RELATIONSHIP BETWEEN FINANCIAL CAPABILITY-FINANCIAL WELL-BEING OF ORGANIC FARMERS IN KERALA, INDIA
Keywords:
Financial Capability, Financial well-being, Financial literacy, Kerala farmers, Organic farmingAbstract
This research looked into the link between organic farmers’ financial capabilities and their financial well-being in Kerala.The study used a primary dataset with a sample of 425 organic farmers in Wayanad, Idukki and Kottayam districts of Kerala. A structured questionnaire was created with a 5-point Likert scale to collect the data. Analysis was done with the structural equation modeling approach (SEM) using SPSS-AMOS). The findings reveal a strong link between financial capabilities and organic farmers’ financial well-being. In addition, we investigate the impact of farmers' socioeconomic characteristics on their financial capability and financial well-being.The results confirmed that socio-economic factors such as gender, age, education, marital status, religion, years of experience influence financial capability. At the same time, annual income, the nature of the family, and the nature of land don't influence financial capability. Gender, age of the farmer, educational qualifications, and years of experience are all socioeconomic characteristics that influence financial well-being. On the other hand, marital status and religion have no bearing on financial well-being. It should also be mentioned that annual income, family structure, and land type have little bearing on financial capabilities and financial well-being.The study suggests that Self- help groups and Kudumbasree can conduct the training program to improve the financial capability of organic farmers in Kerala, especially women. To develop the financial capability and financial wellbeing of less experienced farmers, training programs can be started at the earlier stages of farming.
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