Empowering women’s financial well-being: the role of financial literacy and decision making in wealth creation

Abstract

Financial literacy and decision-making skills are crucial for managing finances effectively. Women often face challenges due to social, cultural, and economic barriers that limit access to education and financial resources, leading to lower financial literacy and difficulty making informed decisions for wealth creation. However, recent research indicates that financial literacy and effective financial decision-making skills can significantly impact women’s wealth creation. Financial decision making mediates financial literacy and wealth creation, enabling women to make conscious decisions and navigate the complex economic landscape. This work seeks to explore the role of financial literacy in women’s wealth creation through financial decision making as a mediator. The literature review highlights the significance of financial decision making in promoting women’s financial empowerment, offering implications for policymakers and practitioners working towards improving women’s financial well-being.