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2020, IAEME PUBLICATION
This paper aims to examine the mediating role of AC between the financial literacy (FL) level and financial wellbeing (FWB) of select individuals residing in National Capital Region of India. The sample study considers 476 conveniently selected individuals. The authors’ suggest that FL helps in enhancing financial knowledge and in developing skills of individuals so that they can compare and choose best finance oriented products and services which ultimately increase access to banking services. Thus, results demonstrate that without AC, FL alone can’t enhance the level of FWB among individuals residing in National Capital Region of India. No doubt, prior studies have explored association between FL and FWB; however, the mediating role of AC within this domain has remained unexplored. Findings will enable Governments and policymakers to target vulnerable groups and design financial strategies and policies to increase their FL level which increases their access to banking services which ultimately help in advancing the level of FWB. The study ignores the qualitative study through interviews. Further study focuses only on one dimensions of financial inclusion, thus ignoring other dimensions.
The need for financial literacy and its importance for achieving financial inclusion have been widely recognised. Based upon literature review, various research studies on financial literacy initiatives and data analysis through an assumptive approach and secondly, through secondary data collection as collated from the Reserve Bank of India statistical tables cum census of India, this paper is an attempt to bring to the fore a dimension/correlation between Financial Literacy and Financial Inclusion. It is an attempt to understand as to how customising and in general too financial literacy programmes in India are crucial for greater penetration of Inclusive Banking and how they both complement each other in order to stand as the two strong pillars of BankinginIndia. Executive Summary: Financial literacy is a key factor to financial inclusion and a necessary precondition for success in its drive. Both, financial literacy and inclusion needs to be treated as twin pillars. Without increased financial literacy, people will be increasingly at risk of making poor financial decisions which leave them to confront financial hardship, including an insecure old age. Financial literacy is making people aware of what they can and should expect from the banking sector, as their right. In this context, financial literacy and inclusion are a win-win opportunity for the poor, for the banks and for the nation as a whole. There is urgent need for concerted efforts, focus and improvement in the space of education. Whatever products available today are not known to the majority of the population especially, in the rural areas. The situation can be improved by banks / Government by opening number of inclusive banking innovative outfits, wherein staff can explain rural people about different financial products and their benefits. Efforts needs to be made to make the poor people confident in coming to the bank branches and connecting with main GDP streamline of the country. Even the staff of rural branches needs to be trained to deal with rural people. Various IT tools can be used for providing financial services at their door – steps to build their confidence. Through the run of an SPSS model, it is clear here that financial literacy is a must for financial inclusion. Population should have proper knowledge, behaviours and attitude then only successful implementation of financial inclusion plan can be achieved. Financial service providers needs to focus on financial literacy, simple and flexible products and speedy transactions. Providing the right advice at the right time and with the right approach is the key and hence the vast scope for work and innovation. To make things clear, financial inclusion focuses on volume or quantity whereas financial literacy is more about quality. While financial inclusion emphasises on creating more accounts in order to make the common banking facilities easily accessible to all, financial literacy emphasises on expanding the knowledge on financial matters and products so that one can, Understand how to use and manage money and minimize financial risk Manage personal finance quite efficiently Identify the benefits and facilities offered by banks and boycott the dodgy moneylenders. Derive the long-term benefits of savings
The successful inclusion of the financial services to the people of the country requires good level of financial literacy among them.By looking the strong relationship between financial literacy and financial inclusion, the present study aims to identify the main factors affecting the level of financial literacy in India with special reference to Punjab State.The study is based on the primary data collected from three main districts (Amritsar, Jalandhar, & Ludhiana),one each from all threeregions of Punjab namely, Majha, Doaba, and Malwa. Data have been collected from both rural and urban areas of each districts and comparative analysis has been conducted to show the differences in level of financial literacy within the district and between the districts. Chi-square test has been utilized to check the association between respondents' characteristics and their existing level of financial knowledge. The whole analysis reveals that there exist differences in the level of financial literacy between male and female respondents and it is less in female respondents. These differences are also lies between urban and rural respondents. The level of financial literacy is higher in urban areas than in rural areas. Finally, the respondent's qualification and its parental qualification also affect the level of financial knowledge in Punjab. On the basis of results, the study recommends the adoption of policies related to the women empowerment in both urban and rural areas which may help in reducing the gap between financial literacy among two areas and improve the overall level of financial literacy. The improvement in the level of financial literacy will further enhance financial inclusion as per the linkage between two.
Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and low income group in particular at an affordable cost in a fair and transparent manner by mainstream institutional players. It plays a prominent role in creating and enhancing inclusive economic growth. More than half the adult population in Indian economy still does not have access to formal financial services. Promoting financial inclusion has been a mammoth challenge for the Reserve Bank of India (RBI) and the government. Since India's independence, the highest priority remained as increasing economic growth, education for all and financial inclusion. One of the biggest components of financial inclusion is financial literacy. Financial literacy is the ability to understand how money works: how someone makes, manages, invests and also expends it. Financial Inclusion and Financial Literacy need to go hand in hand to enable the common man to understand the needs and benefits of the products and services offered by the formal financial institutions. Financial inclusion without financial literacy has no meaning as the stakeholders cannot grasp the benefits/ risks associated. India has made rapid strides in technology and it is important now to look at financial inclusion through the prism of the digital India. The major problem here is that the un-served sector might not utilise the technology enabled financial services because they are not aware of and literate in technology innovations in digitized financial services. This paper attempts to identify the recent innovations in financial inclusion and the role of financial literacy in creating awareness through various initiatives taken by Government of India, RBI, banks etc., to reach the financial services.
Education and Society
REGION WISE FINANCIAL LITERACY AND FINANCIAL INCLUSION IN INDIA2023 •
ABSTRACT: The basic object of this study was to examine the region wise financial literacy and financial inclusion in India. Country wide 75 percent of the respondents used their saving bank accounts for transactions and about 81 percent are found to have been holding saving bank accounts. Highest 84 respondents form North Zone using the saving bank account followed by 75 percent in the East, South and West Zones. About 90 percent respondents were found aware about saving account. At national level only 13 percent of respondents who operated their recurring deposits account. The West Zone tops in the in holding and operating recurring deposit accounts with 25 percent and 21 percent respectively where as North-East is least with 14 percent and 8 percent respectively. In case current account about 17 percent respondents are holding and 15 percent operation country wide current accounts the West Zone is top in case awareness, holding and operating current account. Only 11 percent of respondents countrywide have operated term deposit and 14 percent holding their Term Deposit account. West Zone found in tops for holding as well as operating Term Deposit account and East Zone is least. Regarding financial attitude at national level 71 percent respondents were found positive financial attitude towards spending money, 76 percent positive towards saving money and 69 percent positive towards planning money. The region wise positive financial attitude was highest in South Zone. In Case of Financial behavior 74 percent respondents maintaining household budget it was maximum 81 percent in North-East Region. At national level, 45 percent respondents found able to meet living cost from income without borrowing. Most of the respondents were found comfortable in financial calculations like Division 85 percent correct at national level, Interest paid on Loan 75 percent correct at national level. It observed that there is no correlation between awareness about bank accounts and financial literacy in India. KEYWORDS: Financial Literacy, Financial Inclusion, Financial Education, Financial Attitude.
