“Financial Literacy and its effect on the financial wellbeing of farmers”
DOI:
https://doi.org/10.48047/h2gdxm55Keywords:
Financial Literacy, Financial Distress, Sustainable Development, Financial Well-Being.Abstract
The consequences of low financial literacy extend far beyond individual hardships. Financial difficulties, often exacerbated by limited knowledge, lead to debt burdens, inability to invest in crucial inputs, and vulnerability to unforeseen shocks. This distress manifests in anxiety, depression, and extreme cases, the tragic reality of farmer suicides – a grim statistic with 10,281 lives lost in 2019 alone (NCRB, 2020). The impact doesn't stop there. Financial distress in agriculture, the backbone of India's economy, ripples through society, reducing agricultural output, hampering rural development, and contributing to social unrest. Empowering farmers
financially is not only about improving their well-being but also about ensuring the sustainable development of the agricultural sector and the overall economic prosperity of India. By closing this knowledge gap and developing targeted interventions, we can unlock the immense potential of Indian agriculture and pave the way for a future where farmers thrive, not just survive.
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References
Das, A., & Maji, S. (2023). Financial literacy and financial distress: A study on Indian farmers. Journal of Rural Studies, 101, 114-123.
Kumar, R. (2022, June 15). Farmer suicides on the rise in Karnataka due to financial distress.
Arjun, T.P. and Subramanian, R. (2024), "Defining and measuring financial literacy in the Indian context: a systematic literature review", Managerial Finance, Vol. ahead-of-print No. ahead-of print. https://doi.org/10.1108/MF-08-2022-0358
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