Financial Inclusion and Household Economics: Comparative Insights from Hindu and Muslim Communities in Asansol

This study investigates the household financial behaviour of Hindu and Muslim communities in a specific urban locality in India, with a focus on income, expenditure, savings, and investment patterns. Given the country’s socio-religious diversity, this comparative analysis aims to explore how financial behaviour varies across religious lines and identify underlying structural or cultural influences. A structured questionnaire was administered to 44 respondents, evenly split between Hindu and Muslim households. The data included four interval-scale financial variables and eight ordinal-scale demographic and attitudinal variables. Descriptive statistics revealed that Hindu households reported higher average income (mean = 2.64), monthly expenditure (₹19,045), and savings (₹11,000), while Muslim households showed lower averages in  savings (₹5,250) and in income (mean = 1.86), but a marginally higher average investment attitude (mean = 3.95) than Hindu households (mean = 3.27). Distributional analysis indicated positive skewness and leptokurtic tendencies in income and savings among Hindus, suggesting financial concentration with occasional outliers. To further explore intra-community financial behaviour, Spearman’s Rank Correlation analysis was employed. Among Hindu households, a strong and significant positive correlation was observed between income and both expenditure (ρ = 0.698, p < 0.01) and savings (ρ = 0.749, p < 0.01), and between expenditure and savings (ρ = 0.662, p < 0.01). This indicates a balanced approach to financial planning. However, no significant correlation was found between income and investment, suggesting a cautious investment culture.