rea publication
"Banking Services towards urban poor in Navi-Mumbai City and its challenges on financial literacy in the global scenario"2012 •
Banking is an important agency for fostering the Economic Development of a developing country like India. The main objective of Indian economic policy is “economic growth with social justice”. This involves balanced growth, prevention of concentration of economic power, direction of the flow of resources towards underdeveloped regions and economically weakersections of society and promotion of employment opportunities and improvement in the quality of life. It is common knowledge of that a very large percentage of the population reside in urban areas. However the services offered by the banking system is woefully inadequate and is unable to reach the financially illiterate people living in urban areas. This study attempts to gather data on this issue from people living in Navi Mumbai City. This study a
For the development of the economy of any nation, the financial system should be developed firstly, and for that the residents should be aware of the financial concepts, markets and services. The term Financial Literacy and Financial Inclusion has become a buzz word and the reason behind this is Pradhan Mnathri Jan Dhan Yojana and the quote given by honourable Prime Minister Shri Narender Modi is “ Sabka Sath, Sabka Vikas ” . Financial Literacy is very low world-wide and in the country like India, it is much lower. This paper tries to explore the level of financial literacy in India. The report given by NISM, 2014 that has been retrieved from National Centre for Financial Education website and Report on Financial Literacy around the world : Insights from Standard and Poor ’ s Rating Services Global Financial Literacy Survey.has been analysed. It was found that the level of financial literacy in India is 24% which is very low in comparison to the other developed and developing nations across the globe. Further the suggestions are given to improve the level of financial literacy in India.
FWU Journal of Social Sciences
The Big Three of Financial Literacy: Analyzing its Influences on Financial Well-being2023 •
This study attempts to identify the key components of financial literacy and its constituent factors, and to examine influences of people's financial literacy on their financial well-being. The study is mainly based on the primary data collected from 384 randomized samples from the Indian state of Assam. Data analysis was carried out using statistical techniques such as factor analysis, regression analysis, and correlation analysis. A thorough review of the empirical literature, and findings of the present study reveal three major components-"financial knowledge, financial behavior, and financial attitude"-that constitute people's financial literacy, which are coined as "the big three of financial literacy." Financial literacy and its three major components are found to have strong and significant influences on people's financial well-being. It is concluded that an increase in people's financial literacy results in an increase in their financial well-being, and vice versa .
GAP iNTERDISCIPLINARITIES - A GLOBAL JOURNAL OF INTERDISCIPLINARY STUDIES ( ISSN- 2581-5628)
A THEORETICAL STUDY OF FINANCIAL LITERACY IN INDIA2023 •
Multiple studies have tried to examine the level of financial literacy in India. Most of them conclude that financial literacy in the country is lacking. However, due to India's diverse cultural and socio-economic landscape, forming a unified assessment of its financial literacy level is challenging. Conducting a comprehensive nationwide study on financial literacy and its related aspects could provide a deeper understanding, aiding in the formulation of effective policies. This paper conceptualizes various facets concerning financial literacy, encompassing its origins, definition, financial literacy in India, and the role of India's National Centre for Financial Education and various initiatives taken by NCFE. It also discusses financial literacy in India as compared to its neighbouring countries. When examining the financial literacy of adults in neighbouring countries of India, the study reveals that India surpasses Bangladesh, Nepal, and Afghanistan, but falls behind Bhutan, Myanmar, Sri Lanka, China, and Pakistan. Financial literacy levels vary significantly among the states of India. Goa, Chandigarh, and Delhi are the most financially literate states, while Odisha, Sikkim, and Chhattisgarh are the least financially literate states.
International Journal of Advance and Applied Research
Financial Literacy for Uniform Financial Inclusion for women in India2022 •
The seventeen United Nation Goals has been framed to construct a sustainable world for all the deprived section of the society. Especially for the women empowerment through the financial inclusion it is very important that they should be educated toward the availability of the financial amities. As the government is advancing more toward the financial inclusion yet there path in the universal adoption of it is not clear. The National vision toward the financial inclusion is insisted in the National Strategies for the financial Inclusion: which is composed of the Main pillars which will support the government dream of financial inclusion. The chief concern of the government is shifting from the access of financial services and products toward the usage of it. The mere provision of financial services does not serve the purpose till the masses do not uses it for their benefits and are not aware of their financial rights. This chapter discussed the statistics of financial literacy among the women in India on the basis of financial attitude, financial behavior and financial knowledge. Government of India and RBI has implemented numerous schemes to develop financial attitude, financial behavior and financial knowledge. So that women can attain empowerment.
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