Addressing the Intersectional Gap: A Study of Financial Inclusion in Gurgaon's Transgender Community

Abstract: Financial inclusion has invited a lot of attention in India since independence. One important dimensions of the issue of financial inclusion is associated with gender equity. Gender equality stands as a crucial objective within the United Nations' Sustainable Development Goals (United Nations, 2017). It is widely believed that enhancing gender equality can lead to improved productivity, growth, and economic development (gender equality and development, 2012). However, discussions on gender equity have often been limited to the traditional binary classification of men and women. Similarly, while the topic of the gender gap and financial health has been extensively discussed in literature, it often overlooks the existence of third genders or transgender individuals. Challenges such as limited education, employment discrimination, and lack of identity documentation hinder their ability to access financial services, such as opening bank accounts and obtaining credit. Additionally, a lack of financial literacy within the transgender community exacerbates these vulnerabilities, potentially impeding progress towards achieving overall financial inclusion goals. The issue of excluding transgender people from the formal financial system has received little attention from researchers and policymakers. This study aims to go beyond binary gender classification and explore the level of financial literacy and participation, as well as the issues and barriers faced by transgender people in the community in Gurgaon in accessing financial services. The study primarily relies on primary data collected through questionnaires, which have been analysed using statistical techniques. Based on the study's findings, it offers policy recommendations aimed at improving the financial well-being of this marginalized group. Further, this research aims to enhance the financial well-being of transgender residents in Gurgaon by highlighting financial challenges and providing actionable recommendations to create a more equitable and inclusive financial environment. Keywords: Financial Inclusion, Transgender Community, Gender Equity, Sustainable Development Goals JEL Classification Number: E5, G2, R2, I3