How Various Factors that Impact the Financial Behavior of the Members of the Self-Help Group of Indigenous Groups and Natives or Tribal Communities?
Keywords:
Indigenous Financial Behavior, Socio-Cultural Factors, Bricolage and Finance, Peer Mechanism, Financial Inclusion in Tribal CommunitiesAbstract
This study explores the profound influence of social and cultural factors on the financial conduct of indigenous tribes and groups. Anchored in Vygotsky's socio-cultural theory, the analysis delves into the intricate interplay between cultural elements, such as bricolage, and the immediate availability of financial resources, illuminating their collective impact on the tribes' financial behavior. Typically residing in proximity, these communities exhibit homogeneity by forming groups exclusive to their clans, lacking access to conventional financial services and tangible assets that dissuade banks from extending loans. Crucially, the social capital embedded within the group dynamics, often referred to as the peer mechanism, emerges as a pivotal conduit for members to secure capital and bank credit. The synergy of bricolage, representing the adept use of available social capital, facilitates access to finance and credit. Despite the existence of social capital and financial literacy programs, a stark reality persists – a significant proportion of indigenous people remain financially excluded. This chapter endeavors to scrutinize the ramifications of these factors on tribal financial behavior, employing the Partial Least Squares Structural Equation Modeling (PLS SEM) method. Proposing a paradigm shift in financial attitudes, the research underscores the imperative of fostering financial inclusion within indigenous tribes and communities.
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