Developing and Validating Constructs: A Pragmatic Measurement of Financial Inclusion as a Tool for Sustainable Growth

Given the ubiquity of sustainability, the study attempts to develop and validate measurement constructs for financial inclusion. Further, it empirically examines the statistical relationship between validated constructs of financial inclusion and financial empowerment of blue-collar migrant workers....

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Bibliographic Details
Published in:Sustainability 2022-10, Vol.14 (20), p.12955
Main Authors: Murugesan, T. K, Asis, Edwin Ramirez, K.P., Jaheer Mukthar, Calderón, Juan Villanueva, Guerrero, Felix Julca, Picon, Jorge Castillo, Diaz, Guillermo Pelaez
Format: Article
Language:English
Subjects:
Bank technology
Banking industry
Commercial banks
Correlation analysis
Cost control
Developing countries
Economic growth
Empowerment
Factor analysis
Financial inclusion
Financial institutions
Financial research
Financial services
Growth
Inspection
International finance
LDCs
Migrant labor
Migrant workers
Rural areas
Smartphones
Society
Sustainability
Sustainable development
Workers
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Summary:Given the ubiquity of sustainability, the study attempts to develop and validate measurement constructs for financial inclusion. Further, it empirically examines the statistical relationship between validated constructs of financial inclusion and financial empowerment of blue-collar migrant workers. This empirical study proposes an exclusive research framework to inspect the development and validation of measurement scales for financial inclusion in the context of sustainable growth in India. The primary data were collected using the structured interview schedule among 268 blue-collar migrant workers. The Exploratory Factor Analysis (EFA) was employed to validate measurement constructs of financial inclusion and examine their hypothetical and conjectural relationships with the help of multiple correlation analysis. This paper identified eight valid and reliable underlying constructs of financial inclusion with the help of an exploratory factor study. The underlying constructs are ease of access, usage, availability, affordability, physical proximity, awareness and knowledge, financial literacy, and financial empowerment. Further, the outcomes of this study also confirmed that the underlying constructs of financial inclusion have a significant positive influence on the financial empowerment of blue-collar migrant workers.
ISSN:2071-1050
2071-1050
DOI:10.3390/su142012955