Present Scenario of Financial Literacy among Women Vendors in Manipur

Abstract

Manipur, a North-Eastern state of India, is renowned for its distinctsocio-cultural fabric and thriving female-led market economy. Women in Manipur have a big impact on the politics, society, and economy of the state. The state's informal economy is dominated by women, especially in marketplaces like Ima Keithel, Asia's largest all-female market, where almost 5000 female vendors offer a wide range of goods, from handwoven textiles to fresh goods. In order to address the importance of women in Manipur, this study looks at the present level of financial literacy among female vendors. Little is known about the degree to which these women have the information, abilities, attitudes, and behaviours required for wise financial decision-making, despite their significant contribution to trade and household support. Data was gathered from 200 female vendors in the main markets in the Imphal East and Imphal West Districts using a structured survey based on the OECD-INFE and NCFE frameworks.

This study examines the current level of financial literacy among female vendors in order to address the significance of women in Manipur. Despite their substantial contribution to trade and household support, little is known about the extent to which these women possess the knowledge, skills, attitudes, and behaviours necessary for prudent financial decision-making. A structured survey based on the OECD-INFE and NCFE frameworks was used to collect data from 200 female vendors in major markets in the Imphal East and Imphal West Districts.

The findings indicate that while the majority of women have favourable opinions about earning money, formal financial knowledge is still lacking, particularly when it comes to concepts like compound interest, pensions, and insurance. The study also determines how financial literacy varies by age, income, and educational attainment, as well as how these variables relate to one another. The findings of the study highlight the necessity of focused financial education initiatives that are adapted to the local environment and make use of pre-existing community resources such as online forums and self-help groups. Improving the financial literacy of these economically active women is crucial for both their individual financial well-being and for fostering inclusive growth and community resilience in Manipur.