Women’s Financial Literacy and Financial Decision-Making: An Empirical Study Based on Primary Data from Haryana

Abstract

Financial literacy is a critical determinant of women’s economic empowerment, household welfare, and long-term financial security. Despite significant policy attention and institutional efforts, financial literacy among women in India remains a persistent challenge. This empirical study examines the financial literacy levels, saving and investment behaviour, and financial decisionmaking patterns among women in Haryana using primary data collected through a structured questionnaire. A sample of 400 women respondents was surveyed across urban and semi-urban districts of Haryana using a multi-stage stratified random sampling technique. Financial literacy was assessed across three dimensions—financial knowledge, financial attitude, and financial behaviour—using a 33-item questionnaire measured on a 5-point Likert scale. The findings reveal that women in Haryana possess a moderate level of financial literacy, with stronger proficiency in basic financial concepts and awareness of government schemes, while comparatively weaker understanding is observed in riskreturn analysis, diversification, and complex investment products. Socio-economic factors such as age, education, family income, and participation in financial literacy programmes significantly influence financial literacy levels. The study also finds a significant positive relationship between financial literacy and informed financial decision-making. Urban working women demonstrate higher financial literacy compared to rural non-working women. The findings underscore the need for targeted financial education initiatives, particularly focused on risk assessment, investment evaluation, and digital financial literacy, to empower women in Haryana to make sound financial decisions.