Exploring The Relationship Between Financial Inclusion on Financial Well-Being in Rural Tamil Nadu

Abstract

The study aims to investigate the factors that influence financial inclusion. It then examines the impact of financial inclusion on the financial well-being of Indian banks. Enhancing the trend of better financial management practices is critical, particularly for working employees, due to higher levels of existing personal indebtedness and a growing emphasis on personal responsibility for financial planning among them. Because of the complexities of financial commodities in the marketplace, employees’ roles in managing their finances are becoming more complex. As a result, the primary goal of this research is to investigate the determinants of employees’ financial well-being (FWB) among employees in India. A researcher with a multistage sampling technique used it. It chose a sample of 120 public sector employees from the Dindigul district in Tamil Nadu. The data have gathered using a self-administered questionnaire. According to the regression analysis, the variables contributed 32.3% to the model. Financial Inclusion (Availability, Accessibility, and Usage) contributed significantly to FWB, while financial practices have been identified as FWB’s most essential performing aspect. The study’s findings will help the government and private banks develop a comprehensive approach to improving the living standards and FWB of employees from lower-income households. More understanding of the determinants of FWB plays an essential role in assisting workers in equipping themselves with financial prudence, which in the long run would reduce the rate of Indian workers experiencing financial difficulties.