Journal of Social Service Research

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Pathway to Financial Success: Autonomy Through

Financial Education in India

Harsha Vijaykumar Jariwala & Sophia F. Dziegielewski

To cite this article: Harsha Vijaykumar Jariwala & Sophia F. Dziegielewski (2016): Pathway to
Financial Success: Autonomy Through Financial Education in India, Journal of Social Service
Research, DOI: 10.1080/01488376.2016.1217581

To link to this article: http://dx.doi.org/10.1080/01488376.2016.1217581

Published online: 08 Sep 2016.

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JOURNAL OF SOCIAL SERVICE RESEARCH
http://dx.doi.org/10.1080/01488376.2016.1217581

Pathway to Financial Success: Autonomy Through Financial Education in India

Harsha Vijaykumar Jariwalaa and Sophia F. Dziegielewskib
a
V. M. Patel Institute of Management, Ganpat University, Kherva, India; bSchool of Social Work, University of Central Florida, Orlando, Florida,
USA

ABSTRACT KEYWORDS
This study evaluates attitudinal outcome of nancial education workshops on the nancial Financial autonomy;
autonomy of the participants (homemakers) in the state of Gujarat, India. A series of nancial nancial education;
education workshops were conducted with 300 female homemakers. A pretest and follow-up (after nancial literacy
3 months) survey design was used to assess changes. The survey identied 3 types of autonomy
outcomes (reexive, emotional, and functional) using 15 variables. Data were analyzed using a
paired t test, and signicant results were obtained between the pretest and follow-up surveys.
Specic ndings may help nancial education providers to design and implement such programs
more effectively and may provide guidelines to assess their effect. Directions for future research are
suggested.

Introduction
In developing countries such as India, women are at a
crossroads in their lives as they move from nancial
dependence to nancial independence. The majority of
women below the poverty line that also live in a rural
area need assistance to progress toward achieving nan-
cial autonomy. From a macroeconomic perspective, two
responsible factors that will contribute to nancial prog-
ress are nancial inclusion and nancial literacy. Finan-
cial inclusion focuses on assisting the general economy
and supplying nancial services in nonserved and/or
underserved areas that contribute to the overall economy.
Financial literacy helps to empower people to make
sound nancial decisions by providing education and
awareness on the topic while exploring options leading to
scally sound decisions that enhance personal nance.
Enhancing nancial literacy is central to equipping
consumers with the relevant information, fundamen-
tal knowledge, and adequate skills to evaluate their
savings and investment options, which, in turn, enable
them to understand the implications of alternative
decisions that may greatly improve the nancial
autonomy of individuals and subsequently lead to the
knowledge to make positive nancial decisions.
With the support of global technology, nancial devel-
opments around the world have increased availability on
the local market, making nancial products and services
that were not obtainable before now widely available.
These freely accessible services open the market but also
make nancial decisions increasingly complex; to make
smart nancial choices, consumers must be able to
understand and interpret the myriad of products and fea-
tures available. This multitude of choices can confuse
consumers and lead them to make decisions and subse-
quent purchases that do not benet them as intended.
The lack of nancial awareness leaves people ill equipped
to navigate the sophisticated nancial presentations that
are now made available to them. The growing complexity
of nancial products, coupled with nancial innovations
and the increasing ability for households to purchase
freely, has put enormous pressure and responsibilities on
the consumer, and unwise or uneducated purchases can
clearly affect a consumers nancial security.
Personal nancial decisions are further complicated by
the rapid infusion of cleverly marketed consumer prod-
ucts that are often coupled with expensive credit and
installment plan offers along with easier access and inter-
est-free and other payment options. This increased access
and convenience has led to an increase in spending with a
subsequent rapid rise in both personal and household
debt levels. These advancements have heightened the risk

