INTRODUCTION:

Financial literacy is a cornerstone of economic well-being for salaried women, particularly in settings such as Himachal Pradesh, where informed money management can directly shape independence and security¹. In a globalised economy, women increasingly steward household finances and participate in paid employment, which raises the stakes for clear, practical financial education.

Strong financial literacy equips them to allocate resources wisely, plan for the future, and make considered choices about saving, investing, and budgeting (Lusardi and Mitchell, 2014). Yet evidence shows that women in rural and underserved communities continue to face learning and access barriers that can constrain day-to-day decisions as well as longer-term planning². In Himachal Pradesh, socio-cultural expectations and economic constraints often limit women’s access to formal financial services and high-quality instruction, making it essential to examine how existing programmes serve salaried women in this setting. Rigorous evaluation is especially important where offerings are underused or poorly aligned with workplace realities and different life stages. The rationale is clear: financial literacy supports confident decision-making, reduces economic dependency, and strengthens control over personal finances^3,4. For salaried women, these skills enable the creation of emergency buffers, informed retirement saving, and more durable financial stability⁵. By reviewing current programmes, this study gauges whether key gaps are being addressed and pinpoints improvements that can better advance women’s economic empowerment in Himachal Pradesh.

STUDY OBJECTIVES:

· To evaluate how financial education initiatives affect Himachal Pradesh salaried women's financial decisions.

· To identify the strengths and weaknesses of these programs in enhancing financial literacy among this demographic.

· To provide recommendations for improving the design and delivery of financial education programs, ensuring they meet the specific needs of salaried women.

SIGNIFICANCE OF THE STUDY:

This study provides practical guidance for policymakers, educators, and financial institutions in Himachal Pradesh seeking to strengthen women’s financial capability. By pinpointing where salaried women struggle and why, the evidence can inform policies and programmes that reflect local realities, from access gaps and service availability to workplace schedules and benefits (Kumari and Sondhi, 2021). Schools, training providers, and financial firms can use these insights to reshape curricula, advisories, and products around specific knowledge and confidence gaps. More broadly, the findings contribute to work on financial empowerment by showing how targeted literacy efforts can promote gender equality, reduce economic dependency, and build lasting financial security for women.

REVIEW OF EXISTING LITERATURE:

Theoretical Framework:

Financial literacy can be understood as the practical ability to read, interpret, and use money skills budgeting, investing, and managing debt, to make sound choices in everyday life and over the long term ¹. Effective financial education is a key pathway to developing this ability, particularly for women, because it supports routine money management while building toward financial security⁷. Prior work links stronger literacy to concrete behaviours such as planning for retirement, maintaining an emergency fund, and selecting investments more judiciously⁸. Evidence from diverse settings further shows that gains in literacy are associated with greater confidence and more careful decision-making around financial trade-offs^3,9. For salaried women, targeted programmes are especially useful: they help demystify complex products, organise income and saving decisions, and encourage disciplined approaches to investing. Recent research also indicates that education does more than transfer information; it nudges behaviour by helping people recognise risk, spot opportunities, and plan in a stepwise, forward-looking way¹⁰.

Previous Studies in India:

As women’s participation in paid work has increased, interest in programmes that build their financial skills has grown as well. Studies consistently point to hurdles that limit women’s financial independence, including scarce resources, socio-cultural constraints, and gender bias in access to information and services¹¹. Evidence from rural and semi-urban settings shows why literacy matters in the Indian context: where formal financial services are thin on the ground or hard to navigate, basic know-how is often the difference between using a product effectively and avoiding it altogether¹². For salaried women, this knowledge plays out in practical tasks such as reading salary slips and deductions, comparing retirement plans, and choosing suitable savings options¹³. National efforts like the Reserve Bank of India’s Financial Literacy Week have broadened awareness, but systematic evaluations that look specifically at salaried women across states remain limited, leaving important questions about reach, relevance, and impact unanswered^11–14.

