Financial Literacy and Planning: A Study of Indian Households of Punjab State
Harsh Purohit1, Ravisha Chutani2
1Harsh Purohit, Dean, FMS-WISDOM, Banasthali Vidyapith, Newai (Rajasthan), India.
2Ravisha Chutani, Banasthali Vidyapith, Newai (Rajasthan), India.
Manuscript received on 22 March 2019 | Revised Manuscript received on 05 April 2019 | Manuscript Published on 11 April 2019 | PP: 16-22 | Volume-8 Issue-4C, April 2019 | Retrieval Number: D24150484C19/19©BEIESP
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Abstract: This study surveys 800 people from Indian households in the state of Punjab to examine the effect of demographic factors on the factors affecting financial literacy level. Seven factors were identified through exploratory factor analyses which help in assessing the financial literacy level of the people. The results indicated that there is a significant difference in the financial literacy level of the people based on educational qualification, occupation and monthly income. And women possessed lower financial literacy than men on the parameters of financial planning, financial advisory services, retirement planning, estate planning, insurance planning, legal services and budgeting and documentation.
Keywords: Demographics, Financial Planning, Financial Literacy, Indian Households, Punjab.
Scope of the Article: Industrial, Financial and Scientific Applications of All Kind