Financial Capability and Financial Wellbeing of Working Women: Mediating Role of Decision-Making Ability

Abstract

The study investigates the ability to manage finances, their capacity to make decisions, and the overall wellbeing of women who work within Pakistan who work in the formal context of their organizations. As women are increasingly represented in the workforce levels in Pakistan, understanding the unique difficulties in managing their finances is essential to ensure the equality of women in financial freedom and equity for gender in financial freedom in and of itself. In this study, we employed a combination of qualitative surveys and interviews to collect comprehensive data on the financial habits of women who work as well as their literacy levels and autonomy regarding financial matters. The most important variables are socio-economic situation, education as well as accessibility to resources for financial planning as well as the policies of an organization will be examined for their influence on women's financial performance. The results show that even though women employed by formal institutions are more likely to have access to resources for financial planning as compared to those working for any other organization however, they face numerous problems making financially informed choices due to social-cultural limitations as well as a lack of financial literacy as well as inadequate support from the organization. It also finds that women with higher socio-economic backgrounds are more likely to show higher financial capacity and independence although this might not be the norm.