AN EMPIRICAL STUDY OF FINANCIAL AWARENESS AMONG SALARIED WOMEN IN BILASPUR DIVISION

Abstract

Increasing financial awareness is essential in encouraging the financial wellness of the people in their budgeting, saving, investing, insurance, borrowing and retirement planning. The study is an empirical study which analyzes the situation of ‘financial awareness’ of salaried women in Bilaspur division and to study the factors affecting financial knowledge and decision making process of them. The research is quantitative and descriptive, and uses primary data, which is obtained by filling out a questionnaire for women who are working in the public sector and private sector and have a salary. Data obtained were analysed both descriptively and inferentially, with the evaluation of the level of financial awareness performed with the inferential analysis. The responses showed a satisfactory basic financial knowledge and awareness of digital banking service but, lower in order of awareness are investment planning, diversification of risk, tax saving instruments and retirement planning. The study highlights the need for financial literacy programmes in certain regions, promoting financial education within the workplace and policy development for developing financial competence and financial security for the salaried women in Bilaspur Division in the long term.