Financial capability and decision making effects on financial wellbeing of women in community based organisations

Abstract

Financial Social Work (FSW) is a multi-disciplinary interactive approach that deals with financially vulnerable populations financial issues/solutions. FSW deals with individual, family and community wellbeing by increasing access to good financial services, asset-building opportunities, financial education and guidance. The two concepts newlineunderlying FSW are financial capability and financial wellbeing. Financial capability is increasingly becoming a priority for policymakers, social workers, academicians and organisations of economic and social newlinesignificance. In India, limited studies are available for measuring the financial capability of Indian citizens. While literature suggests various studies on financial capability and financial wellbeing, the focus on their combined effect has been limited. The feminisation of poverty is an newlineessential topic when discussing the capability and wellbeing of women. This refers to the increasing tendency for those in poverty to be women and children due to the reasons such as economic conditions, demographic composition and government policy. Hence, it is relevant to consider newlinewomen as the focus point of the study. The present study measures women s financial capability and examines how demographic factors influence the same. The study also explores the impact of financial capability on the decision making ability and financial wellbeing of women associated with Community Based Organisations (CBOs). It further newlineexamines whether the decision making ability mediates between financial capability and financial wellbeing. Primary data was collected from the respondents through a structured questionnaire to identify and establish these aspects. In total, 1000 women who were associated with the CBOKudumbashree in the state of Kerala, India, identified through the multistage sampling technique, participated in the survey-based study.