Impact of Financial Inclusion Schemes on Socio-Economic Status of Housekeeping & General Maintenance Staff of Higher Education Institutions

Financial inclusion has emerged as a critical policy strategy for improving the socio-economic conditions of marginalized populations by expanding access to formal banking, insurance, and pension services. Despite significant government initiatives in India, many low-income occupational groups continue to experience limited awareness and utilization of financial services, which restricts the potential socio-economic benefits of financial inclusion schemes. This study investigates the impact of awareness of and access to selected financial inclusion schemes Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) on the socio-economic status of housekeeping and general maintenance staff working in higher education institutions in Rajasthan, India. The study employs primary survey data collected from 121 respondents using a structured questionnaire and applies partial least squares structural equation modeling (PLS-SEM) to examine the relationships among awareness, access to financial services, and socio-economic status. The reliability and validity of the constructs were confirmed, with Cronbach's alpha values ranging from 0.846 to 0.944, composite reliability between 0.862 and 0.951, and average variance extracted values exceeding the threshold of 0.50. The structural model results reveal that awareness of financial inclusion schemes significantly influences socio-economic status (β = 0.410, t = 4.096, p < 0.001) and access to financial services (β = 0.668, t = 9.227, p < 0.001). Access to financial services also significantly affects socio-economic status (β = 0.528, t = 5.761, p < 0.001). Mediation analysis indicates a significant indirect effect of awareness on socio-economic status through access (β = 0.353, t = 4.314, p < 0.001). The findings demonstrate that awareness of and access to financial inclusion schemes are statistically significant determinants of socio-economic status, with access partially mediating the relationship between awareness and socio-economic outcomes among the sampled population. JEL Classification Codes: G21, I38, O16, O17.