Financial Empowerment: Exploring Savings Management and Decision-Making among Working Women

Abstract

Financial literacy is crucial for women to understand their financial life cycles and make informed decisions. However, the increasing complexity of financial systems has limited their ability to effectively educate and support sound decision-making.

This study explores women's involvement in financial planning, their ability to select appropriate financial products, and their preparedness to make informed decisions. It also examines their financial attitudes and behaviors, focusing on responses to uncertainty, market fluctuations, and investment patterns.

A quantitative approach was adopted, with 410 female respondents participating in an online survey. Cronbach's alpha assessed the reliability of the constructs, while descriptive statistics provided key data insights. ANOVA tested the hypotheses, and factor analysis identified the most influential variables.

Participants were asked about their financial strategies, including financial planning, savings allocation, and involvement in decision-making. A significant portion of the questionnaire focused on retirement preparedness, exploring their confidence in generating income, maintaining their lifestyle post-retirement, and protecting investments. The survey also investigated the impact of market crises on financial behavior, highlighting changes in saving habits, investment strategies, and overall security. Additionally, respondents assessed their awareness and investment in financial products like life insurance, retirement policies, stocks, bonds, and annuities.

Overall, this study aims to provide insight into evolving financial behaviors and readiness for a secure financial future, especially in the face of economic instability.