An in-depth investigation into financial literacy levels in Indian households

Title

An in-depth investigation into financial literacy levels in Indian households

Creator

Patil A.; Niranjan L.R.; Patavardhan R.; Jain V.

Description

In a complex financial world, lack of awareness complicates money management and savings. Emphasizing financial literacy is vital for informed decision-making. This study explores global financial illiteracy, advocating international initiatives. In India, it assesses disparities and government activities and reviews tax-saving and mobile banking. Gaps include limited studies on Indian households, necessitating gender-specific analyses and research on education's impact. The methodology outlines justification, operational definitions, and data collection techniques. With ANOVA and descriptive statistics on 285 respondents, the study reveals demographic analysis, indicating higher financial literacy with age and a gender gap. Education. positively correlates with financial literacy. Recommendations include interventions like financial seminars, collaboration with regulators, and destigmatizing money talks at home to enhance financial literacy and bridge gaps. 2024 by IGI Global. All rights reserved.

Source

Contemporary Research and Practices for Promoting Financial Literacy and Sustainability, pp. 113-146.

Date

2024-01-01

Publisher

IGI Global

Coverage

Patil A., Christ University, India; Niranjan L.R., Christ University, India; Patavardhan R., Christ University, India; Jain V., Christ University, India

Rights

Restricted Access

Relation

ISBN: 979-836930864-6; 979-836930863-9

Format

Online

Language

English

Type

Book chapter

Identifier

https://doi.org/10.4018/979-8-3693-0863-9.ch005

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85204521168&doi=10.4018%2f979-8-3693-0863-9.ch005&partnerID=40&md5=6e307a8ec7d60f5150d64ac6239ce4b9