“From Savings to Security: The Impact of Self‐Help Group Micro Savings on Financial Stability and Development—A Literature Analysis”

ABSTRACT This literature review examines the impact of micro‐savings, particularly through Self‐Help Groups (SHGs), on economic development, with a specific focus on Asian and developing countries. The review investigates how increased savings, especially in rural areas and among women, contribute to economic growth by facilitating investment and empowering individuals. A variety of studies employing diverse methodologies to explore the relationship between savings, financial inclusion, and economic growth are assessed. The findings suggest that access to savings services and financial inclusion measures significantly and positively influence economic growth, particularly in contexts where informal savings are prevalent. The role of SHGs in promoting savings and microenterprise development is also highlighted.