Microfinance, Savings Parking Before and After Joining Self Help Groups, Financial Literacy, and Factors Driving Women's Empowerment - A study w.r.t. Wanaparthy District of Telangana.

Abstract

Purpose : The main intention of presented research paper is to know whether demographics and socio-economic factors impacts on the study. Further, the study
is conducted to know the savings details before and after joining SHGs, financial literacy of respondents and factors driving women empowerment. The analysis
of above details about contribution of microfinance to the eradication of unemployment, poverty leading to empowering women.
Methodology : A well designed, tested and previously known questionnaire was administered as schedule to gather the required information. The structured
questionnaire was administered as schedule after considering literacy rate of respondents. Chi-square, contingency co-efficient, Kendall's coefficient of
concordance and weighted arithmetic mean and Women Empowerment Index, statistical tools were performed.
Findings : The study that all the demographics, socio-economic characteristics are significantly varying with high degree of relationship. Further, savings details
before and after joining SHGs reveals 29 respondents use to cash in hand, 30 invested in chit funds highly unsecured, 15 gave loans to relatives, friends. Notably
after joining SHGs 54 members parked their saving in SHGs, 14 deposited in post offices, 11 deposited in the banks. As far as financial literacy is concerned,
members are aware of gender based credit schemes followed by basic numerical skills and banking of savings. The factors driving women empowerment includes
in the order, improvement in employment opportunities, access to markets, and free from lenders.