Gaps in Literature:

Despite expanding scholarship on financial literacy in India, key gaps persist in assessing how well education programmes work for salaried women in smaller states such as Himachal Pradesh. Much of the literature concentrates on major urban centres, leaving rural and semi-urban settings relatively under-examined¹⁵. There is a shortage of region-specific studies that document the challenges salaried women face in managing money and that test the effectiveness of customised interventions¹⁶. Long-term impacts on behaviour are also under-reported. Given that programme availability and socio-cultural conditions vary widely, more localised research is needed to determine what designs are most effective in places where access to instruction and services is uneven^16–18.

RESEARCH FRAMEWORK:

This study adopts a qualitative design to evaluate how financial education programmes serve salaried women in Himachal Pradesh. Thirty participants from the Una and Solan districts were selected through purposive sampling and represented healthcare, education, and banking. Semi-structured interviews explored budgeting, saving, debt management, investment knowledge, and retirement planning. Transcripts were analysed using thematic analysis to identify recurring patterns and contrasts in experience¹⁹. Programme materials and available evaluations were also reviewed to understand content and delivery approaches²⁰. Ethical procedures, including informed consent and confidentiality safeguards, were strictly followed. This qualitative approach provides context-rich insight into how programmes influence financial literacy and related behaviours among salaried women²¹.

RESULTS:

Statistical Description:

Table 1: Respondent Demographics

Demographic Variable	Category	Frequency	Percentage
Age	25-34	8	26.7%
	35-44	12	40%
	45-54	10	33.3%
Education	High School	5	16.7%
	Undergraduate	10	33.3%
	Postgraduate	15	50%
Occupation	Healthcare	7	23.3%
	Education	8	26.7%
	Banking Sector	15	50%
Income	Up to 20,000	10	33.3%
	21,000-30,000	12	40%
	31,000-40,000	8	26.7%
Marital Status	Married	18	60%
Marital Status	Single	12	40%
Area	Rural	15	50%
Area	Urban	15	50%

Source: Authors Compilation

Table 1 shows a broadly balanced sample across age, education, occupation, income, marital status, and area: the largest share of participants (40%) is aged 35–44, half (50%) hold postgraduate degrees, 50% work in government roles, and 50% earn between 21,000-30,000 INR per month; most respondents are married (60%), and residence is evenly split between rural and urban locations (50% each). This profile offers a clear, diverse cross-section for examining financial education programmes.

Overview of Existing Programs:

In Himachal Pradesh, a mix of public, community-based, and private initiatives is working to improve the financial literacy of salaried women. On the public side, the NCFE’s Financial Education Programme (FEPA) provides structured modules on financial planning, budgeting, and saving, with a focus on practical, everyday money skills²². Community organisations offer last-mile support; for example, the Manjari Foundation trains Financial Literacy Sakhis within self-help groups to help rural women access and use banking services²³. Private providers add flexible learning options, such as Ujjivan Small Finance Bank’s Diksha+, which delivers online training in personal finance management that participants can complete at their own pace²⁴. Together, these programmes are building awareness and supporting better financial decisions, as summarised in Table 2.

Program Content:

Current financial education offerings for salaried women concentrate on the fundamentals of budgeting, saving, debt management, and retirement planning and pair these with practical, everyday tools. The Manjari Foundation’s curriculum, for example, walks participants through household budgeting and long-term saving habits tailored to rural contexts²³. The NCFE’s FEPA programme emphasises hands-on skills such as systematic saving methods, step-by-step financial planning, and basic investment strategies that women can apply immediately²². Complementing these, Ujjivan Small Finance Bank’s Diksha+ provides digital modules on budgeting, managing debt, and building an emergency fund, allowing learners to engage at their own pace²⁴. As summarised in Table 3, these topic areas collectively support better day-to-day decisions and give salaried women greater control over their financial futures.

Program Delivery:

Delivery approaches are tailored to different schedules and learning preferences. The Manjari Foundation conducts face-to-face workshops led by trained Financial Literacy Sakhis within SHGs, keeping content local, trusted, and easy to access²³. The NCFE’s FEPA runs free, community-based sessions across rural areas to broaden reach and accommodate varied learning styles²².

By contrast, Ujjivan Small Finance Bank offers Diksha+ digitally, allowing salaried women to engage with modules at their convenience from home or work, which suits busy professionals (Ujjivan Small Finance Bank, 2025). Taken together, this blend of in-person and online formats makes financial education more accessible to a wider cross-section of salaried women.

