This study, conducted in Delhi, involved low to middle-income married women with smartphones and an independent income source. Findings reveal a correlation between improved savings and enhanced bargaining power for women within households. Challenges in adopting digital finance for women were also identified, such as societal norms limiting independent smartphone ownership. Nevertheless, women expressed interest in learning about digital finance, emphasizing the need for dedicated resources and financial education to empower women economically through digital savings.
Researchers: Busara Center for Behavioral Economics
Timeline: 2021-2023
Status: Completed
Contact: Jaspreet Singh; jaspreet.singh@busara.global
Context
The study explores the potential of digital savings as a tool for women’s economic empowerment in India. It involved low to middle-income married women with smartphones and independent income sources, focusing on their financial participation within households.
Objectives
The main objective is to assess how digital savings impact women’s bargaining power and agency within their households.
Methodology
The study used semi-structured in-depth interviews (IDIs) and focus group discussions (FGDs) in urban and peri-urban areas of Delhi, India. The sample consisted of 16 IDIs and 4 FGDs with married women, discussing savings patterns, digital finance adoption, and financial decision-making dynamics.
Findings and Recommendations
The findings indicate that improved savings correlate with enhanced bargaining power for women. Despite challenges, women are open to adopting digital finance and express interest in learning about it. Recommendations include providing targeted support for digital banking, enhancing digital literacy, enabling peer-to-peer conversations, addressing fraud concerns, and using behavioral tools to improve savings goal adherence.
