Fostering Financial Resilience Among Women Through Fintech and Financial Literacy

Abstract

This study explores the role of financial literacy in fostering fintech adoption among urban working women in North Karnataka, focusing on its impact on financial decision-making and empowerment. Despite fintech's potential to enhance financial inclusion, its adoption remains uneven due to socio-cultural barriers, limited financial literacy, and low digital proficiency. Employing an exploratory research method, this study surveyed 395 working women across five districts—Dharwad, Gadag, Haveri, Belgaum, and Bagalkot—to assess their financial literacy, fintech adoption patterns, and financial decision-making behavior.

Findings reveal that only a small proportion of respondents demonstrate high financial literacy, which directly correlates with fintech adoption. Higher education levels and income positively influence financial literacy, which, in turn, facilitates fintech adoption. However, challenges such as risk aversion, trust issues, and limited awareness hinder broader fintech usage. The study emphasizes the mediating role of digital literacy between financial literacy and fintech adoption, underscoring the importance of targeted financial and digital education programs.

This research proposes a conceptual framework linking financial literacy, fintech adoption, and financial decision-making, highlighting their interconnectedness. It concludes that addressing barriers such as gender-based societal norms, cultural resistance, and inadequate digital infrastructure is critical to fostering financial empowerment among women.

The findings aim to guide policymakers, financial institutions, and fintech firms in designing inclusive strategies to improve financial literacy and digital inclusion, thereby enabling women to make informed financial decisions and achieve greater economic empowerment.