Current issue
News
From the Editors June 2022
Invitation
From the Editors September 2022
From the Editors November 2022
From the Editors January 2023
From the Editors March 2023
From the Editors September 2023
From the Editors December 2023
Archive
About the journal
About us
Focus and Scope
Editorial Team
Open Access Policy
Indexing and points
Contact
Subscription - print version of the journal
Business Model
Ethics statement
REVIEW ARTICLE
FINANCIAL LITERACY IN INDIA: A REVIEW OF LITERATURE
1
ECONOMICS, Chaudhary Devi Lal University, Sirsa, India
Submission date: 2023-01-19
Final revision date: 2023-04-07
Acceptance date: 2023-04-27
Publication date: 2023-09-28
Corresponding author
Economic and Regional Studies 2023;16(3):446-458
KEYWORDS
JEL CLASSIFICATION CODES
G21
TOPICS
ABSTRACT
The paper aims to understand various concepts and dimensions of financial literacy by using
literature-based analysis. The reviews included various parameters, such as the financial literacy
of young people, employees, women and college students, and the impact of financial literacy on
well-being and investment decisions. Secondary information was gathered from many publications,
websites, research papers, and articles. In the context of India, there is still much work to be done
in the domain of financial literacy. Numerous studies have revealed low levels of financial literacy
among India’s different demographic segments and some studies have revealed moderate levels.
Financial literacy is a difficult topic to describe and quantify. The definition and measurement
of this idea are the focus of numerous investigations. Policy changes must be made to improve
financial literacy at both the fundamental and advanced levels so that people can save and invest
money more sensibly in the various market opportunities.
PEER REVIEW INFORMATION
Article has been screened for originality
REFERENCES (40)
1.
Abdalla, H., Srivastava, A. K. (2017). A Study on Financial Literacy Rate of Select Employees at UAE. Anveshana’s International Journal of Research in Regional Studies, Law, Social Sciences, Journalism and Management Practices, 2(5), 109-119.
2.
Agarwalla, S. K., Barua, S. K., Jacob J., Varma, J. R. (2013). Financial literacy among working young in urban India. Indian Institute of Management Ahmedabad, 2–27. https://doi.org/10.2139/ssrn.2....
3.
Agarwalla, S. K., Barua, S. K., Jacob, J., Varma, J. R. (2015). Financial literacy among working young in urban India. World Development, 67, 101-109. https://doi.org/10.1016/j.worl....
4.
Aggarwal, N., Gupta, M., Singh, S. (2014). Financial literacy among Farmers: Empirical Evidence from Punjab. Pacific Business Review International, 6(7), 36–42.
5.
Arora, A. (2016). Assessment of Financial Literacy among Working Indian Women. Business Analyst, 36(2), 219–237.
6.
Baker, H. K., Kumar, S., Goyal, N., Gaur, V. (2019). How Financial Literacy and Demographic Variables relate to Behavioural Biases. Managerial Finance, 45(1), 124-146. https://doi.org/10.1108/mf-01-....
7.
Biswas, S., Gupta, A. (2021). Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in India. International Journal of Economics and Financial Issues, 11(5), 104-113. https://doi.org/10.32479/ijefi....
8.
Chaulagain, R. P. (2015). Financial Literacy for Increasing Sustainable Access to Finance in Nepal. NRB Economic Review, 27(2), 35–52. https://doi.org/10.3126/nrber.....
9.
Clark, R., Lusardi, A., Mitchell, O. S. (2017). Employee financial literacy and retirement plan behavior: a case study. Economic Inquiry, 55(1), 248-259. https://doi.org/10.1111/ecin.1....
10.
De Clercq, B., Venter, J. M. P. (2009). Factors Influencing a Prospective Chartered Accountant’s Level of Financial Literacy: An Exploratory Study. Meditari: Research Journal of the School of Accounting Sciences, 17(2), 47-60. https://doi.org/10.1108/102225....
11.
Deepa, V. (2018). Analysis of financial literacy and its impact on financial attitude and financial security: a study of employees working in Chennai. Journal of Emerging Technologies and Innovative Research (JETIR), 5(11), 160-167.
12.
Dube, V. S., Asthana, P. K. (2017). A comparative study on Financial Literacy of Uttar Pradesh with Central Zone states in India. IOSR Journal of Business and Management (IOSR-JBM), 19(10), 22-27.
13.
Garg, N., Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1),173-186. https://doi.org/10.1108/ijse-1....
14.
Grohmann, A., Kouwenberg R., Menkhoff, L. (2015). Childhood Roots of Financial Literacy. Journal of Economic Psychology, 51, 114-133. https://doi.org/10.1016/j.joep....
15.
Gunther, M. K., Ghosh S. (2018). Deciphering Financial Literacy in India: Evidence from States. Economic and political Weekly, 53(213), 153-164.
16.
Gupta, S. (2017). To Measure the Levels of Financial Literacy among Individuals of Delhi. Parapet-Indian journal of research, 6(1), 62-66.
17.
