Empowering Women Cashew Workers Through Financial Capability: Insights into Decision-Making Power

Abstract

Even while financial instruments are becoming more widely available, many women cashew workers face barriers to effectively utilising these platforms because they lack the necessary financial skills, to make financial decisions and achieve economic empowerment. We examined the impact of independent variables like financial behaviour, attitude, and knowledge on financial decision-making. Structural Equation Modelling (SEM) was used to analyse 385 respondents. Result of the study revealed that decision-making was significantly and robustly influenced by women cashew workers intention to save money for making purchases and budgeting. These results highlight the need for a unique approach and initiatives to improve the financial capability of women cashew workers of both urban and rural areas. More research could look at Kerala and add a comparative analysis of other Indian states. Subsequent research endeavours may go beyond Kerala to incorporate a comparative evaluation across several Indian states. This would give a more thorough grasp of how cashew workers’ financial literacy varies by location. The effects of parental education levels, gender, and income background on financial behaviour and financial literacy can be examined in more detail. Future research should look at how digital financial tools affect cashew workers’ financial literacy and habits as a result of the growing usage of fintech, digital wallets, and UPI platforms.