CONTACT Harsha Vijaykumar Jariwala, PhD, MBA callharsha@gmail.com V. M. Patel Institute of Management, Ganpat University, Ganpat Vidyanagar,
Mehsana Gozaria Highway, Kherva, Mehsana, North Gujarat, India.
2016 Taylor & Francis Group, LLC
2 H. V. JARIWALA AND S. F. DZIEGIELEWSKI
of misplaced or misinformed nancial decisions, espe-
cially in an environment where individuals have trouble
understanding even basic nancial concepts. Beal and
Delpachitra (2003) observed that the need for nancial
skills training has grown rapidly over the past decade
because nancial markets have been deregulated. In addi-
tion, credit has become easier to obtain as nancial insti-
tutions compete strongly for market share. Access and
the ease of purchasing goods on credit have led to a rapid
rise in both personal and household debt levels.
Consequently, empowering people around the
world to make strong nancial decisions with
access to a global marketplace has become the key
requiring the development of nancial literacy in
order to stabilize the independent nancial deci-
sions that are being made. In the past decade, the
topic of nancial literacy has gained the attention
of policy makers, regulators, governments, and sev-
eral other organizations. Substantial efforts have
been made and resources have been developed by
the nancial education providers to promote nan-
cial literacy through a multitude of nancial educa-
tion programs. The crucial challenge faced by the
nancial education providers is to translate the
nancial knowledge to their constituencies, helping
the consumer to utilize the information provided
in evaluating and applying the skills learned to
make sound nancial decisions.
In India, the policy makers have recognized nan-
cial literacy as an essential life skill, and nancial edu-
cation has become an important policy priority to
complement to nancial consumer protection, inclu-
sion, and prudential regulation. The national nancial
education efforts vary according to the setup, audi-
ence, and subject matter. Several organizations,
including regulatory authorities, banks, nongovern-
mental organizations (NGOs), nancial planners,
nancial services institutions, self-regulatory organiza-
tions, and employers, jointly work to deliver nancial
education. In India, the government has set up Invest-
ors Education and Protection Fund (IEPF) to support
the activities relating to investor education, awareness,
and protection. The objective of IEPF is to educate,
empower, and protect investors by equipping them
with information, fundamental knowledge, and skills
to evaluate their saving/investment/credit options and
enabling them to understand the implications of alter-
native nancial decisions and develop autonomous
decision making.
The Importance of Developing Autonomy
Autonomy is commonly understood as a multidimen-
sional concept that can have different scopes, such as
independence, condence (in oneself, others, and the
environment), self-efcient optimism, and self-con-
trol, among others. An autonomous individual takes
initiative and can recognize potentialities and weak-
nesses. This requires putting this knowledge into
action while taking responsibility for the outcomes.
With a condent attitude, individual success is more
likely (Reichert & Wagner, 2007).
In the psychology and sociology literature, auton-
omy encompasses the attributes of independence, con-
dence, optimism, self-control, and conformity to
parents and peers (Reichert & Wagner, 2007; Steinberg
& Silverberg, 1986). Noom, Dekovic, and Meeus
(2001) synthesized autonomy as attitudinal, emotional,
and functional. Attitudinal autonomy was described as
the ability to set goals and think before acting and
encompasses the notions of knowledge, consciousness,
and responsibility. Emotional autonomy brings con-
dence in ones own choices, whether being expressed to
parents, relatives, or peer groups. Last, functional
autonomy encompasses a regulatory dimension in
which different approaches may be selected to achieve
the goal. With each approach selected, competence,
control, and responsibility are displayed. Different
strategies to achieve goals are attempted, and choice of
a specic strategy is founded on knowledge-based deci-
sion making. In functional autonomy, the perception
of responsibility functions as an incentive for responsi-
ble behavior.
One important aspect of autonomy is self-motiva-
tion. When people feel empowered, they are more
likely to be motivated to attempt change-making strat-
egy. Several theorists believe in the importance of moti-
vation, self-determination (Connell, 1990; Ryan, Deci,
& Grolnick, 1995; Ryan, Kuhl, & Deci, 1997; Ryan &
Lynch, 1989; Skinner & Edge, 2000), and self-efcacy
(Bandura, 1989, 1997). A common theme in these the-
ories is that autonomy requires a sense of both cogni-
tive and behavioral autonomy. In this sense, Patrick,
Skinner, & Connell, 1993 and Skinner (1996) have
shown that actions and perceptions that fulll needs
for autonomy are separate from those that fulll needs
for competence. Needs for autonomy are met when
one perceives oneself as the origin of ones actions (the
agent; a perceived internal locus of causality). The need

