Financial Anxiety and Resilience among Rural Poor: An Exploration of Social Work Implication

Abstract

The study aims to investigate the level of financial anxiety and resilience behavior among the rural poor in India, particularly focusing on the relationship between financial anxiety and socio-demographic factors such as education, occupation, and household size. Additionally, the study explores the potential for Social Work interventions to address financial anxiety and improve financial literacy among this demographic. The research adopts a descriptive research design, using purposeful sampling to select 62 respondents from rural poor households within the Kodigenahalli Gram Panchayat jurisdiction. Data were collected through an interview schedule and analyzed to assess the prevalence of financial anxiety and its correlation with socio-demographic factors. The study reveals a significant presence of financial anxiety among the rural poor, with clear correlations identified between financial anxiety and variables such as education level, occupation, and the number of household members. The findings underscore the urgent need for interventions to improve financial literacy as a means of reducing financial anxiety. The study concludes that financial anxiety is a widespread issue among the rural poor in India, exacerbated by low levels of financial literacy. There is a pressing need for targeted Social Work interventions to address these issues, which could include educational programs and support services to enhance financial resilience and well-being among vulnerable populations. The research highlights the critical role of Financial Social Work in mitigating financial anxiety through tailored interventions. By integrating financial literacy into Social Work practice, professionals can help rural poor households better manage their finances, ultimately leading to reduced financial stress and improved economic stability.