IDEAS home Printed from https://ideas.repec.org/a/vrs/ecoreg/v18y2025i2p220-233n1008.html
   My bibliography  Save this article

Empowering Financial Well-Being through Financial Literacy: A Comparative Analysis of Welfare Recipients and Non-Recipients in Gaya District, Bihar

Author

Listed:
  • Raj Aman

    (Department of Economic Studies and Policy, Central University of South Bihar, India)

  • Nayak Santosh Kumar

    (Department of Economic Studies and Policy, Central University of South Bihar, India)

  • Kumbhar Rathi Kanta

    (Department of Economic Studies and Policy, Central University of South Bihar, India)

Abstract

Subject and purpose of work This study seeks to enhance financial well-being by offering valuable insights into the financial literacy of both welfare recipients and non-recipients in Gaya, Bihar. Material and Methods The study was based on primary data and data was collected by structured interviews from 128 households, including 65 welfare recipients and 63 non-recipients to assess their level of financial literacy. Pearson’s χ2 test and logistic regressions were used for data analysis. Results The results state that years of schooling significantly affect the different dimensions of financial literacy whereas age, monthly income and homeownership have also shown marginal significance. Furthermore, the financial literacy of welfare recipients is significantly lower compared to non-recipients. Conclusions The study suggests the need for financial literacy initiatives for welfare recipients. Such measures can contribute to the economic upliftment and better socio-economic conditions in Gaya.

Suggested Citation

  • Raj Aman & Nayak Santosh Kumar & Kumbhar Rathi Kanta, 2025. "Empowering Financial Well-Being through Financial Literacy: A Comparative Analysis of Welfare Recipients and Non-Recipients in Gaya District, Bihar," Economic and Regional Studies / Studia Ekonomiczne i Regionalne, Sciendo, vol. 18(2), pages 220-233.
    • Handle: RePEc:vrs:ecoreg:v:18:y:2025:i:2:p:220-233:n:1008
    DOI: 10.2478/ers-2025-0018
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/ers-2025-0018
    Download Restriction: no
    File URL: https://libkey.io/10.2478/ers-2025-0018?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • G5 - Financial Economics - - Household Finance
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development
    • I26 - Health, Education, and Welfare - - Education - - - Returns to Education
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:ecoreg:v:18:y:2025:i:2:p:220-233:n:1008. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.