Assessing Rural Livelihoods: Financial Inclusion and SocioEconomic Well-Being in Nayagarh, Odisha

This study explores the link between financial inclusion and the overall well-being of rural households in Nayagarh, ‎Odisha, using a mixed-methods approach that combines survey data from 600 households with insights from focus ‎group discussions and stakeholder interviews. The findings suggest that financial inclusion significantly improves ‎financial well-being by increasing household income, reducing dependence on informal credit, and enhancing ‎financial stability. Additionally, it has a positive impact on social well-being, enabling households to participate ‎more in their communities and build social connections. Financial inclusion also reduces financial stress, promotes ‎psychological well-being, and empowers women in decision-making. The study highlights the importance of ‎inclusive policies that integrate financial services with broader rural development initiatives and suggests that ‎policymakers should consider multiple dimensions of well-being, including perceived financial security and social ‎participation. By recognizing financial inclusion as a key driver of social, psychological, and livelihood security, the ‎study provides valuable insights for policymakers and practitioners‎.