Empowering Women through Financial Literacy and Financial Inclusion: Lesson Learned From Pandemic Impact

: This study examines the impact of financial literacy and financial inclusion on women's empowerment, since it is crucial for gender equality and sustainable development. This research method involves collecting primary data through questionnaires distributed to a sample of housewives who live in West Java. Secondary data is also used to support the analysis. Variables analyzed include women's financial literacy, planning, decision-making, crisis, financial inclusion, and women empowerment. Descriptive statistics and regression analysis were used to analyze the data. Findings will shed light on the role of financial literacy and inclusion in women's empowerment, aiding policy efforts to enhance access to financial services and increase women's economic participation.

in accessing quality education. Women in Indonesia, like women worldwide, are more vulnerable to the negative impacts of shocks and natural disasters (Block et al., 2004). Past crises, such as the Asian Financial Crisis and earthquakes, have led to reduced household spending on health and education, affecting women's health and nutrition since they are more likely to put the needs of other family members before their own in the aftermath of shocks or disasters and when household income is tight. The Covid-19 pandemic has further disrupted crucial services for women, including reproductive health, leading to increased risks of unintended pregnancies and violence against women. Additionally, school closures during the pandemic have negatively impacted learning and skill development, especially among girls, exacerbating existing digital gender disparities in access to and use of technology (Organisation for Economic Co-operation and Development, 2022). Women, particularly housewives, face various hindrances in developing their skills and financial autonomy. However, they play a crucial role within households and communities, as highlighted during the Covid-19 pandemic when they took on responsibilities as teachers and health officers. The pandemic has also brought attention to the importance of financial and digital literacy for women, especially housewives, who are often in charge of managing household budgets. Adequate financial literacy empowers women to make wise financial decisions, avoid economic difficulties, and create economic value. Investing in financial inclusion can further empower women to take control of their economic destinies and improve their overall well-being.

BUSINESS ISSUE
The research analysis of "Empowering Women Through Financial Literacy and Financial Inclusion" proposes to measure variables that may have influenced Women especially housewives on handling their financial decisions. Based on Mckinsey.com, women's jobs are 1.8 times more vulnerable to the Covid-19 crisis than men's jobs worldwide. Global employment for Women is about 39% but 54% were accounted for overall job losses as of May 2020. The disproportionate representation of women in the industries that are anticipated to experience the greatest declines in 2020 as a result of COVID-19 is one of the reason (Krishnan et al., 2020). People's optimistic future expectations are likely to be reduced as a result of overall negative sentiment and the economic crisis caused by the pandemic (Chhatwani & Mishra, 2021). When researcher exaggerate financial fragility during the pandemic, only women express negative financial optimism (Chhatwani et al., 2022). Empowering women through financial literacy and inclusion is crucial for achieving gender equality and promoting economic development. By addressing the limited access to financial education and services, government can tap into proper program according to the needs of each province, enhance women's financial independence, and contribute to their overall well-being. It also aligns with SNLKI 2021-2025 aims: social responsibility initiatives and supports sustainable and inclusive economic growth.

LITERATURE REVIEW
The process of giving women more power is known as women's empowerment. Education, awareness, literacy, and training help to elevate the status of women through empowerment. Women are empowered when they have the tools and freedom to draw an important decision about their lives (Barro, 1999). In the fields of development and economics, women's empowerment is a hotly debated issue. Women who are economically empowered can manage resources, assets, and incomes and reap the benefits. Additionally, it increases risk management skills and boosts wellbeing. They will have the capacity to make deliberate life decisions, which they previously did not have, is referenced. Women's empowerment has the potential to benefit the entire world, including nations, corporations, communities, and groups. The quantity and quality of human resources available for development are both increased (Mahbub, 2021). Men have long been thought to be the ones in charge of financial planning and investing. Most women rely on their parents or husbands to manage their money. Despite the fact that the number of women who contribute to home finances has increased dramatically over the past decade, this is still the case. Moreover, women confront obstacles in terms of financial planning. It is necessary to resolve these obstacles so that they can live a financially independent life free of worry (Sharan, 2022). In order to have a family with a promising future, one has to have stable personal finances (Munohsamy, 2015). Poor financial decisionmaking can arise from low financial literacy (Jacob et al., 2000), which can hinder long-term goal achievement (Ergün, 2018). In addition, lacking financial literacy may result in unsecured personal loans (Wang et (Vong & Song, 2015). Considering these potential socioeconomic and environmental development ramifications, financial inclusion may play a crucial role in accomplishing the 2030 Sustainable Development Goals (SDG) agenda of the United Nations (UNSGSA, 2021). Women having access to loans is a mechanism that provides opportunities when starting businesses, which can enhance women's income, increase their quality of life, and promote the development of their families and communities. Furthermore, it promotes their empowerment, promotes their economic independence, boosts their self-esteem, and transforms them into agents of their own development (The World Bank, 2012).

