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Developing and Validating Constructs: A Pragmatic Measurement of Financial Inclusion as a Tool for Sustainable Growth

Author

Listed:
  • T. K. Murugesan

    (Kristu Jayanti College Autonomous Bengaluru, Bengaluru 560077, India)

  • Edwin Ramirez Asis

    (Faculty of Business Sciences, Universidad Señor de Sipán Chiclayo, Chiclayo 14000, Peru)

  • Jaheer Mukthar K.P.

    (Kristu Jayanti College Autonomous Bengaluru, Bengaluru 560077, India)

  • Juan Villanueva Calderón

    (Faculty of Business Sciences, Universidad Señor de Sipán Chiclayo, Chiclayo 14000, Peru)

  • Felix Julca Guerrero

    (Faculty of Law, Universidad Nacional Santiago Antunez de Mayolo, Huaraz 02001, Peru)

  • Jorge Castillo Picon

    (Faculty of Economics and Accounting, Universidad Nacional Santiago Antunez de Mayolo, Huaraz 02001, Peru)

  • Guillermo Pelaez Diaz

    (Faculty of Management and Tourism, Universidad Nacional Santiago Antunez de Mayolo, Huaraz 02001, Peru)

Abstract

Given the ubiquity of sustainability, the study attempts to develop and validate measurement constructs for financial inclusion. Further, it empirically examines the statistical relationship between validated constructs of financial inclusion and financial empowerment of blue-collar migrant workers. This empirical study proposes an exclusive research framework to inspect the development and validation of measurement scales for financial inclusion in the context of sustainable growth in India. The primary data were collected using the structured interview schedule among 268 blue-collar migrant workers. The Exploratory Factor Analysis (EFA) was employed to validate measurement constructs of financial inclusion and examine their hypothetical and conjectural relationships with the help of multiple correlation analysis. This paper identified eight valid and reliable underlying constructs of financial inclusion with the help of an exploratory factor study. The underlying constructs are ease of access, usage, availability, affordability, physical proximity, awareness and knowledge, financial literacy, and financial empowerment. Further, the outcomes of this study also confirmed that the underlying constructs of financial inclusion have a significant positive influence on the financial empowerment of blue-collar migrant workers.

Suggested Citation

  • T. K. Murugesan & Edwin Ramirez Asis & Jaheer Mukthar K.P. & Juan Villanueva Calderón & Felix Julca Guerrero & Jorge Castillo Picon & Guillermo Pelaez Diaz, 2022. "Developing and Validating Constructs: A Pragmatic Measurement of Financial Inclusion as a Tool for Sustainable Growth," Sustainability, MDPI, vol. 14(20), pages 1-16, October.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:20:p:12955-:d:938421
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    References listed on IDEAS

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