
Decision |
|
H1 |
FL - > FDM |
0.031 |
0.032 |
0.130 |
0.238 |
0.812 |
Rejection |
|
H2 |
FL - > FSE |
0.475 |
0.469 |
0.092 |
5.171 |
0.000* |
Acceptance |
|
H3 |
FI - > FDM |
0.359 |
0.356 |
0.118 |
3.043 |
0.002* |
Acceptance |
|
H4 |
FI - > FSE |
0.299 |
0.307 |
0.098 |
3.069 |
0.002* |
Acceptance |
|
H5 |
FSE - > FDM |
0.270 |
0.276 |
0.106 |
2.474 |
0.013* |
Acceptance |
|
H6 |
FL - > FSE - >FDM |
0.128 |
0.127 |
0.054 |
2.386 |
0.017* |
Acceptance |
|
H7 |
FI - > FSE - > FDM |
0.081 |
0.087 |
0.050 |
1.627 |
0.104 |
Rejection |
The data in Table 9 shows the model's ability to predict outcomes accurately. It involves assessing hidden variables using R2, adjusted R2, and Q2 to gauge the model's explanatory power and predictive accuracy. A Q2 value above 0 indicates the model's ability to predict the measured construct. In the case of financial self-efficacy and financial decision-making, a value above 0 suggests predictive solid relevance. While adjusted, R adjusts the value of R based on the number of predictors. For FSE and FDM, R20.534 and0.351 confirm that the model explains 53.4% and 35.1% variance after adjusting the number of variables.
The self-efficacy model demonstrates high explanatory power (R2=0.540) and strong predictive relevance (Q2=0.525). For financial decision-making, it indicates moderate explanatory power (R2=0.364) and predictive relevance (Q2=0.302). The model demonstrates the reliability, validity and robustness of the results. This model effectively captures the relation among the constructs and highlights the significance of self-efficacy in improving decision-making capabilities.
Table 8: Predictive Relevance and Constructs Power
|
Latent |
Q 2 |
R 2 |
Adjusted R2 |
|
FSE |
0.525 |
0.540 |
0.534 |
|
FDM |
0.302 |
0.364 |
0.351 |
The Q2 value in Table 10 demonstrates the predictive relevance for financial decision-making and self-efficacy. The model shows good predicting power, especially for financial self-efficacy. Most dimensions of financial efficacy exhibit strong predictive relevance, indicating that the model accurately predicts outcomes related to individual belief and confidence in managing financial tasks. The Q2 for all the dimensions of FDM ranges between 0.099 to 0.259. it demonstrates that the model has moderate predictive relevance for all the dimensions of financial decision-making. The predictive relevance for financial decision-making is moderate. Items FDM2 and FDM4 have predictive relevance greater than 0.2, showing better relevance than items FDM3 and FDM5. These insights validate the model's robustness and highlight areas where predictive relevance can be further improved.
Table 9: Dimension-wise Predictive Relevance of the Model
|
Dimensions |
Q2 |
|
FDM1 |
0.208 |
|
FDM2 |
0.259 |
|
FDM3 |
0.099 |
|
FDM4 |
0.247 |
|
FDM5 |
0.104 |
|
FSE1 |
0.362 |
|
FSE2 |
0.361 |
|
FSE3 |
0.346 |
|
FSE4 |
0.439 |
|
FSE5 |
0.232 |
Discussion
This work examines the influence of financial literacy and inclusion on financial decision-making and the mediation role of financial self-efficacy in the relationship. The results focused on direct and indirect influence.
Direct influence
The study examined five different types of direct influence. First, it looked at the impact of financial literacy on women's decision-making abilities. The results showed that financial literacy positively influences decision-making, but the findings were not statistically significant (t=0.238, p=0.812). This means that having financial knowledge does not necessarily lead to better financial decisions, as evidenced byrejectingH1. However, financial literacy significantly boosts women's financial self-efficacy (t= 5.171, p=0.0000), indicating that a better understanding of financial concepts increases women's confidence in managing their financial matters, as evidenced by the acceptance of H2. Offering more educational courses could enhance women's confidence and make them feel more capable of handling financial challenges. Results are contradictory with some previous work conducted by Lusardi (2019)and Hastings and Mitchell (2018) and consistent with the (Nam, 2022) that emphasises the significance of confidence in abilities along with mere financial knowledge.
Results indicate financial inclusion, which represents access to the financial system, directly and significantly influences women’s decision-making (t= 3.043, p=0.002). This is evident from the acceptance of H3, which states that women with greater access to financial services are more likely to make informed decisions. This underscores that several factors, such as access to financial services, reduction of financial barriers and more institutional support, contribute to this direct influence. Furthermore, Financial inclusion substantially improves women’s financial self-efficacy, indicating their confidence and belief. It suggests that financial access adds practical benefits and boosts confidence in managing financial matters, as evidenced by the acceptance of H4 (t=3.069, p=0.000). It underscores the dual benefit of being financially included in economic empowerment by fostering decision-making and psychological empowerment through self-efficacy. Results align with the previous work conducted by Kochar et al. (2022) and Pal et al. (2022).
Financial self-efficacy has a substantial positive influence on decision-making. It elaborates that confidence and belief in one's capabilities are vital for improving decision-making, highlighted by the acceptance of H5 (t=2.474, t= 0.013). Programs that promote individuals' self-efficacy directly contribute to better financial outcomes through improved decision-making. Results are in line with the existing studies conducted by Chong et al. (2021)and Sharma and Kota (2019).
