Financial decision-making behaviour among women in developing countries: Postulating a conceptual framework

Abstract

This article explores the key drivers of financial decision-making among women in developing countries to gain insights on their financial empowerment. A comprehensive review of literature highlights that financial literacy, self-efficacy and impulsivity are some of the key drivers of their financial decisionmaking behaviour. Due to improper financial knowledge and lower levels of self-efficacy, women struggle to make proper risk and value assessments in financial decision-making. The paper discusses the theoretical models and concepts that are related to the financial decision-making behaviour among women. A conceptual framework that helps in depicting the key drivers and helps in contributing towards the financial decision-making behaviour among women in developing countries is also proposed.
Keywords: Financial decision-making behaviour, risk and value assessments, financial self-efficacy, financial impulsivity, financial literacy, women in developing countries