Socio-demographic and socio-economic factors affecting financial literacy among rural women in Luwero district

Abstract

Financial literacy is relevant for everyone in modern society regardless of income level, education level, age , marital status and gender . The objective of the study was to assess the socio-demographic and socio-economic factors affecting financial literacy among rural women in Luwero District. The study utilised secondary data of the Financial Awareness and Literacy project (FAAL) that was conducted between 19th and 31st August 2022. A multiple linear regression model was used to determine the average levels of financial literacy among rural women. The results show that the factors that significantly affected financial literacy were, age , where older women were (3.49) times more likely to be financially literate than younger women, education level , where women who received secondary, Tertiary and University education were, (96.65), (236.82) and (429.17) times more likely to be financially literate than women who had never received any formal education. The researcher therefore recommends the government and other concerned parties such as the financial institutions to consider decentralising financial literacy awareness campaigns through seminars, radio talk shows to enable the information to effectively reach the targeted audience.