Role of financial inclusion in enhancing financial efficiency among migrant workers in Indian perspective

Abstract

Financial inclusion is the process of ensuring that every individual, especially the underserved and unbanked, has access to essential financial goods and services in a timely, cheap, and appropriate way. Migrant workers frequently confront specific obstacles as a result of their nomadic lifestyles, lack of legal identity, and low financial capacity. Migrant workers are commonly excluded from regular financial services, making it difficult to save safely, obtain credit, and manage risks with insurance, and transfer remittances effectively. The objective of this research was to investigate the role that financial accessibility plays in improving migrant workers' financial efficacy from an Indian perspective. A total of 375 migrant workers participated in this study across various urban areas in India. A structured survey questionnaire will assess demographic factors, access to financial services, usage patterns, and financial literacy levels. This study addresses factors with housing and infrastructure, financial literacy, economic impact, and cultural aspects that can be more present in underprivileged and rural areas. The data and hypothesis were analyzed using statistical methods, including descriptive statistics, ANOVA, and regression analysis, which could be utilized to identify correlations between economic inclusion and financial efficiency factors. The data was analyzed using SPSS software. The results demonstrated the economic impact is significantly improving the individual financial efficiency. The findings suggest that enhancing access to financial services not only improves individual financial efficiency but also contributes to economic stability and growth. This study emphasizes how financial inclusion empowers migratory workers by enhancing their financial security, contributing to overall economic growth, and allowing for greater economic planning.