Target Audience:

These initiatives are built around the specific challenges salaried women face. The Manjari Foundation focuses on rural earners and members of self-help groups, offering practical, locally grounded training that supports economic empowerment (Manjari Foundation, 2025). NCFE’s FEPA targets salaried women in both urban and rural settings, helping them navigate day-to-day and longer-term financial decisions (NCFE, 2025). Ujjivan Small Finance Bank’s Diksha+ is designed for busy professionals, providing flexible, easy-to-understand modules that fit into work and family schedules²⁴. Taken together, these programmes aim to equip salaried women across backgrounds and sectors with the knowledge needed to improve financial stability and make confident choices.

Impact Assessment:

Financial education initiatives in Himachal Pradesh appear to be translating into measurable gains for salaried women. Post-programme assessments among rural participants show a clearer understanding of budgeting, saving, and basic investing, alongside higher self-reported confidence in everyday money management (Kumari and Sondhi, 2021). These patterns point to real improvements in both knowledge and comfort with financial tasks, and the specific awareness and skill gains are summarised in Table 4.

Table 4: Awareness and Knowledge Gain

Program	Pre-Program Average Score (%)	Post-Program Average Score (%)	Change in Score (%)
Financial Education Programme (FEPA)	45	75	66.7
Manjari Foundation’s Financial Literacy Sakhis	50	80	60.0
Diksha+ Program (Ujjivan Small Finance Bank)	40	72	80.0

Source: Authors Compilation

Behavioural Changes:

Financial education programmes in Himachal Pradesh are translating into tangible shifts in how salaried women handle money. Post-programme assessments show clearer, more consistent budgeting, higher saving rates, and more informed investment choices²⁵. As outlined in Table 5, these changes indicate that the training moved beyond awareness to practical skills and habits in everyday financial management.

Table 5: Behavioural Changes

Program	Pre-Program Behaviour (Average Saving %)	Post-Program Behaviour (Average Saving %)	Change in Behaviour (%)
Financial Education Programme (FEPA)	15	30	100
Manjari Foundation’s Financial Literacy Sakhis	18	35	94.4
Diksha+ Program (Ujjivan Small Finance Bank)	10	28	180

Source: Authors Compilation

Challenges and Limitations:

Despite encouraging outcomes, several barriers limited how fully participants could apply what they learned, as summarised in Table 6. The most common hurdle was access: many rural areas still lack convenient, reliable financial services, which makes it hard to act on new budgeting, saving, or investing plans³. Short programme lengths and one-off sessions also left little time for practice or follow-up, and the complexity and jargon of financial products sometimes overwhelmed learners. Together, these factors reduced the likelihood that knowledge would translate into consistent, real-world money management.

Table 6: Challenges and Limitations

Program	Challenges Faced	Limitations
Financial Education Programme (FEPA)	Limited follow-up post-program; rural outreach challenges	Short duration and complexity of financial products covered
Manjari Foundation’s Financial Literacy Sakhis	Limited access to banking services in rural areas	Focus primarily on savings and basic financial literacy
Diksha+ Program (Ujjivan Small Finance Bank)	Limited internet access in remote areas	Some women struggle with digital learning formats

Source: Authors Compilation

Feedback from Participants:

As summarised in Table 7, participants highlighted clear strengths, most notably a boost in confidence for day-to-day money management, while also pointing to gaps that limit impact. Many women asked for content tailored to the specific realities of salaried work (e.g., aligning lessons with pay cycles and common workplace benefits), and for more practical, example-driven teaching. They also favoured longer or staggered programmes to allow practice and follow-up so that concepts stick and can be applied outside the classroom²⁶.

