IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i19p8317-d1484893.html
   My bibliography  Save this article

The Relationship between Financial Inclusion and Women’s Financial Worries: Evidence from Saudi Arabia

Author

Listed:
  • Jawaher Binsuwadan

    (Department of Economics, College of Business Administration, Princess Nourah bint Abdulrahman University, P.O. Box 84428, Riyadh 11671, Saudi Arabia)

  • Manal Elhaj

    (Department of Economics, College of Business Administration, Princess Nourah bint Abdulrahman University, P.O. Box 84428, Riyadh 11671, Saudi Arabia)

  • Jihen Bousrih

    (Department of Economics, College of Business Administration, Princess Nourah bint Abdulrahman University, P.O. Box 84428, Riyadh 11671, Saudi Arabia)

  • Fatma Mabrouk

    (Department of Economics, College of Business Administration, Princess Nourah bint Abdulrahman University, P.O. Box 84428, Riyadh 11671, Saudi Arabia)

  • Hind Alofaysan

    (Department of Economics, College of Business Administration, Princess Nourah bint Abdulrahman University, P.O. Box 84428, Riyadh 11671, Saudi Arabia)

Abstract

Financial inclusion is essential in achieving sustainable development goals in emerging countries. Goal number five of the sustainable development agenda, “Gender equality”, depends on women’s financial empowerment. It enhances women’s ability to make decisions, access resources and income, and control benefits from economic gains and power. The paper investigates the relationship between financial inclusion and women’s financial worries, using the 2021 Global Financial Inclusion Survey recently published by the World Bank for the Kingdom of Saudi Arabia. This paper examines the effects of several aspects of inclusive finance, access, usage, and quality on women’s financial worries. The research implements an ordered probit analysis and contributes to the literature on women’s financial empowerment and inclusion by demonstrating that having access to financial services empowers women to make decisions about their lives, which greatly improves their welfare and sense of security. These findings provide policymakers with different targeted policies and strategic management practices to substantially improve financial inclusion and alleviate financial concerns within the population, especially among women.

