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Determinants of financial literacy of young adults: testing the influence of parents and socio-demographic variables

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  • Shikha Bhatia
  • Deepak Chawla
  • Sonali Singh

Abstract

Acquiring good financial literacy (FL) can be very helpful for a young adult, as it may allow for making informed choices and long-term financial decisions. The research evidence suggests that in general people are less financially literate, which becomes an impediment to making the right form of savings, investment, retirement planning and other such important decisions. The objective of the study is to identify what determines the level of FL of young adults undertaking a management program in India. This study, in addition, examines the effect of parental influence by including three facets of it; namely, parents direct teaching, parents' financial behaviour and parents as role models. Notably, parents' influence is a significant determinant of FL. Among other factors, higher FL was found for male respondents, those with more educated mother, and finance majors.

Suggested Citation

  • Shikha Bhatia & Deepak Chawla & Sonali Singh, 2021. "Determinants of financial literacy of young adults: testing the influence of parents and socio-demographic variables," International Journal of Indian Culture and Business Management, Inderscience Enterprises Ltd, vol. 22(2), pages 256-271.
    • Handle: RePEc:ids:ijicbm:v:22:y:2021:i:2:p:256-271
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    Cited by:

    1. Azra Zaimovic & Anes Torlakovic & Almira Arnaut-Berilo & Tarik Zaimovic & Lejla Dedovic & Minela Nuhic Meskovic, 2023. "Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends," Sustainability, MDPI, vol. 15(12), pages 1-30, June.

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