Empowering Financial Well-Being through Financial Literacy: A Comparative Analysis of Welfare Recipients and Non-Recipients in Gaya District, Bihar
Rathi Kanta Kumbhar
Orcid profile 
Published Online: Aug 06, 2025
Page range: 220 - 233
Received: Mar 01, 2025
Accepted: Mar 01, 2025
DOI: https://doi.org/10.2478/ers-2025-0018
Keywords
© 2025 Aman Raj et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
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.