Abstract:

Financial inclusion has become a policy agenda for the governments and central banks in emerging economies, in which India is not an exception. Also, it has captured the significant attention of researchers, policymakers, and socio-economists around the globe. The study examines the determinants (accessibility, usage, and quality of service) of financial inclusion and its impact on the financial well-being of low-income households. The demandside analysis of measuring financial inclusion with a sample of 410 low-income households in India. The primary data collection is done by administering the structured interview schedule using purposive sampling. Confirmatory factor analysis (CFA) and structural equation modeling (SEM) is performed to describe the latent constructs and their hypothetical relationships with adequate empirical evidence. It is found that dimensions of financial inclusion significantly influence the determinants of financial inclusion and significantly impact the financial well-being of low-income households. The study outcome facilitates all the stakeholders, including policymakers and financial institutions, to enact policy guidelines to ensure the financial well-being of low-income households through financial inclusion initiatives.

Keywords:

Access, usage, financial inclusion, financial well-being, and low-income households.

How to Cite:

M. Stella and T. Ramachandran. Exploring the Influence of Financial Inclusion on Financial Well-being of Low-income Households. [ref]: vol.21.2023. available at: https://refpress.org/ref-vol21-a266/