Role of Financial Literacy in Women’s Empowerment and Inclusive Growth

Increasing numbers of women worldwide are becoming financially literate. Financial literacy has become essential to women's economic and social empowerment in developing countries. As financial systems continue to grow more complex, women's ability to comprehend, access, and utilize financial services will play an important role in their decision-making prowess, financial independence, and well-being. This research investigates financial literacy's role in empowering women and promoting inclusive growth. It assesses the level of financial awareness among women, the availability of formal financial services, and how much their personal and economic empowerment is linked to their level of finance knowledge. The researcher will employ a descriptive qualitative research design using primary data collected from a sample of women with heterogeneous socioeconomic backgrounds. Results indicate that higher levels of financial literacy correlate positively with an increase in savings behaviour, participation in formal banking, making better investment decisions, and having greater confidence in finances; however, a large number of women still face barriers to accessing financial institutions and/or digital financial solutions and/or through social and cultural norms that prevent them from being financially inclusive. Therefore, targeted financial education programmes, policy initiatives, and institutional support are all required to further develop women's financial literacy.Not only does promoting financial literacy among women foster individual empowerment, it is necessary for sustainable and inclusive economic growth as well.