Financial Inclusion through Post Office Savin...

Financial Inclusion through Post Office Savings: A Study on Tea Estate Workers' Attitude in Idukki District with Special Reference to Peerumade Panchayat

Author Name : Gopika A S

ABSTRACT This study examines the role of Post Office Savings Schemes in promoting financial inclusion among tea estate workers in Peerumade Panchayat, located in Idukki District, Kerala. Tea estate workers, primarily from lower socio-economic backgrounds, often face significant barriers to accessing formal financial systems due to factors such as geographical isolation, low and irregular income, and limited financial literacy. The study aims to assess the awareness, attitudes, and participation of these workers in Post Office Savings Schemes, which are perceived as accessible, trustworthy, and affordable alternatives to traditional banking. The research employs a descriptive research design and uses stratified random sampling to survey 150 workers across different estates within Peerumade Panchayat. Data is collected through structured questionnaires and personal interviews, and analyzed using descriptive statistics. The study identifies several key factors that influence participation in Post Office Savings, including proximity to Post Offices, financial literacy, and employer influence. It also highlights significant barriers to financial inclusion, such as low income, irregular payments, and distance from financial institutions. The findings reveal that while the majority of workers are aware of basic Post Office Savings products, there is a lack of awareness about more advanced schemes like the Public Provident Fund (PPF) or Monthly Income Scheme (MIS). Despite a positive attitude towards saving, informal methods of saving, such as keeping cash at home, are still preferred due to convenience. The study recommends awareness campaigns, financial literacy programs, improved accessibility to Post Office services, and collaborations with employers to promote regular savings among tea estate workers. These measures are expected to enhance financial inclusion and contribute to the economic well-being of workers in Peerumade Panchayat.