“A Case Study on Empowering Women for Micro-Finance and Financial Literacy in Ghangola Village, Gurugram, Haryana”

Abstract

Empowering women is widely regarded as a key responsibility of every government. Historically, limited attention was devoted to addressing empowerment issues or exploring ways to integrate empowerment with sustainability goals. Access to savings and credit plays a crucial role in enhancing women's economic participation by enabling them to make significant decisions regarding financial matters. When women have control over savings and credit decisions, they can better optimize their own well-being as well as that of their households. Women’s empowerment involves fostering independence, not only financially but across all dimensions of social existence. This case study examines the impact of a sensitization program on micro-finance and financial literacy among women in Ghangola Village, Haryana. The initiative aimed to advance women's economic empowerment by improving their access to financial resources and enhancing their financial knowledge. A mixed-methods approach was adopted for the study, combining surveys, interviews, and focus group discussions to evaluate the program's outcomes. Over six months, the sensitization program focused on building awareness about the advantages of micro-finance, imparting essential financial literacy skills, and encouraging entrepreneurship through the formation and development of Self-Help Groups (SHGs) within the community. The findings highlight a positive change in participants' attitudes and perceptions regarding financial matters, marked by an improved understanding of basic financial concepts, increased use of micro-finance tools, and the establishment of SHGs.