for competence is met when one feels effective at caus-
ing desirable outcomes while also preventing undesir-
able outcomes (internal locus of control). An internal
perceived locus of causality (autonomy) is evidenced as
a perceived freedom to choose ones own course of
action. Developing control assists in exploring ones
actions and outcomes. From this perspective, an indi-
viduals innate need for autonomy energizes and moti-
vates the individual while simultaneously promoting
responsible behaviors that maintain connections with
others. Autonomy is evident in intrinsic motivation to
engage in certain behaviors and joy in choosing to
engage in certain behaviors rather than others.
A theory-based family management system provides
theoretical support for this study in that the important
components of this systems theory are inputs, through-
puts, and outputs (Deacon & Firebaugh, 1988). In the
family systems, the demands and resources are entered
into the managerial subsystem as inputs. The activities,
through which families clarify their demands and
assess their resources to attain their goals, are known as
throughputs. Then a particular sequence of actions to
achieve the goals is developed and a plan is imple-
mented, known as an output. Managerial subsystems
make up the systems throughput or transformation
process. Consumer economists conventionally dene
managerial subsystem as money management practi-
ces. For this study, managerial system is dened as a set
of behaviors performed in the areas of cash, credit, sav-
ing, and investments. Researchers suggest that inputs
(i.e., nancial education) can directly affect the mana-
gerial subsystem (management of money) by bypassing
the personal subsystem, or can affect management
through its relationship with the personal subsystem
(nancial autonomy).
As can be seen in the preceding discussion, the de-
nitions of autonomy range from freedom from the con-
straints of dependence on others to freedom to make
choices, pursue goals, and so forth (Collins, Gleason, &
Sesma, 1997; Hill & Holmbeck, 1986). The nancial
autonomy includes reexive/attitudinal autonomy,
emotional autonomy, and functional autonomy. Fur-
ther, the analysis of existing literature on autonomy
has resulted in an integrative model (Noom et al.,
2001), where measuring uctuating domains of nan-
cial autonomy is important. Since throughout the life-
span autonomy advances and declines as individuals
develop new competences, previously acquired skills
may also decline, and changing conditions will
JOURNAL OF SOCIAL SERVICE RESEARCH 3
continue to require altered behavior (Baltes &
Silverberg, 1994). Throughout adulthood, autonomy
continues to develop, especially when someone is chal-
lenged to act with a new level of self-reliance.
The efforts made in designing and delivering nan-
cial education programs often take place without the
integration of an evaluation component, leading to
limited information regarding program success. When
education is successful, previous studies support posi-
tive effects related to wealth holding (Lusardi, 2004),
improved investment decisions (German, Kim,
Kratzer, Brunson, & Joo, 1999), increased personal
savings (Bernheim, Garrett, & Maki, 2001), controlled
cash ow with conservative credit use (DeVaney,
Gorham, Bechman, & Haldeman, 1996), and other
productive nancial behaviors (Jariwala & Sharma,
2013).
The study of the various effects of nancial educa-
tion programs is limited (Lusardi, 2011). It is impor-
tant to assess the extent to which the program
objectives are fullled and whether the educational
information provided helps to improve processing
skills, nancial knowledge, literacy, and autonomy in
decision making. Loix, Pepermans, Mentens, Goedee,
& Jegers, (2005) emphasized that program evaluation
has important implications in predicting program suc-
cess. Further assessment is needed to assess where
existing programs are lacking and how to make pro-
grams more effective in terms of subject content and
delivery.
To evaluate the nancial education programs,
OConnell (2009) proposed a new version of a ve-tier
framework. He suggested that while evaluating the
nancial education program, it is critical to examine
program need and accountability while ne tuning the
micro and macro effects of the program to be assessed.
Measuring the attitudinal outcome of the program falls
under the micro area, and examining this attitudinal
outcome is measured by follow-up surveys, alternative
assessments, focus-group interviews, and administra-
tive record reviews.
This study will help to ll this gap by looking at the
success of a nancial education program designed to
increase the nancial autonomy of its participants.
This study measured nancial autonomy on 15 varia-
bles. Preworkshop and postworkshop surveys were
used to analyze the data collected from a nationally rec-
ognized nancial education program. The participants
were women that served as homemakers, and the
4 H. V. JARIWALA AND S. F. DZIEGIELEWSKI
program intent was to build their nancial knowledge
and management skills ensuring their long-term nan-
cial security and autonomy.
Review of Literature
The Financial Literacy and Education Commission
(2006) has pointed out the lack of personal nancial
knowledge as a major barrier to an individuals sound
nancial practices. The absence of this knowledge
and skill pose a variety of risks to individuals, society
and economy as a whole (Sharma & Jariwala, 2011,
p. 2). Having limited nancial literacy can result in
poor decision-making skills that deplete personal
assets and may require public assistance such as social
security. Kim (2001) reported a positive association
between nancial knowledge and the nancial well-
being of families. The objective of nancial education
should be to raise nancial literacy levels by imparting
new knowledge, skills, and attitudes that can bring
about changes in nancial behavior. It is also a tool
for nancial inclusion, enabling people to take greater
advantage of the nancial services available to them.
Carswell (2009) and Collins (2007) have also docu-
mented that developed nancial skills are necessary
for effective money management. With current eco-
nomic hard times, nancial education can have a posi-
tive effect on nancial autonomy, nancial behavior,
and nancial well-being.
Studies in behavioral economics suggest that nan-
cial behavior has a signicant relationship with the
level of education a person has as well as his or her
skill building and motivation for prot-making strat-
egy. Hilgert, Hogarth, and Beverly (2003) also agreed
that nancial knowledge appears to be directly corre-
lated with self-benecial nancial behavior. The long-
term effects of increased nancial knowledge are less
certain (Mandell 2009). Lyons, Chang, & Scherpf,
(2006) investigated the effect of nancial education on
behavior change among low-income populations and
concluded that participants prior level of nancial
experience is more important than the amount of edu-
cation received. Lyons and colleagues (2006) also
found that education on nancial management has
the greatest effect on those nancial behaviors that
can be readily altered in the short run as opposed to
long-term strategies.
One form of nancial education that has been sup-
ported in the literature involves retirement planning.
Lusardi (2004) found that retirement seminars affected
wealth holdings with the greatest inuence being on
the least wealthy. Furthermore, seminars affect not
only private wealth but also pensions and social secu-
rity wealth. Clark and DAmbrosio (2003) found that
nancial education seminars changed the participants
retirement age goals and revised their desired level of
retirement income. Lusardi and Mitchell (2007)
showed that households with higher levels of nancial
literacy are more likely to plan for retirement and that
planners arrive at retirement with substantially more
assets than nonplanners.
It has also been found that individuals who partici-
pated in nancial education programs not only made
better nancial decisions since attending the work-
shops but also were more condent in making
investment decisions (Garman et al., 1999, p. 82).
Furthermore, mandates for taking courses on nancial
education resulted in higher savings rates and higher
net worth. Therefore, it was concluded that nancial
education may be a powerful tool for stimulating per-
sonal savings (Bernheim et al., 2001, p. 426). Other
research links higher levels of nancial literacy to
more responsible nancial behavior, such as writing
fewer bounced checks and knowing how to shop and
get pay lower interest rates on mortgages (Mandell,
2007). Lusardi (2008) noted that low literacy and lack
of nancial information affect the ability to save and
to secure a comfortable retirement. Solid nancial
planning can also lead to successful market specula-
tion attempts; Kimball and Shumway (2006) and van
Rooij, Lusardi, and Alessie (2007) all agreed that
nancially sophisticated households were more likely
to participate in the stock market.
Jariwala (2015) claimed that nancial literacy level
does have a signicant effect on investment decisions
of investors. She also explained investors ability to
make investment decisions largely depends on their
nancial literacy level, and this can be further
enhanced through nancial education that synergizes
the tools and learning approaches that may enhance
the nancial knowledge, nancial behavior, and ulti-
mately the nancial well-being of an individual (Jari-
wala, 2015). When looking specically at high school
students, Bruhn, de Souza Leao, Legovini, Marchetti,
and Zia (2013) found that nancial education work-
shops increased nancial autonomy and savings. This
study found strong and statistically signicant treat-
ment effects on both these measures and concluded

