The findings provide a rich understanding of factors associated with financial literacy levels among rural women in the Luweero district of Uganda. Constant training programmes on financial literacy and financial education can propel high financial literacy levels in Uganda.
Financial literacy has been seen as a global concern in developing and developed countries. It affects both genders, though women tend to have a lower financial literacy level than men. In Uganda, the government has implemented many programmes to support women out of poverty. Still, results are astonishing regarding the value of the money and effort invested in these initiatives. Among the factors that may contribute to this challenge is low financial literacy among women. This study investigates the determinants of financial literacy levels among rural women: a case study of Luweero district.
Using a multi-stage sampling strategy with a cross-sectional quantitative research design, a sample of 150 rural women operating small businesses and subsistence farmers were selected. A binary logistic regression was used to predict the likelihood of determinants influencing financial literacy levels. Results indicated that: the average level of financial literacy score of women was 62.32; 53.55% were financially illiterate; and 46.45% only were financially literate. Rural women that had ever received financial training were 13.35 times more likely to have high financial literacy levels than their counterparts (OR=13.35, p=0.001, 95% CI=2.74-65.03); the same with those with secondary education (OR=12.04, p-value = 0.01, 95% CI=1.80-80.65); and tertiary education level ((OR= 82.34, p-value = 0.02, 95% CI=2.23-3042.23) compared to those without any level of education (OR= 82.34, p-value = 0.02, 95% CI=2.23-3042.23). Again, women who prepare budgets and are specialist buyers with (OR=7.07, p-value = 0.001, 95% CI=2.16-23.13), (OR=2.25, p-value = 0.03, 95% CI=1.08-4.69) had higher financial literacy levels compared to their counterparts respectively. The findings provide a rich understanding of factors associated with financial literacy levels among rural women in the Luweero district of Uganda. Constant training programmes on financial literacy and financial education can propel high financial literacy levels in Uganda.
Keywords: Financial literacy, Financial illiteracy, Women, Rural, Luweero district, Uganda
Citation: Namawejje, Hellen, Yawe L. Bruno, Robert Wadada, Alex Antonites, and David Ssekamatte. "DETERMINANTS OF FINANCIAL LITERACY LEVELS AMONG RURAL WOMEN IN UGANDA." Int. j. of Social Science and Economic Research 7, no. 12 (December 2022), 4119-4138. https://doi.org/10.46609/IJSSER.2022.v07i12.019.
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