Suggested Citation

  • Jawaher Binsuwadan & Manal Elhaj & Jihen Bousrih & Fatma Mabrouk & Hind Alofaysan, 2024. "The Relationship between Financial Inclusion and Women’s Financial Worries: Evidence from Saudi Arabia," Sustainability, MDPI, vol. 16(19), pages 1-19, September.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:19:p:8317-:d:1484893
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/19/8317/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/19/8317/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Suleiman Abu‐Bader & Aamer S. Abu‐Qarn, 2008. "Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries," Review of Development Economics, Wiley Blackwell, vol. 12(4), pages 803-817, November.
    2. Fatma Mabrouk & Jihen Bousrih & Manal Elhaj & Jawaher Binsuwadan & Hind Alofaysan, 2023. "Empowering Women through Digital Financial Inclusion: Comparative Study before and after COVID-19," Sustainability, MDPI, vol. 15(12), pages 1-17, June.
    3. Shivangi Bhatia & Seema Singh, 2019. "Empowering Women Through Financial Inclusion: A Study of Urban Slum," Vikalpa: The Journal for Decision Makers, , vol. 44(4), pages 182-197, December.
    4. Faisal Aziz & Salman Masood Sheikh & Ijaz Hussain Shah, 2022. "Financial inclusion for women empowerment in South Asian countries," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 30(4), pages 489-502, March.
    5. Amirreza Kazemikhasragh & Antonella Francesca Cicchiello & Stefano Monferrá & Alicia Girón, 2022. "Gender Inequality in Financial Inclusion: An Exploratory Analysis of the Middle East and North Africa," Journal of Economic Issues, Taylor & Francis Journals, vol. 56(3), pages 770-781, July.
    6. Thorsten Beck & Asli Demirgüç-Kunt & Ross Levine, 2007. "Finance, inequality and the poor," Journal of Economic Growth, Springer, vol. 12(1), pages 27-49, March.
    7. Yu Zhang & Swarn Chatterjee, 2023. "Financial Well-Being in the United States: The Roles of Financial Literacy and Financial Stress," Sustainability, MDPI, vol. 15(5), pages 1-18, March.
    8. Georgios A. Panos & John O. S. Wilson, 2020. "Financial literacy and responsible finance in the FinTech era: capabilities and challenges," The European Journal of Finance, Taylor & Francis Journals, vol. 26(4-5), pages 297-301, March.
    9. Ashraf, Nava & Karlan, Dean & Yin, Wesley, 2010. "Female Empowerment: Impact of a Commitment Savings Product in the Philippines," World Development, Elsevier, vol. 38(3), pages 333-344, March.
    10. Loan Thi-Hong Van & Anh The Vo & Nhan Thien Nguyen & Duc Hong Vo, 2021. "Financial Inclusion and Economic GROWTH: An International Evidence," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(1), pages 239-263, January.
    11. Gentjan Çera & Khurram Ajaz Khan & Ahmad Mlouk & Tomáš Brabenec, 2021. "Improving financial capability: the mediating role of financial behaviour," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 34(1), pages 1265-1282, January.
    12. Somayeh Parvazian & Judith Gill & Belinda Chiera, 2017. "Higher Education, Women, and Sociocultural Change: A Closer Look at the Statistics," SAGE Open, , vol. 7(2), pages 21582440177, May.
    13. Asli Demirguc-Kunt & Leora Klapper, 2013. "Measuring Financial Inclusion: Explaining Variation in Use of Financial Services across and within Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(1 (Spring), pages 279-340.
    14. Naila Kabeer, 1999. "Resources, Agency, Achievements: Reflections on the Measurement of Women's Empowerment," Development and Change, International Institute of Social Studies, vol. 30(3), pages 435-464, July.
    15. Asli Demirguc-Kunt & Leora Klapper, 2013. "Measuring Financial Inclusion: Explaining Variation in Use of Financial Services across and within Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 46(1 (Spring), pages 279-340.
    16. Muhammad Umer Niaz, 2022. "Socio-Economic development and sustainable development goals: a roadmap from vulnerability to sustainability through financial inclusion," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 3243-3275, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Singh, Nirvikar, 2018. "Financial Inclusion: Concepts, Issues and Policies for India," MPRA Paper 91047, University Library of Munich, Germany.
    2. Gallego-Losada, María-Jesús & Montero-Navarro, Antonio & García-Abajo, Elisa & Gallego-Losada, Rocío, 2023. "Digital financial inclusion. Visualizing the academic literature," Research in International Business and Finance, Elsevier, vol. 64(C).
    3. Grohmann, Antonia & Klühs, Theres & Menkhoff, Lukas, 2018. "Does financial literacy improve financial inclusion? Cross country evidence," World Development, Elsevier, vol. 111(C), pages 84-96.
    4. Thereza Balliester Reis, 2022. "Socio‐economic determinants of financial inclusion: An evaluation with a microdata multidimensional index," Journal of International Development, John Wiley & Sons, Ltd., vol. 34(3), pages 587-611, April.
    5. Shivangi Bhatia & Gaurav Dawar, 2024. "The Impact of Financial Inclusion on Social and Political Empowerment: Mediating Role of Economic Empowerment," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 13727-13744, September.
    6. Amit Pandey & Ravi Kiran & Rakesh Kumar Sharma, 2022. "Investigating the Impact of Financial Inclusion Drivers, Financial Literacy and Financial Initiatives in Fostering Sustainable Growth in North India," Sustainability, MDPI, vol. 14(17), pages 1-21, September.
    7. María-Jesús Gallego-Losada & Antonio Montero-Navarro & Rocío Gallego-Losada & José-Luis Rodríguez-Sánchez, 2024. "Measuring financial divide in the rural environment. The potential role of the digital transformation of finance," International Entrepreneurship and Management Journal, Springer, vol. 20(4), pages 2791-2810, December.
    8. Juan Carlos Urueña-Mejía & Luis H. Gutierrez & Paul Rodríguez-Lesmes, 2023. "Financial inclusion and business practices of microbusiness in Colombia," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 465-494, June.
    9. Ma, Yechi & Ding, Yibing & Bu, Ziwen & Li, Suyang, 2024. "Political freedom and financial inclusion: Unraveling social trust and political rent-seeking," Journal of Economic Behavior & Organization, Elsevier, vol. 220(C), pages 46-65.
    10. Lu, Weijie & Niu, Geng & Zhou, Yang, 2021. "Individualism and financial inclusion," Journal of Economic Behavior & Organization, Elsevier, vol. 183(C), pages 268-288.
    11. Kara, Alper & Zhou, Haoyong & Zhou, Yifan, 2021. "Achieving the United Nations' sustainable development goals through financial inclusion: A systematic literature review of access to finance across the globe," International Review of Financial Analysis, Elsevier, vol. 77(C).
    12. Agyekum, Francis K. & Reddy, Krishna & Wallace, Damien & Wellalage, Nirosha H., 2022. "Does technological inclusion promote financial inclusion among SMEs? Evidence from South-East Asian (SEA) countries," Global Finance Journal, Elsevier, vol. 53(C).
    13. Francis Osei‐Tutu & Laurent Weill, 2021. "Sex, language and financial inclusion," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 29(3), pages 369-403, July.
    14. Li, Linyang, 2018. "Financial inclusion and poverty: The role of relative income," China Economic Review, Elsevier, vol. 52(C), pages 165-191.
    15. Saibal Ghosh, 2020. "Access to and use of finance in India: does religion matter?," Indian Economic Review, Springer, vol. 55(1), pages 67-92, June.
    16. Lan Khanh Chu, 2019. "Determinants of financial inclusions: comparing high, middle, and low-income countries," Economics Bulletin, AccessEcon, vol. 39(2), pages 1449-1457.
    17. BKWAYEP, NGUEMNANG Yannick Rodrigue & TSAFACK, NANFOSSO Roger, 2020. "Remittances, Financial Inclusion and Income Inequality in Africa," MPRA Paper 99684, University Library of Munich, Germany, revised 22 Apr 2020.
    18. Ozili, Peterson Kitakogelu, 2018. "Impact of Digital Finance on Financial Inclusion and Stability," MPRA Paper 84771, University Library of Munich, Germany.
    19. Ndlovu, Godfrey & Toerien, Francois, 2020. "The distributional impact of access to finance on poverty: evidence from selected countries in Sub-Saharan Africa," Research in International Business and Finance, Elsevier, vol. 52(C).
    20. David Mhlanga & Steven Henry Dunga & Tankiso Moloi, 2020. "Financial Inclusion and Poverty Alleviation among Smallholder Farmers in Zimbabwe," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 8(3), pages 168-182.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:16:y:2024:i:19:p:8317-:d:1484893. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.