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Empowering Youth for Financial Success: the Impact of Literacy Programs and Digitalisation on Financial Literacy

In: Proceedings of the 5th International Conference on the Role of Innovation, Entrepreneurship and Management for Sustainable Development (ICRIEMSD 2024)

Author

Listed:
  • Tejus Sangameshwara

    (JSS Science and Technology University, JSS Centre for Management Studies)

  • M. B. Kavyashree

    (JSS Science and Technology University, JSS Centre for Management Studies)

  • M. Ashika

    (JSS Science and Technology University, JSS Centre for Management Studies)

  • P. Nagesh

    (JSS Science and Technology University, JSS Centre for Management Studies)

Abstract

The research intended to analyze the impact of literacy programs provided to the youth; to gain insights of digitalization of financial literacy and to examine the degree of relevance of literacy programs; digital infrastructure; socioeconomic status on financial literacy among the youth. For attaining stated objectives, the current research was quantitative in nature. To examine the degree of relevance of literacy programs; digital infrastructure; socioeconomic status on financial literacy survey instrument was developed. The data was elicited from 180 respondents. For the purpose of validating the research instrument CFA and EFA were considered and adopted. The various fit indices values examined indicated to comply with the acceptable ranges. The model fit indices examined were CMIN/DF= 1.684; GFI= 0.887; AGFI= 0.849; IFI= 0.946; NFI= 0.877; TLI= 0.935; CFI= 0.945; RMSEA=0.062. It is imperative to gain financial literacy to achieve the success. Test statistics in the present research revealed Literacy Programs (LP); Digital Infrastructure (DI); and Socioeconomic Status (SS) had a prominent impact on Financial Literacy (FL) among the youth. The study provides insights for the strategists and policy makers to develop appropriate strategies to empower the youth towards financial success. The research work is a wise approach to understand the factors essentially contributing towards the financial literacy among the youth and its association with financial success.

Suggested Citation

  • Tejus Sangameshwara & M. B. Kavyashree & M. Ashika & P. Nagesh, 2024. "Empowering Youth for Financial Success: the Impact of Literacy Programs and Digitalisation on Financial Literacy," Advances in Economics, Business and Management Research, in: Saurabh Gupta & Himanshu Vaishnaw & Manoj Kumar Mishra (ed.), Proceedings of the 5th International Conference on the Role of Innovation, Entrepreneurship and Management for Sustainable Development (ICRIEMSD 2024), pages 128-141, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-612-3_10
    DOI: 10.2991/978-94-6463-612-3_10
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