A Comparative Study of Financial Autonomy Refrence to Urban Women of Malwa region of Punjab

Abstract

newline Abstract: Economic prosperity is not a sign of social progress for women in Punjab. Another significant characteristic of the status of women in the state is the absence of a homogeneous social, cultural and economic structure that makes any generalizations of women impossible. Despite tall claims of women empowerment, females are less educated than men. There is a need of change of our attitude without which we cannot improve the condition of women. The question arises whether women have equal say in the process of decision making at household level and in case of other investment decisions. The present study aims to find out autonomy for financial decision making among urban working women of Punjab in Malwa region. It examines the investment behavior and risk aversion between genders. It also aims at determining the relationship between women literacy and the place where they belong to with the financial Autonomy. Modern urban working women share equal responsibilities with men but whether they are provided equal rights as far as financial status is concerned. The various relationships of financial autonomy of women with education and other demographics are created to analyse the data. The age and income level affects the investment behavior of women. Results of the study suggest that women display much lower levels of risk and confidence than men. Women hesitate looking into the financial matters and consider it as men s domain. In addition, women who are less financially literate are also less likely to plan for retirement and go for safe and secure investments. There is a huge gap in financial decision-making between the women of advanced districts and backward districts because of education, confidence and mindset. Though women of advanced cities has shown upswing in financial decision-making capacity but still there is a need to enhance the position of backward districts. By increasing the level of education, mindset, exposure, transformation can be brought into status of women. Family members, government, employers, banks should take initiative in bringing total makeover of the society. For sustainable progress the platform of men and women should be based on equality. In national and international societies theory of shared power and responsibility should be established between men and women at home, in the workplace.