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Financial Literacy in India: A Review of Literature

Author

Listed:
  • Rani Mamta
  • Siwach Manoj

    (Chaudhary Devi Lal University, Sirsa, India)

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.

Suggested Citation

  • Rani Mamta & Siwach Manoj, 2023. "Financial Literacy in India: A Review of Literature," Economic and Regional Studies / Studia Ekonomiczne i Regionalne, Sciendo, vol. 16(3), pages 446-458, September.
    • Handle: RePEc:vrs:ecoreg:v:16:y:2023:i:3:p:446-458:n:6
    DOI: 10.2478/ers-2023-0029
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    financial literacy; investment; banking; well-being; G21;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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