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Aabida Akhter ¹, Mohi-ud-Din Sangmi ¹

Affiliations
1 Department of Business and Financial Studies, University of Kashmir, Srinagar, IN

Abstract

The inability of people to properly take a well thought out financial decision is the main reason that most of the time they are not able to achieve financial well being. The purpose of the present paper is to study the relationship and measure the impact of financial literacy on financial wellbeing of individual respondents. The questionnaire has been used for this purpose wherein various variables were identified. The study results indicate that the level of financial literacy has a high positive correlation with personal financial wellbeing. It also shows that in line with previous studies, financial literacy has a significant impact on financial wellbeing, consequent upon this, financial literacy is considered an important predictor of financial wellbeing. This study is also expected to add value to the domain of importance of financial literacy in current financial world and to ensure better financial planning in an emerging economy where the present study is a maiden attempt by the researchers.

Keywords

Financial Literacy, Financial Wellbeing, Predictor, Satisfaction, Working Individuals.

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Shagufta Tariq ¹, Mohi-ud-Din Sangmi ²

Affiliations
1 Assistant Professor, Department of Accounting, College of Business Administration, Jazan University, SA
2 Professor, Department of Commerce, University of Kashmir, IN

Abstract

This study attempts to examine impact of Microfinance on economic empowerment of women. Following Multi- Stage (mixed) Sampling, the data has been gathered using Structured Interview Schedule from 370 Self Help Group women members from rural areas of Kashmir Division formed and nurtured under Umeed scheme of the flagship program - National Rural Livelihood Mission. The present study employed Quasi-Experimental Design that consists of 190 program (treatment) and 180 comparison group members (control). In order to compare the two groups on empowerment indicators, Independent Samples Test has been mainly utilized. The results indicate positive and significant differences between the two groups in economic empowerment indicators – independent income, independent savings, asset generation, control over household income, control over household savings as well as control over large purchases. However, the study reveals larger impact on two indicators of economic empowerment – independent savings and asset generation as shown by Effect Size. It is concluded that Microfinance significantly impacts women's economic empowerment. This study is believed to grab the attention of the policy makers towards further strengthening the program to reap its constructive benefits towards Poverty Alleviation. Due to Multi-dimensional nature of empowerment, the future studies would examine impact of Microfinance on non-economic empowerment as well and extend geographical area.

Keywords

Microfinance, SHGs, Women's Economic Empowerment, Quasi-Experimental Design, Independent Samples Test.

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Shagufta Tariq ¹, Mohd Abass Bhat ², Mohi-Ud-Din Sangmi ³

Affiliations
1 Assistant Professor, Department of Accounting, College of Business Administration, Jazan University, SA
2 Lecturer, Department of Business Studies, University of Technology and Applied Sciences, Sultanate of Oman, OM
3 Professor, Department of Commerce, University of Kashmir, Jammu & Kashmir, IN

Abstract

The paper aims to explore the connection between microfinance and women entrepreneurship. This paper is based on existing empirical as well as theoretical literature across different contexts. Existing literature supports, microfinance enables disadvantaged section of women to start own micro-enterprises as well as expand already established micro-enterprises. Further, women have been able to generate employment in their micro-enterprises mainly in their localities. However, initial loans are generally diverted towards non-productive uses. These initial loans are seldom used for productive purposes, in some context, due to certain challenges such as small size of loans, frequency in loan repayment, lack of training and knowledge, marketing problems faced by women beneficiaries. It was found that women beneficiaries, however, are able to utilize their subsequent loans for productive purposes i.e. start or grow their microenterprises. The challenges which women confront in starting their own business ventures must be identified and addressed promptly. Further, there is a void in the empirical literature regarding impact estimation of microfinance on women entrepreneurship to be filled.

Keywords

Microfinance, Entrepreneurship, Micro- Enterprises, Poverty

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