Financial Literacy, Women’s Empowerment, and Saving Behaviour: Evidence from Working Women in Haryana, India
Abstract
Financial literacy and women’s empowerment are increasingly recognised as complementary foundations of household resilience and inclusive economic development. This study examines their interrelationships with saving behaviour among working women in Haryana, India. A quantitative, cross-sectional survey was conducted with 440 working women from Hisar, Sirsa, Fatehabad, and Bhiwani districts. The instrument measured financial knowledge, financial behaviour, financial attitude, saving practices, and five dimensions of empowerment: freedom of movement, economic security, family support, household decision-making, and community participation. Descriptive statistics, chi-square analysis, Pearson correlations, and moderation regression were used. The findings show that age was significantly associated with financial literacy, χ²(20) = 41.815, p = .003. Financial literacy was positively associated with women’s empowerment (r = .162, p = .001) and saving behaviour (r = .261, p < .001), while women’s empowerment had a substantially stronger association with saving behaviour (r = .626, p < .001). More than half of respondents saved at least 30% of monthly income, and 52.3% preferred a long-term saving horizon. Age did not significantly moderate the relationship between women’s empowerment and financial literacy (interaction p = .829). The results indicate that knowledge alone is insufficient unless women can exercise agency over money, mobility, and household choices. Financial education should therefore be linked with accessible products, workplace delivery, and initiatives that strengthen women’s financial voice. The study contributes district-level evidence from Haryana and offers a framework for integrating financial capability and empowerment in policy and practice.
