Financial Literacy, Savings, and Investment: A Study with Special Reference to Women Cashew Workers in Kollam District

Abstract

This study examined the financial literacy levels, savings behavior, and investment practices of women cashew workers in Kollam district, Kerala. The research revealed that a significant proportion of women workers lacked basic financial knowledge, with 72% scoring below 10 on the financial literacy scale. The study also found a significant association between education level and savings behavior, with workers with secondary education saving more than those with primary education or less.

The study's findings highlighted the need for targeted financial education programs to improve financial literacy among women workers. Such programs could focus on building foundational knowledge of financial concepts, including interest rates, inflation, and investment options. Additionally, the study found that financial literacy score and income level were significant predictors of investment behavior, suggesting that improving literacy could boost investment practices.

The study also revealed limited access to banking services among women workers, with only 25% having active bank accounts and 15% using mobile banking services. This disparity highlighted the need for initiatives that promote financial inclusion, such as outreach programs, financial literacy workshops, and mobile banking services.