Keywords
financial well-being
caste-based discrimination
marginalized women
economic inclusion
Categories
How to Cite
Abstract
This study investigates the relationship between financial literacy and financial well-being among marginalized women, focusing on the moderating role of caste-based discrimination. Despite affirmative action programs in India, caste-based inequalities persist, impacting access to resources and economic opportunities. Data from 404 Scheduled Caste women in Karnataka’s Koppal district, an underbanked region, were analyzed using structural equation modelling (Smart PLS). The findings reveal a significant positive relationship between financial literacy and financial well-being, indicating that financial literacy enhances financial stability, security, and informed decision-making among scheduled caste women. However, caste-based discrimination negatively affects financial well-being and moderates the FL-FW relationship, reducing the benefits of financial literacy in promoting well-being. This highlights systemic barriers that limit marginalized women’s ability to achieve financial empowerment. This research contributes to the discourse on social equity and economic empowerment, emphasizing the intersection of financial literacy, well-being, caste, and gender. It underscores the necessity of addressing systemic barriers to ensure financial literacy initiatives benefit marginalized communities effectively
References
Agarwalla, S. K., Barua, S. K., Jacob, J., & Varma, J. R. (2013). Financial Literacy among Working Young in Urban India. In Working Paper, IIM-Ahmedabad.
Ali, P. S., & Jabeen, D. U. A. (2024). Financial Literacy in India. Futuristic Trends in Social Sciences Volume 3 Book 17, 127–136. https://doi.org/10.58532/v3bdso17p6ch2
Bhushan, S., & Mohinder, S. (2023). Financial literacy and its determinants among the scheduled tribes: evidences from India. International Journal of Social Economics, 50(12), 1804–1817. https://doi.org/10.1108/IJSE-01-2023-0008
CFPB. (2015). Measuring financial well-being: A guide to using the CFPB Financial Well-Being Scale. In Consumer Financial Protection Bureau (Issue December).
Choudhary, K., & Kamboj, S. (2017). A study of Financial Literacy and its determinants: evidence from India. Asian Journal of Accounting Perspectives, 10(1), 52–72. https://doi.org/10.22452/ajap.vol10no1.4
Deshpande, A. (2011). The Grammar of Caste : Economic Discrimination in Contemporary India. Oxford University Press.
Fontaine, X., & Yamada, K. (2012). Economic Comparison and Group Identity : Lessons from India. 1–25.
Hoff, K., Kshetramade, M., & Fehr, E. (2011). Caste and Punishment: The Legacy of Caste Culture in Norm Enforcement. Economic Journal, 121(556), 449–475. https://doi.org/10.1111/j.1468-0297.2011.02476.x
Kadam, A., Singh, P., & Chatterjee, J. (2024). Does the owner’s caste affect access to credit for enterprises in India’s unorganized sector? Applied Economics Letters, 31(14), 1310–1315. https://doi.org/10.1080/13504851.2023.2186346
Kumar, S. M., & Venkatachalam, R. (2019). Caste and Credit: A Woeful Tale? Journal of Development Studies, 55(8), 1816–1833. https://doi.org/10.1080/00220388.2018.1425397
NCFE. (2019). Executive Summary: NCFE financial literacy and inclusion survey 2019. National Centre for Financial Education, 1–27.
Oh, S. (2023). Does Identity Affect Labor Supply Suanna Oh Does Identity Affect Labor Supply ? American Economic Review, 131(8), 2055–2083.
Prasetya, B. P. (2023). The Effect of Financial Literacy on Financial Well-Being Mediated By Financial Behavior. IJEBD (International Journal of Entrepreneurship and Business Development), 6(4), 782–791. https://doi.org/10.29138/ijebd.v6i4.2309
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Copyright (c) 2025 South India Journal of Social Sciences