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Abstract

Women’s financial empowerment has garnered greater interest in recent years, and numerous articles have highlighted gender disparities. In existing literature, antecedents and measures of economic empowerment are fragmented, with limited research that provides a comprehensive assessment framework. This systematic review aims to identify the determinants affecting women’s financial empowerment to develop a comprehensive framework to measure financial empowerment based on insights derived from an examination of 101 selected research articles published from 2001 to 2023 and exclusively sourced from the Scopus database. The search followed a comprehensive and systematic approach involving identification, selection, appraisal, and synthesis of the existing literature. The most common themes include microfinance and economic empowerment, the role of self-help groups (SHGs) in empowering women financially, and gender disparity regarding financial empowerment. The identified antecedents or themes have been organised into four categories: individual, household, institutional and community, and other factors. Key antecedents include socioeconomic factors, demographic factors, unpaid care work, SHG membership, microcredit, and family care. Additionally, the assessment of financial empowerment has been classified, following Kabeer’s (1999) model into three categories: financial resources, financial agency, and financial achievements of women. The gaps identified in the existing literature suggest various potential opportunities for future research. This study’s practical implications involve equipping women with proper knowledge, skills, and resources by developing targeted financial inclusion programs, financial empowerment initiatives, and public policies to bridge the gender gap in financial empowerment. The findings underscore the requirement for gender-responsive policies, integrating financial literacy and technology to promote inclusive growth. This study distinguishes itself by presenting a comprehensive review of factors influencing women’s financial empowerment and developing a comprehensive framework for assessing it.

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