that student preferences on saving intentions and
nancial autonomy are important pathways for
improved nancial behavior.
The Platform of Actions set up by the Fourth World
Conference on Women (United Nations, 1995) stressed
the need for enhancing womens skills, knowledge, and
access to such information for proper utilization of
resources toward overall economic development of the
family, a micro unit of the society. To further explore
building nancial education for women, the present
study conceives the following assumptions about the
importance of women receiving nancial education: (a)
Women securing improved (nancial) education can
improve their economic growth and nancial well-being
and (b) the participation of women in the decision-mak-
ing process concerning their own lives can create new
(nancial) opportunities for change, especially for effec-
tive family nancial planning.
In general, the literature provides evidence that
nancial education generally results in positive nan-
cial outcomes. DeVaney et al. (1996) examined changes
in the pattern of cash ow and credit use 3 months
after participants completed a series of womens nan-
cial information workshops. The results found that the
participants limited the number or use of credit cards
after the completion of the workshops, and the partici-
pants began to increase their savings. When looking
specically at homemakers, Jariwala and Sharma
(2013) reported that nancial education workshops
had a positive effect on their nancial behaviors such
as usage of cash, credit, savings, and investment.
The preceding discussion suggests that nancial
education can bring positive nancial outcomes in
an individual, which plays a critical role in equip-
ping consumers with the information, fundamental
knowledge, and skills to evaluate their savings and
investment options. It also better enables them to
understand the implications of alternative nancial
decisions that increase nancial autonomy. Accord-
ingly, the key research question is whether nancial
education workshops have a positive effect on
nancial autonomy of the participants, specically
in relation to reexive autonomy, emotional auton-
omy, and functional autonomy.
Research Methodology
This study was conducted in the state of Gujarat,
which is one of the most progressive states of India.
JOURNAL OF SOCIAL SERVICE RESEARCH 5
According to the population census of India (Govern-
ment of India, 2011), the literacy rate in Gujarat shows
an upward trend and is 79.31%. Of that, male literacy
stands at 87.23%, whereas female literacy is at 70.73%.
In 2001, the literacy rate in Gujarat stood at 69.14%,
with males at 78.49% and females at 57.80% (Govern-
ment of Gujarat, 2011, p. 30). The data were collected
as part of a larger study designed to investigate the
effect of nancial education workshops at the national
level. The female participants from this region were
homemakers actively engaged in daily family duties.
Tradition historically dictated that males assumed
responsibility for all the household personal nances.
Due to the prevalence of a male-dominated tradition
in the region, women voluntarily excluded themselves
from actively participating in the household nancial
management. In India, similar to other developing
countries, there is evidence that women are less nan-
cially literate (Beal & Delpachitra, 2003, Lusardi &
Mitchell, 2009), less condent (Clark-Murphy & Ger-
rans, 2002; Taylor, 2003), and less knowledgeable
(Chen & Volpe, 1998) than men on the topics of per-
sonal nance. Males have historically been expected to
be the head of household and generally exhibit more
condence in dealing with nancial affairs (Taylor,
2003), whereas women tend to shy away and remain
more conservative in their investment practices (Baj-
telsmit & Bernasek, 1996). Thus, formal nancial
training may assist women to take a more active role
in nancial decision making and, as part of the family
system, provide the tools to build individual wealth
while helping to adequately support themselves and
their families and contributing economically to the
community.
Sample
The sample consisted of households with women
homemakers. The NGOs operational in the Mehsana
district in the state of Gujarat were contacted to carry
out this research. Shree Swastik Mahila Vikas Founda-
tion, one of the active NGOs in this region, gave the
researchers permission to carry out the research. This
foundation supports efforts for the social and eco-
nomic uplifting of women in the district of Mehsana.
To overcome the potential bias of overestimation in
the attitudinal outcome of nancial workshops
incurred due to self-selection of participants who chose
to attend the program, the participants (homemakers)
6 H. V. JARIWALA AND S. F. DZIEGIELEWSKI

were selected randomly and were invited to attend a than 5,000 rupees (Rs); 21.3% (n D 64) had monthly
nancial education workshop series. From the total incomes ranging between Rs 5,001 and Rs 10,000;
members of this foundation, a representative sample of 12.3% (n D 37) had monthly incomes ranging
300 homemakers (N D 300) was randomly selected for between Rs 10,001 and Rs 15,000; 2.7% (n D 8) had
this study, and individuals were invited to attend a monthly incomes ranging between Rs 15,000 and Rs
nancial education workshop series. 20,000; and only 1.3% (n D 4) had a household
According to the demographic data of the sample monthly income of more than Rs 25,000. The prole
of 300 respondents (see Table 1), approximately for the participants is shown in Table 1, including
63.3% of respondents were from urban areas (n D the average currency conversion rate prevailing in
190), and 36.7% were from a rural area (n D 110). 2015 for Rs/USD and Rs/.
Ages varied, with 36% between the ages of 18 and
25 years (n D 108), 30.7% in the age group 26
Financial Educational Workshop Series
35 years (n D 92), and 26.3% and 7%, respectively,
in age groups 3645 years (n D 79) and 4655 years The nancial education workshop series was designed
(n D 21). In terms of education levels of the to help female participants obtain nancial informa-
respondents, 20% had little education (n D 60); tion to improve their nancial autonomy. The goals of
20.7% had received primary education (n D 62), the six-workshop series were to present and discuss
27.7% had a secondary education (n D 83), 20.3% compatible nancial opportunities and the risks, con-
had a higher secondary education (n D 61), 3.3% sequences, and benets of making investments. The
completed a diploma course (n D 10), and 8.0% workshops introduced information related to manag-
were college graduates (n D 24). With regard to ing personal nances that was designed to help the
stage of family life cycle, 27.3% (n D 82) were young participants incorporate and strengthen decision-
and single, 10.0% (n D 30) were young and married making ability. The objective of the workshop series
without children, 56.0% (n D 168) were married was to educate women to improve their nancial liter-
with children, and 6.7% (n D 20) were older. In acy by providing them with the knowledge, aptitude,
terms of income, 62.3% of participants and skills necessary to improve decision making and
(n D 187) had a household monthly income of less skill building. The workshop series consisted of six
workshops (each workshop was of 90 minutes) that
Table 1. Sample prole. covered a number of topics on personal nance,
Variable Category Frequency Percentage
including (a) need for nancial planning, (b) impor-
tance of understanding household nances, (c) priori-
Area Urban
Rural
190
110
63.3
36.7
tization of nancial needs and spending choices, (d)
Age group (years) 1825 108 36.0 basics of budgeting and its implementation, (e) plan-
2635 92 30.7
3645 79 26.3 ning expenditures, and (f) S.M.A.R.T. (i.e., specic,
4655 21 7.0 measurable, attainable, realistic, time-bound) goal set-
Education No education 60 20
Primary 62 20.7 ting, (g) saving and investing, (h) the concept of ina-
Secondary 83 27.7 tion and its effect on investments, (i) risk and return
Higher secondary 61 20.3
Diploma 10 3.3 trade-off, (j) power of compounding (i.e., ways to dou-
Graduation 24 8.0 ble your money when compared to simple interest),

