International Journal For Multidisciplinary Research

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The Influence of Financial Literacy and Socio-Economic Conditions on Financial Inclusion: Evidence from Housemaids in Akandakeshari and Baligari Villages, North 24 Parganas, West Bengal

Author(s) Dr. Uttiya Basu, Ms. Sohini Podder
Country India
Abstract In today’s rapidly digitizing economy, financial inclusion is no longer just about having a bank account—it’s about the ability to access, understand, and confidently use financial services. Yet, for many informal women workers like housemaids in rural India, this inclusion remains partial and uneven. This study explores the financial lives of 179 local housemaids in Akandakeshari and Baligari villages in North 24 Parganas, West Bengal, with a focus on how financial literacy and socio-economic conditions influence their financial inclusion.
Using a structured questionnaire and face-to-face interviews, the research uncovers the often-overlooked realities of women who earn wages yet remain disconnected from meaningful financial participation. While mobile phone ownership and wage digitization have improved access, financial awareness remains alarmingly low—only a fraction understands savings, insurance, or available government schemes. The findings show that socio-economic enablers such as income, digital access, and SHG involvement play a stronger role in inclusion than financial literacy alone.
The study introduces a three-layered framework to bridge the gap between access and empowerment, highlighting the need for synchronized efforts that combine infrastructure, grassroots training, and confidence-building. By humanizing data through real-world experiences, the research advocates for policies that recognize informal women workers not just as recipients of services, but as capable participants in the financial ecosystem.
This work offers valuable insights for policymakers, NGOs, and financial institutions aiming to build inclusive systems that leave no woman behind.
Keywords Financial Literacy, Informal Labour Market, Socio-economic Factors, Sustained Inclusion
Field Sociology > Administration / Law / Management
Published In Volume 7, Issue 4, July-August 2025
Published On 2025-07-09
DOI https://doi.org/10.36948/ijfmr.2025.v07i04.50642
Short DOI https://doi.org/g9s9kx
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