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Many countries around the world have experienced a dramatic increase in their household debt over the past decades. This scenario occurs due to the development of commercial bank and non-banking financial institutions (NBFIs) which have broadened credit accessibility and investment opportunity for the households. A well-developed financial system helps firms to access the credit market and enhance production efficiency as well as to increase wages in the modern market. Households have the options to move from the traditional market (low wages, high fertility rate) or to work in the modern sector (high wages, low fertility rate). This signifies that the increase of women’s participation in the financial industry as well as in other economics will also affect the number of children in the household. Consequently, fertility rates how a descending pattern in the society which is a serious cause of concern.