Household monthly Rs 5,000 and less 187 62.3
income (in Rs) (k) choosing the right investment avenue, (l) diversi-
Rs 5,001 to Rs 10,000 64 21.3
Rs 10,001 to Rs 15,000 37 12.3
cation and asset allocation strategy, (m) saving- and
Rs 15,001 to Rs 20,000 8 2.7 investment-related products, (n) need for risk cover
Rs 20,001 and above 4 1.3
Stage of family life cycle Young single 82 27.3 and types of insurance, (o) understanding of credit
Young married without 30 10.0 and handling of credit problems, (p) managing a bank
children
Married with children 168 56.0 account, (q) women-centric nancial products, (r)
Older married 20 6.7 identication of Ponzi schemes, (s) investor protection
Total respondents (N) 300 100
and grievance-redressal mechanisms and how to take
Note. Rs D Indian rupee; average currency exchange rate of Indian rupee/U.S. consumer action, and (t) retirement planning. All par-
dollar (USD) in 2015 was Rs 63.43/USD; average currency exchange rate of
euro () and Indian rupee in 2015 was Rs 73.60/. ticipants attended all the workshops.

Once information was shared, the nancial educa-
tion workshop series focused on developing three
types of capacities for the participants:
1. Capacity to choose responsibly: Participants
need to develop a certain attitude to make nan-
cial decisions, one that involves a critical review
of the different aspects of any nancial operation.
2. Capacity to plan: Participants should have the
attitudinal predisposition to act according to a
cost-benet relationship, which in turn implies
a predisposition to prudence, discipline, and the
creativity to imagine attainable horizons.
3. Capacity to act to improve ones reality: Partici-
pants should develop attitudes such as the so-
called self-efcient optimism, which links con-
dence and perseverance.
Thus, the purpose and subsequent objectives of the
workshop series was to enhance nancial autonomy
with basic economic affairs, emphasizing the develop-
ment of reexive autonomy, emotional autonomy and
functional autonomy.
Figure 1. Codebook for 15 nancial autonomy statements.
JOURNAL OF SOCIAL SERVICE RESEARCH 7
Preworkshop Survey and Follow-up Survey
Instrument
To gather basic demographics and measure basic con-
cepts related to autonomy, a survey was distributed at
the start of the workshop series and afterward as part
of the follow-up. Demographic and geographical data
gathered included area where the participant lived,
age, education level, stage of family life cycle (i.e., time
together, single, married without children, married
with children, etc.), and household monthly income.
The measure of nancial autonomy used was devel-
oped by Micarello, Melo, and Burgos (2012). This
nancial autonomy index aggregates a series of ques-
tions designed to measure whether participants feel
empowered and condent and are willing and capable
of making independent nancial decisions and inu-
encing the nancial decisions made in their house-
holds. The nancial autonomy index consisted of 15
items divided into three sections: reexive autonomy,
emotional autonomy, and functional autonomy (see
8 H. V. JARIWALA AND S. F. DZIEGIELEWSKI
Figure 1). Each the 15 statements was calculated on a
5-point scale: This sentence is a very bad description of
me D 1; This sentence is a bad description of me D 2;
This sentence is an average description of me D 3; This
sentence is a good description of me D 4; and This sen-
tence is a very good description of me D 5. Questions
related to the autonomy measure were designed to
capture the participants condence, independence,
and willingness to participate and inuence household
nancial decisions. For example, the survey asked the
participants the extent to which they agree or disagree
with statements on (a) reexive/attitudinal autonomy,
such as I like to think carefully before deciding to
buy something; (b) emotional autonomy, such as I
feel prepared to talk to my parents about money mat-
ters; and (c) functional autonomy, such as I always
try to save some money to do things I really like. Five
questions were asked in each category, totaling 15
questions.
To ensure understanding, the scale was translated
into Gujarati (i.e., a regional language of this state).
Afterward, the translated version of the scale was sent
to reviewers who are subject experts in the eld of
Gujarati language. As per their suggestions, some of
the basic words and sentences were modied, always
keeping in mind that the ultimate crux of the nancial
autonomy variable (to be studied) would not be
changed.
Procedure
Once participants gave consent to partake, a nancial
education workshop series offered between December
2014 and February 2015 was provided. Participants
consented to attend the workshops and were given a
preworkshop survey prior to the beginning of the
training. Each workshop lasted approximately 90
minutes. The language spoken in the workshop was
Gujarati, which is the regional language and the prin-
cipal language in the state of Gujarat. The workshop
was provided by a trainer for nancial education certi-
ed by the national authority as a resource person for
promoting nancial literacy. After the preworkshop
survey was conducted and collected, handouts related
to nancial education, developed by the Securities and
Exchange Board of India and Reserve Bank of India,
were distributed. At the end of the sixth workshop,
which was the last in the series, training participants
were thanked for their attendance and told they would
be contacted again in 3 months for a follow-up survey.
For the follow-up survey, participants were contacted
and given a written copy of the questionnaire to com-
plete. Participants were told the follow-up surveys
would be collected in 1 week from delivery, and at the
nal collection and closure of the study, participants
were thanked for their time. For data analysis descrip-
tive statistics, reliability analysis and paired t-tests
were conducted to assess the attitudinal outcomes the
nancial education workshops on the nancial auton-
omy of the women.
Results
Preworkshop Survey and Follow-up Survey
Reliability Analysis
Cronbachs coefcient (a) was used to assess the reli-
ability of the preworkshop survey and follow-up sur-
vey. Cronbachs alpha was calculated at two stages: (a)
preworkshop survey and (b) follow-up survey. The
Cronbachs a coefcient value for the overall nancial
autonomy scale for the preworkshop survey was
0.790; for the survey conducted 3 months after the
workshops series, it was 0.754. Separate reliability of
the different domains of nancial autonomy was also
calculated. For the preworkshop survey, the values of
Cronbachs a coefcient for the reexive autonomy,
emotional autonomy, and functional autonomy were
0.793, 0.693, and 0.721, respectively. For the data col-
lected 3 months after the workshop, Cronbachs a
coefcients for reexive autonomy, emotional auton-
omy, and functional autonomy were 0.724, 0.671, and
0.698, respectively. Thus, a values for the overall
nancial autonomy variables indicated an acceptable
level of internal consistency in the scale, conrming
that the scale was reliable enough to use. Data quality
was examined by using skewness, kurtosis and t-test
values, which showed that the data was normally dis-
tributed and relevant for the statistical analysis
conducted.
Results of Variables Identied
Table 2 displays the calculated mean, standard devia-
tion, and standard error of means for all the 15 pairs
in the study. The effect of the nancial education
workshop can be seen by analyzing the mean values of
preworkshop survey and postworkshop survey. Upon
examining the mean value column, it is evident that
 JOURNAL OF SOCIAL SERVICE RESEARCH 9

