Authors:- Research Scholar Sukhada Koppikar
Abstract- Investing in women’s financial literacy is not just an ethical imperative, but a strategic investment in a more sustainable future. This paper explores the crucial link between financial literacy and women’s empowerment, emphasising its impact on individual well-being, economic growth, and societal progress. Women empowerment goes beyond simply having rights on paper. It requires access to resources, decision-making power, and the ability to influence outcomes without undue social or economic pressure. It’s not just about financial independence, but also about freeing women from dependence on men or family for basic needs and opportunities. This includes social, cultural, and political independence as well. The statistic of 50% economically dependent women highlights the vastness of the issue in India. It emphasises the need for widespread and targeted interventions to address this challenge. This paper examines the financial behaviour and product knowledge of working women in Maharashtra. Financial literacy consists of combining efforts of knowledge and skills with saving and investment behaviour to generate wealth. Financial products are complex and require rational planning and a deep understanding of the basic functioning of financial products. Proper planning of income is crucial for leading a debt-free and financially healthy retirement. Financial product literacy consists of knowledge of financial worth, PPF, Equity shares, Preference shares, Recurring deposits, Bonds, Mutual Funds, SIP’s, Market regulator RBI and insurance coverage. Urban working women need to actively participate in financial planning and investing. This is possible if they possess the knowledge and tools of investing. The study aims to understand the present levels of financial literacy both basic and advanced possessed by urban women.
