sajm






Impact of Financial Literacy on Economic Empowerment: A Study of Women Investors

Anushree Srivastava*, Seshadev Sahoo** and Smriti Srivastava***

DOI: https://doi.org/10.62206/sajm.32.2.2025.100-121

Abstract

This paper investigates the impact of financial literacy on women investors’ economic empowerment. Financial literacy is measured using financial inclusion, financial decision making, financial technology, and financial resilience. The study used a structured questionnaire with a Likert Scale (one to five) to collect data from 300 women investors using a convenience sampling method. The study used a partial least square structural equation modeling (PLS- SEM) for the analysis. The results demonstrate that financial literacy boosts female investors’ economic empowerment. Furthermore, using a structural equation model, we discovered it was shown that financial inclusion, financial decision making, financial technology, and financial literacy all contribute to women investors’ economic empowerment. This suggests that when women are financially aware, they are better equipped to make investment decisions. The theoretical contribution of this study follows is in line with the Theory of Planned Behavior (TPB) phenomenon, whereas the financial literacy factors influence the decision-making ability of the women investors. The results of this study offer practical suggestions for empowering female investors through financial literacy.

Key Words

Economic empowerment, Financial literacy, Financial inclusion, Fintech, Financial resilience

Author Biography

Anushree Srivastava*
Research Scholar, Department of Management, Dr. APJ Abdul Kalam Technical University, Lucknow, Uttar Pradesh, India. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Seshadev Sahoo**
Professor, Finance & Accounting, IIM Lucknow, India and Room No. 101, Chintan Block, IIM Campus, Prabandh Nagar, Off-Sitapur Road, Lucknow (UP), India-226013. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it ; This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Smriti Srivastava***
Professor, Commerce & Management Maharishi University of Information & Technology Maharishi University of Information & Technology, IIM Rd, Near Maharishi Vidya Mandir, Indrapuri Colony, Diguria, Aziz Nagar, Lucknow, Uttar Pradesh 226013, India. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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