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Analyze the Impact of Financial Literacy on Poverty-Prevention Strategies in Families: A Case Study in Bengaluru Rural District

In: Proceedings of the 3rd International Conference on Reinventing Business Practices, Start-ups and Sustainability (ICRBSS 2023)

Author

Listed:
  • M. Krishnamoorthi

    (Kristu Jayanti College, Faculty of Commerce and Management)

  • M. Thinesh Kumar

    (SRM Institute of Science and Technology, Department of Corporate Secretaryship & Accounting and Finance, Faculty of Science and Humanities)

  • R. Mohan Kumar

    (Kristu Jayanti College (Autonomous), Department of Commerce (PG), School of Commerce and Management)

  • P. Venkatesh

    (Sri Sairam Engineering College, Department of Management Studies)

Abstract

This study aims to investigate the degree of financial literacy among families categorized as falling below the Poverty Line (PL) and to evaluate their capability in successfully managing financial decision-making processes. This study aims to examine the level of knowledge among participants about various financial resources and government aid programs. The technique of analysis used for this study was descriptive research. Convenience sampling, a non-probability sampling technique, was utilized, whereby data was collected from people within the community who were readily available throughout the data collecting phase of the study. The findings indicate that financial literacy can contribute to poverty reduction Better Money Management, Savings and Emergency Funds, Debt Management, Investment Knowledge, Entrepreneurship and Job Opportunities, Access to Financial Services and Poverty Prevention Strategies. The enhancement of financial literacy is expected to contribute to the achievement of financial inclusion, which is a crucial need for the Indian economy. Hence, it is essential for the government to provide guidance to those living in impoverished conditions about optimal resource management and active engagement in accessible programs.

Suggested Citation

  • M. Krishnamoorthi & M. Thinesh Kumar & R. Mohan Kumar & P. Venkatesh, 2024. "Analyze the Impact of Financial Literacy on Poverty-Prevention Strategies in Families: A Case Study in Bengaluru Rural District," Advances in Economics, Business and Management Research, in: Meena Rani Nimmagadda & Catherine S. & Praseeda Challapalli & V. Sasirekha (ed.), Proceedings of the 3rd International Conference on Reinventing Business Practices, Start-ups and Sustainability (ICRBSS 2023), pages 471-478, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-374-0_40
    DOI: 10.2991/978-94-6463-374-0_40
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