An Empirical Study on Financial Literacy amongst Rural Women in the Prayagraj Region

The primary challenge faced by the country revolves around empowering women, which can be achieved by ensuring their financial literacy and subsequent financial independence. It is commonly believed that women possess good skills in saving, budgeting, and managing expenses. Various studies support this notion, but it is observed that women often hesitate when it comes to making significant financial decisions, relying instead on their male counterparts whom they believe have better financial expertise. Additionally, it is assumed that even though rural women may be literate, they face specific obstacles that prevent them from actively participating in financial decision-making processes. To address these issues, a research study was conducted in multiple districts of the Prayagraj region to assess the level of financial literacy among rural women and identify the constraints preventing their involvement in financial decision-making. The study collected data on various factors such as age, marital status, education, and income of the rural women to analyze their level of financial literacy. Data was collected using surveys and the Participatory Rural Appraisal Method. The collected data was then analyzed using SPSS version 21, and an independent sample test was employed to test the hypotheses.