Table 2. Paired samples statistics.

Pair Variable Mean N SD Standard error mean Cohens d

Reexive autonomy ECF 3.593 300 0.515 0.030 0.705

PCF 3.878 300 0.307 0.018
Pair 1 I like to think thoroughly before deciding to buy E1 3.52 300 1.241 0.072 0.321
something.
P1 3.85 300 0.755 0.044
Pair 2 I like to research prices whenever I buy E2 3.620 300 0.799 0.046 0.673
something.
P2 4.100 300 0.615 0.035
Pair 3 I make sure to get information on warranty E3 3.450 300 1.054 0.061 0.031
periods.
P3 3.420 300 0.871 0.050
Pair 4 I always try to obtain more information on E4 3.72 300 0.851 0.049 0.219
product quality.
P4 3.89 300 0.691 0.040
Pair 5 I pay attention to news about the economy as it E5 3.56 300 0.818 0.047 0.356
may affect my family.
P5 3.85 300 0.813 0.047
Emotional autonomy EEA 3.560 300 0.414 0.024 0.906
PEA 3.916 300 0.371 0.021
Pair 6 I like to participate in family decision making E6 3.660 300 0.643 0.037 0.357
when we buy something expensive for home.
P6 3.90 300 0.701 0.040
Pair 7 I usually have a critical view of the way my E7 3.50 300 0.026 0.036 0.745
friends deal with money
P7 3.97 300 0.635 0.037
Pair 8 I take part in domestic expense planning. E8 3.42 300 0.871 0.050 0.444
P8 3.79 300 0.792 0.046
Pair 9 I try to advise my children on money matters. E9 3.80 300 0.862 0.050 0.412
P9 4.12 300 0.682 0.039
Pair 10 I feel prepared to talk to my children and spouse E10 3.520 300 1.055 0.061 0.588
about money matters.
P10 4.080 300 0.837 0.048
Functional autonomy EFA 3.497 300 0.428 0.025 1.306
PFA 4.017 300 0.366 0.021
Pair 11 I always try to save some money to do things I E11 3.48 300 1.016 0.059 0.624
really like.
P11 4.00 300 0.607 0.035
Pair 12 I always like to negotiate prices when I buy. E12 3.91 300 0.764 0.044 0.354
P12 4.17 300 0.701 0.040
Pair 13 I suggest at home that we keep money aside for E13 3.49 300 0.856 0.049 0.526
emergencies.
P13 3.88 300 0.606 0.035
Pair 14 I keep an eye on promotions and discounts. E14 3.68 300 0.812 0.047 0.731
P14 4.20 300 0.595 0.034
Pair 15 I am willing to make sacrices now to buy E15 2.92 300 1.181 0.068 0.924
something important.
P15 3.82 300 0.737 0.043
Financial autonomy EFB 3.549 300 0.314 0.018 1.389
PFB 3.937 300 2.398 0.0138

Note. SD D standard deviation; E D pretest; P D posttest.

for all the variables, mean values in the preworkshop
survey and postworkshop survey show signicant dif-
ferences (see Table 2).
To assess the attitudinal outcomes of nancial educa-
tion workshops on nancial autonomy of the partici-
pants, paired t tests were conducted on the pairs of 15
items of nancial autonomy variables. Table 3 shows the
t-test values. The last column of Table 3 shows the signi-
cance values for the two-tailed test at the .05% level of sig-
nicance. From the column of mean differences
presented in Table 3, it can be seen that there is a differ-
ence between the preworkshop and postworkshop
surveys; in particular, nancial autonomy appears to be
improved signicantly 3 months after the workshop
series. Reexive autonomy is signicantly improved
among participants after attending the nancial educa-
tion workshop series. The mean value for reexive auton-
omy in the preworkshop survey is 3.59 (SD D 0.56) and
in the postworkshop survey is 3.88 (SD D 0.31)
(t (299) D 8.53, p < .05). Hence, it is concluded that the
nancial education workshop series positively improved
the reexive autonomy of the participants.
Paired samples t test also revealed a statistically sig-
nicant difference (t (299) D 12.64, p < .05) between
10 H. V. JARIWALA AND S. F. DZIEGIELEWSKI

Table 3. Paired samples statistics for nancial autonomy.

