V2I9P19

Exploratory Analysis of Financial Knowledge and Demographic Characteristics Among Working Women: An Empirical Evidence of Visakhapatnam, Andhra Pradesh

P. Lakshmi Satyavani^1*, Dr. T. Kamaraju², Dr.  M.S.R. Seshagiri³

Abstract

Financial literacy is crucial to individuals’ ability to make informed financial decisions, promoting economic well-being and sustainable financial behavior (Edwardo et al, 2024). In olden days, men made financial decisions compared to women, but in the present era, women are financially independent, which is essential for survival and overall well-being (Abreham Adera and Lamessa T. Abdisa, 2023).

Methodology This pilot study investigates the level of financial knowledge and its influencing demographic factors among working women using primary data by distributing a questionnaire to working women in different sectors in Visakhapatnam, Andhra Pradesh. This study analyzes financial awareness and demographic characteristics among working women through exploratory analysis, and measures the working women’s financial knowledge through Factor analysis.

Purpose of this study: This study focuses on some facts to enrich those facts by reviewing the works of literature. Most of the studies found a relationship between financial knowledge and demographic variables, where Chaudhary, Rukhsana (2024) revealed a relationship between them.

Findings of the study Workforce participation rate in India rose from 22% to 40% from 2017-18 to 2022-23 (Ministry of Labour, 2024). The study results indicate that financial knowledge levels are enough to understand the investment behavior of working women. The findings imply that the respondents’ knowledge is associated with their financial knowledge and the skills necessary to make appropriate decisions. This study also focuses on what factors influence the working women’s financial knowledge, including demographic variables such as age, income, working experience,

Originality of the study This proposed study is unique for ordinary investors to know the financial opportunities, what working women think about the investment instruments, and what is available in the market to earn more returns. Based on these findings, the investment institutions design the financial products for women.

Keywords:

Financial Literacy, Financial Awareness, Working Women, Demographic Factors, Factor Analysis