Spending Behaviour and Financial Decision-Making Among Single Working Women: Insights from the Western Province of Sri Lanka

Abstract

This study explores the spending behaviour and financial decision-making of single working women in the Western Province of Sri Lanka, focusing on how socioeconomic, demographic, and financial factors influence their consumption patterns. With the rising economic participation of this demographic, understanding their financial behaviour is essential for policy formulation and targeted financial services. Primary data were collected from a sample of 200 respondents using a structured questionnaire. Statistical techniques such as frequency analysis, chi-square tests, independent sample t-tests, and multiple regression analysis were employed to identify key determinants of spending behaviour. Findings reveal that education level, income, household composition, savings frequency, and access to credit and financial investments significantly impact spending patterns. Women with higher educational qualifications and income levels tend to exhibit more strategic and planned spending habits. Access to credit facilities and insurance policies was also associated with increased average expenditure, reflecting enhanced financial confidence and stability. However, financial investments showed no significant impact on spending, suggesting a preference for short-term financial satisfaction over long-term planning. This study highlights the economic importance of single working women and the need for financial institutions and policymakers to consider their unique financial needs. The insights gained can aid in developing tailored financial products, improving financial literacy programs, and promoting inclusive economic policies. Addressing the distinct challenges faced by this group will contribute to their financial empowerment and broader socioeconomic development in Sri Lanka.