Variable of nancial behavior Pair Mean difference Standard deviation Standard error mean t value df Signicance

Reexive autonomy PRA-ERA 0.284 0.578 0.334 8.534 299 .000

Pair 1 I like to think thoroughly before P1-E1 0.327 1.488 0.086 3.803 299 .000
deciding to buy something.
Pair 2 I like to research prices whenever I buy P2-E2 0.480 1.003 0.058 8.228 299 .000
something.
Pair 3 I make sure to get information on P3-E3 0.430 1.185 0.068 6.288 299 .000
warranty periods.
Pair 4 I always try to obtain more information P4-E4 0.173 1.074 0.062 2.795 299 .006
on product quality.
Pair 5 I pay attention to news about the P5-E5 0.293 1.070 0.062 4.749 299 .000
economy as it may affect my family.
Emotional autonomy PEA-EEA 0.356 0.488 0.028 12.638 299 .000
Pair 6 I like to participate in family decision P6-E6 0.243 0.977 0.056 4.315 299 .000
making when we buy something
expensive for home.
Pair 7 I usually have a critical view of the way P7-E7 0.470 0.871 0.050 9.348 299 .000
my friends deal with money.
Pair 8 I take part in domestic expense P8-E8 0.373 1.230 0.071 5.258 299 .000
planning.
Pair 9 I try to advise my children on money P9-E9 0.317 1.065 0.061 5.152 299 .000
matters.
Pair 10 I feel prepared to talk to my children P10-E10 0.560 1.409 0.081 6.882 299 .000
and spouse about money matters.
Functional autonomy PFA-EFA 0.520 0.521 0.030 17.309 299 .000
Pair 11 I always try to save some money to do P11-E11 0.520 1.178 0.068 7.646 299 .000
things I really like.
Pair 12 I always like to negotiate prices when I P12-E12 0.263 0.958 0.055 4.763 299 .000
buy.
Pair 13 I suggest at home that we keep money P13-E13 0.390 1.069 0.062 6.322 299 .000
aside for emergencies.
Pair 14 I keep an eye on promotions and P14-E14 0.520 1.003 0.058 8.978 299 .000
discounts.
Pair 15 I am willing to make sacrices now to P15-E15 0.907 1.418 0.082 11.073 299 .000
buy something important.
Overall nancial autonomy POFA-EOFA 0.388 0.319 0.018 20.986 299 .000

Note. df D degrees of freedom; E D pretest; P D posttest.


p < .05.

the means reported in emotional autonomy of the par-
ticipants before the workshop series (M D 3.56, SD D
0.41) and the means reported 3 months after the
workshop series (M D 3.92, SD D 0.37). Hence, it was
concluded that the nancial education workshop
series had a positive effect on the emotional autonomy
of the participants. Similarly, Table 3 shows that the
participants functional autonomy was positively
improved following the nancial education workshop
series. The mean value for the functional autonomy
before attending workshop series was 3.50 (SD D
0.42) compared with 4.02 (SD D 0.37) (t (299) D
17.31, p < .05) after the workshop series. Hence, it
can be concluded that the nancial education work-
shop series had a positive effect on the functional
autonomy of the participants.
The paired samples t test also revealed a statisti-
cally signicant difference (t (299) D 20.99, p < .05)
between the means of overall nancial autonomy
(reected by 15 nancial autonomy variables) of the
participants before the workshops series (M D 3.55,
SD D 0.31) and the mean 3 months after the work-
shop series (M D 3.94, SD D 2.39). Hence, it can be
concluded that the nancial education workshop
series had a positive effect on the overall nancial
autonomy of the participants.
To assess the extent of nancial autonomy change
3 months after completion of the nancial education
workshop series, Cohens d effect sizes were calcu-
lated for each dependent measure by dividing the
mean pre- to post- differences between groups by
their pooled standard deviation. The formula for cal-
culating Cohens d from the means and standard
deviations for the two measurement occasions was
p
d D M1 M2 = .SD12 C SD22 /=2; where M2 is
the mean pre-survey score or mean score of the mea-
sure that is expected to be positively related to the inde-
pendent variable; M1 is the post-survey or comparison
group mean score. A positive effect size indicated that the
nancial education workshop series led to positive
improvements in the nancial autonomy of the partici-
pants. Cohens d was calculated for all the nancial

