Assessing Financial Literacy Considering Bhartiya Model and Its Impact on Financial Decision Making

Ravisha Chutani () and Harsh Purohit ()
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Ravisha Chutani: VSBS, Vivekananda Institute of Professional Studies
Harsh Purohit: FMS-WISDOM

A chapter in Pandemic, New Normal and Implications on Business, 2022, pp 57-72 from Springer

Abstract: Abstract The present paper assesses Bhartiya-based financial literacy level of the households in the state of Punjab and Haryana. Further, it also examines the significant difference between respondents’ demographic variables and their BMFL-based financial literacy level. A total of 800 responses from a systematic questionnaire were analyzed, with built-in BMFL-based financial literacy questions. Survey participants were asked about their BMFL-based financial literacy level, and a significant difference in their demographic variables and factors which affect their BMFL-based financial literacy was analyzed. Results indicated a significant difference between respondents’ demographic variables and the factors which affect their BMFL-based financial literacy level. Hence, the findings cannot be generalized for India, and future studies in the remaining states can be conducted which will assess the financial literacy level of the people based on Bhartiya context and culture. This study will also help the researchers, policymakers, research bodies, and government organizations to formulate plans based on the actual financial literacy condition wherein India has its roots.

Keywords: Demographics; Indian households; Financial literacy; BMFL-based financial literacy; OECD (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-981-19-4892-3_4

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DOI: 10.1007/978-981-19-4892-3_4

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