Iqbal, B. A., Sami, S. (2017). Role of banks in financial inclusion in India. Contaduría y administración, 62(2), 644-656. https://doi.org/10.1016/j.cya.....
18.
Kamakia, M. G., Mwangi, C. I., Mwangi, M. (2017). Financial Literacy and Financial Well-Being of Public Sector Employees: A Critical Literature Review. European Scientific Journal, 13, 233-249. https://doi.org/10.19044/esj.2....
19.
Kaur, G. P, Bedi, HS, Singh, A. (2019). Financial Literacy among Women of Punjab. Our Heritage, 67(10), 1017-1029.
20.
Kimiyaghalam, F., Safari, M. (2015). Review Papers on the Definition of Financial Literacy and its Measurement. SEGi Review, 8, 81-94.
21.
Kojo Oseifuah, E. (2010). Financial literacy and youth entrepreneurship in South Africa. African Journal of Economic and management studies, 1(2), 164-182. https://doi.org/10.1108/204007....
22.
Limbu, Y. B., Sato, S. (2019). Credit Card Literacy and Financial Well-Being of College Students. International Journal of Bank Marketing, 37(4), 991-1003. https://doi.org/10.1108/ijbm-0....
23.
Lusardi, A., Mitchell, O. S. (2006). Financial Literacy and Planning: Implications for Retirement Well-Being. In: O. S. Mitchell, A. Lusardi (eds), Financial Literacy: Implications for Retirement Security and the Financial Marketplace (pp 16–39). Oxford Academic. https://doi.org/10.1093/acprof...,.
24.
Mahajan, S. S., Jadhav, A. H. (2018). Financial Literacy of Women Employees in Banks. A Journal of Research Articles in Management Science and Allied Areas (refereed), 11(1), 21- 31.
25.
Mandell, L., Klein, L. S. (2009). The impact of financial literacy education on subsequent financial behaviour. Journal of Financial Counselling and Planning, 20(1), 15-24.
26.
Nanwani, B. H. (2016). Financial Savviness among Women in IT Companies. International Journal of Scientific & Engineering Research, 7(12), 259-266.
28.
Oppong-Boakye, P.K., Kansanba, R. (2013). An Assessment of Financial Literacy Levels among Undergraduate Business Students in Ghana. Research Journal of Finance and Accounting, 4(8), 36-49.
29.
Ozili, P. K. (2021). Financial inclusion research around the world: A review. Forum for social economics, 50(4), 457-479. https://doi.org/10.1080/073609....
30.
Palns, K., Reddy, K. (2018). A study of Financial Literacy of employees at Engineering Colleges, Hyderabad. Inspira. Journal of Modern Management & Entrepreneurship, 8(1), 40-46.
31.
Parcia, R. O., Estimo, E. T. (2017). Employees’ Financial Literacy, Behaviour, Stress and Wellness. Journal of Human Resource Management, 5(5), 78-89. https://doi.org/10.11648/j.jhr....
32.
Rani, S. A. Saraswathi, S. (2017). A Comparative Study on Financial Literacy among Arts and Science College Students. IJARIIE, 3(2), 92-96.
33.
Russia Trust Fund (2012). OECD/INFE toolkit to measure financial literacy and inclusion.
34.
Sarath Chandran M.C., Chandran, R. (2018). Effect Of Financial Literacy on Personal Financial Management of IT Employees in Kerala. International Journal of Business and Management Invention, 7(8), 67-74.
35.
Sarma, M., Pais, J. (2011). Financial inclusion and development. Journal of international development, 23(5), 613-628. https://doi.org/10.1002/jid.16....
36.
Sekar, M., Gowri, M. (2015). A study on financial literacy and its determinants among generation Y employees in Coimbatore city. Great Lakes Herald, 9(1), 35-45.
37.
Shaik, M. B., Kethan, M., Jaggaiah, T., Khizerulla, M. (2022). Financial literacy and investment behaviour of IT professional in India. East Asian Journal of Multidisciplinary Research, 1(5), 777-788. https://doi.org/10.55927/eajmr....
38.
Shanti, S., Murty, A. V. N. (2019). The Impact of Financial Literacy on Women in Several Districts of Andhra Pradesh. International Journal of Recent Technology and Engineering, 8, 901-906.
39.
Surendar, G., Sarma, V. S. (2017). Financial literacy and financial planning among teachers of higher education – a comparative study on select variables. Amity Journal of Finance, 2(1), 31-46.
Share
RELATED ARTICLE
| eISSN: | 2451-182X |
| ISSN: | 2083-3725 |
Digitalization of Economic and Regional Studies/ Studia Ekonomiczne i Regionalne – task financed under the agreement No. 819/P-DUN/2018 by the Minister of Science and Higher Education allocated to the activities of disseminating science.
© 2006-2024 Journal hosting platform by Bentus
We process personal data collected when visiting the website. The function of obtaining information about users and their behavior is carried out by voluntarily entered information in forms and saving cookies in end devices. Data, including cookies, are used to provide services, improve the user experience and to analyze the traffic in accordance with the Privacy policy. Data are also collected and processed by Google Analytics tool (more).
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
