A Comprehensive Study On Financial Literacy And Personal Money Management Among At-Risk Women

Abstract

The primary objective of this research is to assess the impact of financial literacy on the money management practices of impoverished women. We employed multivariate analysis to evaluate the mean difference for categorical data and structural equation modeling (SEM) to examine the relationship between financial literacy and personal finance management. Our findings reveal a significantly positive correlation between financial literacy and personal finance management. Furthermore, we observed differences in the covariance matrices of general financial knowledge and personal finance management across age groups. Overall, these results suggest that financial literacy plays a crucial role in personal management.