Strategies for Leveraging Digital Libraries to Improve Financial Literacy among Rural Entrepreneurial Women

Abstract

The topic of women's financial inclusion has gained international attention, and prior research has shown conflicting results about the factors that influence financial inclusion among Rural Women Entrepreneurs (RWE) worldwide. Nonetheless, previous research has seldom examined how women's financial inclusion is impacted by digital financial literacy and Digital Libraries (DLs). An individual with financial literacy is equipped with the information and abilities needed to make wise business choices. The ability of business owners to get the capital they need has a beneficial impact on the expansion of the national economy. Making sure vulnerable populations, including low-income RWEs, have affordable access to suitable financial goods and services is known as financial inclusion. The geographical region under investigation was the southern part of India. The participants in the study were 499 RWE from five different states (Tamilnadu, Kerala, Karnataka, Andra Pradesh and Telangana). A total of 259 respondents who used Digital Financial Goods & Services (DFG & S) using DLs and 240 respondents who did not utilize financial services took part in the survey. The statistical analysis compares the revenue of individuals who use DFG&S through DLs and those who do not use DFG & S. The annual savings exhibit a substantial disparity, shown by a T-ratio of 2.684 and a p-value of 0.015, which suggests a noteworthy difference at a significance level of 1.5%. Results indicate that those who answer save more money each year than those who do not react. On the other hand, the wealth parameter exhibits a T-ratio of 1.987 and a p-value of 0.123, indicating no statistically significant wealth disparity between the two respondent groups.