Indirect Influence
This study explores the impact of financial self-efficacy on the relationship between financial literacy, inclusion, and decision-making. The mediation analysis results show that financial efficacy mediates between financial literacy and decision-making, as indicated by the acceptance of H6 (t= 2.386, p=0.017). This underscores the importance of feeling confident in applying financial knowledge to make independent financial decisions. Women who understand financial concepts well and feel confident managing their financial affairs are better equipped to make effective financial decisions. This highlights the interconnectedness of financial literacy and self-efficacy in influencing sound financial behaviour. The findings align with the studies Tripathi et al. (2022) and Riaz et al. (2022).
The mediation influence of financial self-efficacy on financial inclusion and decision-making is insignificant, as indicated by the rejection of H7 (t= 1.627, p=0.104). This suggests that while financial inclusion contributes to financial efficacy, the confidence gained does not necessarily lead to improved financial decision-making without direct access to financial services. The results highlight the practical benefits of financial inclusion, such as access to banking, easy loan availability, simplified credit mechanisms, and KYC norms, which are more influential in driving informed and independent decisions rather than the psychological benefits of enhanced financial efficacy.
Conclusion and Recommendations
This study significantly contributes to understanding the factors influencing women's decision-making abilities. Demonstrating the mediating influence of financial self-efficacy provides a more nuanced understanding of how combining financial literacy and inclusion efforts with belief and confidence can enhance effectiveness. The findings show that financial literacy is not enough to impact decision-making on its own significantly, but financial self-efficacy plays a subsequent influential role. Therefore, financial literacy is crucial in promoting women's decision-making abilities, ultimately contributing to their economic empowerment. The study also highlights the importance of financial literacy, inclusion, and appropriate self-efficacy in promoting decision-making. Women who are literate and included in the financial system and possess belief and confidence in their abilities exhibit higher financial resilience.
This study explores the factors that influence decision-making and provides essential insights for promoting economic empowerment and gender equity in the workplace. Firstly, the study emphasises the role of literacy in shaping decision-making. Literate women can make more informed and effective decisions with confidence in their abilities. Equipping women with the necessary skills and resources can drive economic empowerment and enhance their decision-making abilities regarding financial matters. Additionally, the study highlights the importance of expanding women's access to financial institutions to empower them and enable them to take control of their financial lives. Furthermore, the study recognises the transformative impact of financial self-efficacy on women's financial empowerment.
The findings offer valuable insights for policymakers, researchers, and the government to formulate and implement policies that support women’s financial inclusion and education. Based on the key findings, several recommendations can be made to enhance women’s decision-making capabilities. Improving financial literacy can strengthen women’s beliefs, confidence, and decision-making abilities, further strengthening economic empowerment. Financial literacy programs should focus on providing practical training and theoretical knowledge, boosting women’s financial self-efficacy. It is essential to organise more workshops and courses for women that focus on practical financial management and help build their confidence and skills. More efforts should be undertaken to include women in the financial system, focusing on making financial services accessible and user-friendly to all women. For example, KYC norms should be simplified, and microloans should be available to women to promote financial empowerment.
By eliminating the obstacles women face in their financial journey by undertaking the specified initiatives and strategies, women can be empowered to engage in economic activity for the country’s growth. By entering entrepreneurial endeavours, women can unlock more opportunities for themselves and pursue their financial goals with full belief and confidence. This can further promote the creation of new employment opportunities, innovations and the country's financial growth and prosperity.
This study highlights the vital role of financial literacy, inclusion and self-efficacy in promoting financial decision-making among women workers. By addressing the critical gap and potential recommendations and implementing the strategies, stakeholders such as policymakers, financial institutions and government can significantly improve women’s financial empowerment and overall well-being. Policymakers can craft policies that contribute to women's decision-making capabilities, such as financial literacy-based school education and women-friendly financial products and services.
This work contributes to the existing growing field of literature on gender and finance by examining the influence of multifaceted factors on women’s decision-making and offering multiple insights for empowering women financially. More concentrated efforts are required to address the obstacles such as limited financial access, inadequate literacy, and lack of microfinance availability that hinder women's empowerment journey.
Limitations of the Study and Future Research Directions
This work provides more valuable insights into enhancing women’s decision-making capabilities to empower them. Some limitations of the study need to be acknowledged. Firstly, this work solely focused on Delhi-NCR. Future research can be conducted in other parts of the country as the level of literacy and inclusion can vary across different states and areas due to differences in socio-economic conditions, cultural factors and lifestyles. Due to time constraints, data were collected from 160 respondents. Although these respondents provided valuable insights, a larger sample size may lead to more robust findings in the study. Furthermore, this study employs a cross-sectional quantitative research design that captures the data simultaneously. This method does not consider the changes that take place over some time. In future studies, longitudinal research can be undertaken to observe how literacy, inclusion, and efficacy influence decision-making over time. More studies can be conducted to comprehensively examine the factors affecting women’s decision-making capabilities. This study focused on only women workers and did not compare the behaviour of male workers. Comparative analysis of behaviour among male and female workers can offer deeper insights into gender differences. Along with the mediation influence of financial self-efficacy, other potential mediating variables like financial attitude and risk tolerance can be further explored. Addressing these limitations can enhance understanding of complex relations among all the factors.
Funding Statement
No outside funding was received for this research work.
Declaration of Competing Interest
The author declares that they have no known competing or personal relationship that could influence the work reported in this study.
Acknowledgement
There is no one to acknowledge for this work.
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