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G4c Navigating Financial Landscapes: A Comparative Study of Decision-Making Among Low-Income Households in Rural and Urban India
Short Description
Financial inclusion emphasizes the importance of accessible and affordable financial services for individuals and businesses, particularly those in low-income households. These households often struggle with fluctuating incomes, restricted access to formal services, and urgent financial demands. Studies conducted in India indicate distinct financial challenges of urban and rural cohorts. However, those studies have not delved into challenges and behaviors from the perspective of targeted intervention design. Our objectives are: (a) to gain insights into how individuals from low-income backgrounds make financial choices and (b) to identify cohort-specific customized interventions to aid effective financial decisions. We employed a qualitative research approach with 50 participants. Through interviews, we captured their lived experience and contextual elements impacting their financial choices. Using affinity mapping for data analysis, key themes emerged: lack of financial awareness rather than affordability for uptake of various schemes, trust as a factor influencing self-help groups, lack of financial planning to meet future needs, and openness towards using mobile apps that help them with financial decisions and management. We evolve a behavioral influence framework that deconstructs specific structural and behavioral determinants of financial behaviors at the micro-, meso- and macro-levels and present a set of potential tailored interventions for both cohorts.
Type of presentation
Accepted Oral Presentation