Table 7: Participant Feedback

Program	Overall Satisfaction (%)	Suggestions for Improvement
Financial Education Programme (FEPA)	85	More practical examples and longer duration sessions
Manjari Foundation’s Financial Literacy Sakhis	88	Include content on investment and retirement planning
Diksha+ Program (Ujjivan Small Finance Bank)	90	Better support for rural women with limited internet access

Source: Authors Compilation

DISCUSSION:

Key Findings and Implications:

The evaluation shows clear gains in both knowledge and behaviour among salaried women in Himachal Pradesh. Participants reported a stronger understanding of budgeting, saving, and basic investing, and this translated into more considered financial choices. At the same time, several barriers limited the full use of what was learned. Access to suitable financial services remains uneven in rural areas, and many programmes are too short to allow practice, feedback, and follow-up. In some cases, content and delivery did not match the day-to-day realities of salaried women, which reduced overall impact. These findings point to the need for context-specific financial education that reflects work schedules, household responsibilities, and local service availability^27,28. Tailoring modules and widening access can substantially improve effectiveness, particularly when paired with practical tools such as checklists, calculators, and simple planning templates^29,30. Ensuring that women can apply new skills in everyday decisions is likely to yield more durable improvements in financial well-being^31,32.

RECOMMENDATIONS:

· Expand access: Take programmes to rural and semi-urban areas via low-bandwidth digital modules, WhatsApp/SMS nudges, and community sessions at SHG/panchayat centres and workplaces.

· Make content job-relevant: Cover pay management (salary slips, deductions), tax basics, PF/ESI, NPS, SIPs, insurance, and retirement planning—using local examples and plain language.

· Broaden outreach: Include women across sectors and shifts; offer weekend/evening slots, on-site sessions, and support like childcare or travel reimbursements to improve attendance.

· Provide practical tools: Share calculators, checklists, goal sheets, and simple templates (budget, emergency fund, SIP planner) so participants can apply concepts immediately.

· Strengthen delivery and follow-up: Use modular courses with spaced sessions, refresher micro-lessons, and post-programme helplines/mentors to reinforce learning and support real decisions.

CONCLUSION:

The evaluation shows clear, measurable gains in both knowledge and behaviour among salaried women in Himachal Pradesh, with participants demonstrating a stronger grasp of budgeting, saving, and basic investing that translated into more deliberate financial choices. These benefits, however, were tempered by practical constraints: limited access to reliable financial services in rural areas, short and one-off course formats that left little room for practice and feedback, and content or delivery that was not always aligned to the specific needs and schedules of salaried women. Such mismatches reduced the likelihood that new knowledge would be applied consistently in daily life. Overall, the findings point to the value of continuing financial education while also underscoring the need for more accessible channels, longer or spaced delivery with follow-up, and job-relevant modules that fit workplace realities and household responsibilities.

SUGGESTIONS AND POLICY IMPLICATIONS:

These findings point to the need for financial education that is rooted in the local context and responsive to paid women’s specific concerns. Tailoring modules to their priorities and delivering them in accessible formats can markedly improve programme effectiveness. Providing practical tools such as checklists, simple calculators, templates, and step-by-step guides can help women put lessons into daily practice and strengthen their financial well-being. Future studies should track outcomes over time to assess how these programmes influence salaried women’s finances and overall well-being, examine how digital platforms reach and engage this audience, and investigate the socio-economic factors that shape programme success so that interventions can be more precisely targeted.

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Received on 28.08.2025 Revised on 06.12.2025

Accepted on 09.01.2026 Published on 11.05.2026

Available online from May 14, 2026

Asian Journal of Management. 2026;17(2):173-178.

DOI: 10.52711/2321-5763.2026.00027

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Creative Commons License.

Program	Type	Target Audience	Key Topics Covered	Delivery Method	Accessibility
Financial Education Programme (FEPA)	Government Initiative	Salaried women in rural and urban areas	Budgeting, savings, financial planning	Workshops (in-person)	Free and widespread
Manjari Foundation’s Financial Literacy Sakhis	NGO Initiative	Rural women in SHGs	Savings, banking services, insurance	In-person community training	Localised, rural areas
Diksha+ Program (Ujjivan Small Finance Bank)	Private Sector Initiative	Salaried women (general)	Budgeting, debt management, retirement planning	Online modules	Easily accessible online

Program	Budgeting	Savings	Investment	Retirement Planning	Debt Management
Financial Education Programme (FEPA)	Yes	Yes	Yes	Yes	Yes
Manjari Foundation’s Financial Literacy Sakhis	Yes	Yes	No	No	Yes
Diksha+ Program (Ujjivan Small Finance Bank)	Yes	Yes	Yes	Yes	Yes