An Analysis of the Effects of Self-Help Groups on Member’s Financial Situation

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Published: Feb 1, 2024
DOI: https://doi.org/10.29070/gbtr4p69
Keywords:
Self-Help Groups, Socio-Economic, Resilience, Savings, Financial

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Authors

Mangleshwar Gupta

Research Scholar, Madhyanchal Professional University, Bhopal (M.P.)

Dr. Lokendra Vikram Singh

Professor, Faculty of Commerce & Management,Madhyanchal Professional University, Bhopal (M.P.)

Abstract

Various effects of self-help groups on member’s financial circumstances are investigated in this research. Analysed thoroughly, it reveals these organisations revolutionary capacity to strengthen economic resilience and promote financial empowerment. Credit is more easily obtained, members are more likely to save money, and members are more likely to practise good money management because of the joint efforts and mutual support fostered by self-help organisations. Furthermore, member’s financial capacities are further enhanced by the social dynamics that foster responsibility and confidence among these organisations. Not only may self-help organisations improve individuals' financial well-being, but they also contribute to wider socio-economic growth and community empowerment, according to this study.

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Issue

Vol. 19 No. 1 (2024): International Journal of Information Technology and Management (IJITM)

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