autonomy variables and is presented in Table 2. From the
last column of Table 2, it can be seen that for all 15 pairs
of nancial autonomy, the value of Cohens d is positive,
indicating that the nancial education workshop series
led to positive improvements in the nancial autonomy
of the participants.
Discussion
The results of this study showed signicant differences
between pretest and follow-up scores, and this informa-
tion could have valuable implications for nancial educa-
tion providers. The overall result of this study provides
evidence that the nancial education provided to these
participants led to positive improvements in knowledge
and application related to nancial autonomy. Study
results support that nancial autonomy of the home-
makers that participated in this study signicantly
improved after attending the nancial education work-
shop series, and these gains were maintained at follow-up
3 months after the study concluded.
Results support the success of the workshop; how-
ever, the effects of the nancial education workshop
series on various dimensions of nancial autonomy
were diverse, as indicated with the Cohens d value
presented in Table 2. The values of Cohens d calcu-
lated for 15 nancial autonomy variables also suggest
that the effect of the workshop series brought the larg-
est positive attitudinal change on I am willing to
make sacrices now to buy something important
(Cohens d D 0.924). Other value are as follows: I
usually have a critical view of the way my friends deal
with money (Cohens d D 0.745); I keep an eye on
promotions and discounts (Cohens d D 0.731); I
like to research prices whenever I buy something
(Cohens d D 0.673); I always try to save some money
to do things I really like (Cohens d D 0.624); I feel
prepared to talk to my children and spouse about
money matters (Cohens d D 0.588); I suggest at
home that we keep money aside for emergencies
(Cohens d D 0.526); I take part in domestic expense
planning (Cohens d D 0.444); I try to advise my
children on money matters (Cohens d D 0.412); I
like to participate in family decision making when we
buy something expensive for home (Cohens d D
0.357); and I pay attention to news about the econ-
omy as it may affect my family (Cohens d D 0.356).
These values of Cohens d suggest that the nan-
cial education workshop series had the largest
JOURNAL OF SOCIAL SERVICE RESEARCH 11
positive effect on those nancial autonomy variables
that could easily and most readily be altered in the
short run and mostly related to the participants
daily household nancial management practices. It
can also be concluded that the participants have
started to employ a more planned set of nancial
practices to enhance their nancial well-being by
improving their nancial autonomy. Close observa-
tion of the values of Cohens d presented in Table 2
also shows that the nancial education workshop
series has brought a small positive attitudinal
outcome on I make sure to get information on
warranty periods (Cohens d D 0.031); I always
obtain more information on product quality
(Cohens d D 0.219); and I like to think thoroughly
before deciding to buy something (Cohens d D
0.321). The analysis of three dimensions of nancial
autonomy shows that the effect of the nancial edu-
cation workshop series on functional autonomy
(Cohens d D 1.306) was larger than for reexive
autonomy (Cohens d D 0.705) and emotional
autonomy (Cohens d D 0.906).
The overall ndings of this study suggest that the
nancial education workshop series has positively
changed the 15 variables of nancial autonomy of the
women, although its effect varied among the different
nancial autonomy variables. It was found that the
series had a more positive effect on enhancing the per-
ceptions of competence, control, and responsibility in
making nancial decisions (i.e., functional autonomy)
than on enhancing those perceptions of emotional
independence in the face of parents, relatives, and
peer groups and the feeling of condence in ones own
choices.
Conclusions
Analysis of data collected from the 300 female partici-
pants showed that this nancial education workshop
had a positive attitudinal effect on nancial autonomy,
which was reected in 15 variables of nancial auton-
omy divided into reexive autonomy, emotional
autonomy, and functional autonomy. The research
also found that nancial education enhanced the
nancial information and knowledge of the women
participants, which leads to the best nancial manage-
ment practices and improved nancial behavior, by
enhancing their nancial autonomy at the 3-month
follow-up.
12 H. V. JARIWALA AND S. F. DZIEGIELEWSKI
The self-reported measures, shown by the partici-
pants in the follow-up survey, demonstrated the posi-
tive attitudinal change in participants with respect to
nancial autonomy after attending the nancial edu-
cation workshop series. These positive changes in
nancial autonomy enhanced their knowledge and
condence in their skills and their ability for building
more responsible future nancial behavior by feeling
empowered, condent, and capable of making inde-
pendent nancial decisions and inuencing the nan-
cial decisions of their households. The present study
provides evidence that the participants ability to
improve their nancial autonomy can be enhanced
through nancial education that synergizes the tools
and learning approaches that may enhance the nan-
cial knowledge, nancial autonomy, and ultimately,
nancial behavior and nancial well-being of an indi-
vidual in the long run, as the study provides a notice-
able nding that there is a positive effect of nancial
education on 15 variables of nancial autonomy. This
study indicates that nancial education can be an
effective tool in improving the nancial knowledge of
participants when delivered in a comprehensive man-
ner, and this change was maintained at least 3 months
past the workshop.
Currently, nancial education programs often
neglect evaluation as an integrated component of their
program design. Meaningful program evaluation is an
essential and integrated element of successful pro-
grams. Well-designed evaluations may document
individual program implementation and effectiveness,
but also address collectively and cumulatively which
programs work for whom, how, when, where, and
why (Weiss, 1988, p. 4). With a more systematic,
consistent, and collaborative approach to program
evaluation, stronger evidence of any link between
nancial education and targeted outcomes may
emerge. The information can be used to improve the
program as well as to provide evidence for account-
ability and effectiveness.
The scope of the present study is limited to summa-
tive evaluation; that is, the study collected information
on whether a program is making a difference in previ-
ously identied and desired outcome measures
(Scriven, 1981). The ndings of the present study may
be helpful to nancial education providers to design
and implement more effective nancial education pro-
grams that would provide the participants with the
knowledge and skills to better manage their nances
and improve their subsequent nancial behavior and
well-being by making them self-reliant. For policy
makers, the ndings help to highlight the importance
of program evaluation as a means of quantifying the
perceptions of competence, control, and responsibility
in making nancial decisions (i.e., functional auton-
omy), perceptions of emotional independence in the
face of parents, relatives, and peer groups, (i.e., emo-
tional autonomy); and development in the feeling of
condence in ones own choices to set goals that
encompasses the notions of knowledge, consciousness
and responsibility (reexive/attitudinal autonomy).
For future studies, the following recommenda-
tions are made. This study did not seek feedback
from the program organizers and educators, and
future studies should add this qualitative compo-
nent to the analysis. Second, increasing the sample
size to more than 300 and including females from
rural areas with less formal education might help
to get a more comprehensive picture of how the
techniques work with varied populations. Samples
from different organizations could be useful to fur-
ther investigate the effect of nancial education
workshops on various groups of citizens. Last, it is
recommended that future studies employ a posttest
immediately after the educational program is com-
pleted as well as a follow-up study 3 months after.
If this were done, three data points would exist
rather than basing ndings on the two measure-
ment instruments used.
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