Financial Literacy and Its Determinants among Tribal Women: Evidence from Raigarh District, Chhattisgarh, India

Abstract

Introduction: Financial literacy has gained importance recently as a key to empowerment. It helps individuals manage daily expenses, plan for a secure future, access financial services, and optimize resources, thereby supporting economic development. However, lack of financial literacy not only affects individual financial decisions but also societal development as a whole. Objectives: This study explores the level of financial literacy and its determinants among tribal women in Raigarh district, Chhattisgarh. Methods: The present study followed a mixed-method approach in which primary data was collected by a structured questionnaire designed to measure three core dimensions of financial literacy—financial knowledge (FK), financial attitude (FA), and financial behavior (FB). Respondents were selected from different blocks of the district to represent varying socio-economic backgrounds. Results: Findings of the study revealed that the majority of respondents exhibited moderate levels of financial literacy. Significant variations were observed across socio-demographic variables. Urban residents, younger women, and those with higher education and professional occupations tended to display higher financial literacy levels. Differences were also evident among tribes, with Oraon tribes exhibiting higher financial literacy, suggesting that cultural and contextual factors influence financial understanding and practices. Conclusion: The study highlights the need for targeted financial literacy interventions considering the cultural and socio-economic realities of tribal women. The insights from the study seek to help the government, financial institutions, NGOs, financial educators, and policymakers to design context-specific programs to enhance financial capability and promote inclusive growth in tribal regions.