METHODOLOGY
Commonly, two approaches are used for this research, quantitative approach, and qualitative approach to support the explanation. Quantitative methods generate numbers that can be classified, ranked, or predicted; quantitative analysis gathers information.
Generally, quantitative statistics are derived by statistical analysis that makes it objective and rational (Denscombe,2010). The quantitative approach was used to understand women's knowledge towards financial literacy. The data were collected through survey questionnaire. Moreover, the questionnaires were conducted to determine the current condition of women awareness on financial literacy and inclusion. The questionnaire is divided into two main sections. The first portion gives information for the clustering method, which is used to categorize women according to their knowledge with financial literacy. In the meantime, the essential answers provided by the respondent in the second section of the survey are used as data for a prediction strategy to create a mathematical model using machine learning. The sampling is self-explanatory and a close-ended question. It entails the researcher selecting participants purely based on factors such as proximity to study sites, accessibility, the timing of survey administration, or willingness to participate. This research was conducted in the West Java, for almost three months (February to April) in 2023. Based on BPS, in 2023 there are 13.273.294 population of housewives in West Java Province, this research will be using Slovin calculation of 5% margin of error and 10% population proportion The questionnaires that being distributed focused on this segmentation: • Married Women and/or ever been married.
• Full time housewives and/or Entrepreneur.
• Based on and/or ID-Card was originated from West Java. "Sample is a part of the number and characteristics of a particular population," says Sugiyono (2009:81). Therefore, to determine the sample, this study uses the Slovin formula. The Slovin formula is the formula used to calculate the minimum sample size of a study that estimates proportions. ThenSlovin formula notation is stated as follows: Based on the formula, it can be drawn the number of samples that must be collected as much as: Using the Slovin formula, the result for sample size came out as 399,99 samples. From overall questionnaires, the researcher will be using 400 samples in total who can represent 27 city and districts in West Java in 2023.

FINDING AND ARGUMENTS
This study's analysis method relies on multiple regression analysis approaches. Multiple regression analysis is used in this study because there are more than one independent variables. It looks at the factors that affect how the independent variables affect the dependent variable. . Consider the following metric to gauge whether a hypothesis is accepted or rejected: : If < , then there is no effect between independent variables on dependent variables partially. : If > , then there is an intermediate effect between independent variables and dependent variables partially. Based on table 1, the t-test hypothesis can be obtained that all pf the variables has the positive and significant impact women empowerment except for financial literacy and financial crisis. The financial literacy variable does not significantly influence women's empowerment because the level of significance that the financial literacy variable has is greater than 0.05. This research proves that the existence of financial knowledge possessed by housewives will not increase their empowerment in the form of basic financial knowledge, preparing all budgets and planning to be implemented and increasing decision-making skills so that they are careful in taking credit or debt. As for financial crisis, it is evident that it has a negative impact on women empowerment based on the questions asked. This research proves that the existence of a financial crisis has a bad impact on mental health and family finances also on women's empowerment. Women are more likely than men to spend their income on their children's food, education, and healthcare, which has powerful, advantageous, and quantifiable effects on society. Despite the crucial role that women play in facilitating development, women who live in developed countries are likely to suffer disproportionately during economic downturns. According to the UN Development Program, the majority of the world's poor are women. There is a critical need to assist developing countries in increasing economic opportunities for women because women are likely to suffer the most during the ongoing economic crisis (USAID, 2006). Based on table 2 the results of the F statistical test show that the value is 184,285 with a significance of 0.000. The regression model indicates that financial literacy and inclusion have an impact on women's empowerment because the significance threshold is less than 0.05. With the results described above, the variables of financial literacy, financial planning, financial decisions, financial crisis and financial inclusion have a simultaneous and significant effect on women's empowerment. This research shows that financial knowledge and financial inclusion have an important role in increasing women's empowerment.

CONCLUSION
The study findings indicate that financial literacy alone does not have a significant impact on women's empowerment, possibly because housewives in West Java already possess sufficient basic knowledge of finance. In addition, financial literacy has an extra application dimension, particularly variables to support married women's financial literacy can also be measured by financial planning, financial decisions, financial crises, and financial inclusion. However, financial planning and financial choices positively affect women's empowerment. Financial planning plays a significant role in improving household financial well-being and future financial outcomes. Additionally, women's involvement in making financial decisions is increasing, although men still dominate long-term financial decisions. On the other hand, financial crises have a negative impact on women's empowerment, as they disproportionately affect women, particularly in terms of poverty and job loss. Financial inclusion, on the other hand, has a positive effect on women's empowerment, promoting economic growth, poverty reduction, and opportunities for women to start businesses and become economically independent. By increasing women's financial inclusion, they can actively participate in the economy and improve their lives and communities.

RECOMMENDATION
The findings of this study provide recommendations for different stakeholders. Academics should use this research as a reference for further studies on financial literacy and inclusion in women's empowerment, exploring additional variables and examining a wider scope. They can also play a role in encouraging financial literacy among rural housewives and assisting in financial management practices. The government needs to prioritize financial literacy and inclusion, especially in remote areas, by providing education, guidance, and regular training on financial products and services. Financial institutions should design products and services that cater to women's needs and preferences. NGOs and community-based organizations can collaborate to offer financial education programs and advocate for policies supporting women's economic empowerment. Bridging the digital divide and promoting digital literacy are essential, and collaboration among stakeholders is crucial for sustainable women's financial empowerment in West Java.