Determinants of financial inclusion of Working Women in Uganda

Abstract

This study sought illuminate the determinants of financial inclusion among working women. The two objectives of this investigation were to establish the effect of financial literacy on financial inclusion and the effect of self-efficacy on financial inclusion among working women in Uganda.The empowerment theory and the social cognitive theory underpinned the study. A correlational cross-sectional design was used. Using the recommended Krejcie & Morgan table at a 5% level of significance, a sample size of 384 is derived and used from a population of 327,930 working women (+15 years) in all the five divisions of Kampala district in Uganda. A closed-ended structured questionnaire was used to obtain the primary data. Pearson correlation analysis was done to find out how the study variables arerelated. The hypotheses were subjected to empirical validation through the utilization of Multiple Regression Analysis. The results show that Financial Literacy positively and significantly (B=0.383, β= 0.365, p<0.01) affected Financial Inclusion. Additionally, the results confirm that self-efficacy positively and significantly (B=0.091, β= 0.114, p<0.05) affected Financial Inclusion. Thus, the results of the validation of study hypotheses led to their rejection. The researchers recommend that the government of Uganda should intentionally design policies that empower working women to be financially literate like approving training curricula that have content of financial literacy focusing on financial behaviour, financial skills and financial attitudes. Additionally, initiatives that target working women to build their self-belief to use the existing financial services such as use of role models should be supported