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Assessing Financial Literacy Considering Bhartiya Model and Its Impact on Financial Decision Making

In: Pandemic, New Normal and Implications on Business

Author

Listed:
  • Ravisha Chutani

    (VSBS, Vivekananda Institute of Professional Studies)

  • Harsh Purohit

    (FMS-WISDOM)

Abstract

The present paper assesses Bhartiya-based financial literacy level of the households in the state of Punjab and Haryana. Further, it also examines the significant difference between respondents’ demographic variables and their BMFL-based financial literacy level. A total of 800 responses from a systematic questionnaire were analyzed, with built-in BMFL-based financial literacy questions. Survey participants were asked about their BMFL-based financial literacy level, and a significant difference in their demographic variables and factors which affect their BMFL-based financial literacy was analyzed. Results indicated a significant difference between respondents’ demographic variables and the factors which affect their BMFL-based financial literacy level. Hence, the findings cannot be generalized for India, and future studies in the remaining states can be conducted which will assess the financial literacy level of the people based on Bhartiya context and culture. This study will also help the researchers, policymakers, research bodies, and government organizations to formulate plans based on the actual financial literacy condition wherein India has its roots.

Suggested Citation

  • Ravisha Chutani & Harsh Purohit, 2022. "Assessing Financial Literacy Considering Bhartiya Model and Its Impact on Financial Decision Making," Springer Proceedings in Business and Economics, in: Arti Chandani & Rajiv Divekar & J. K. Nayak & Komal Chopra (ed.), Pandemic, New Normal and Implications on Business, pages 57-72, Springer.
    • Handle: RePEc:spr:prbchp:978-981-19-4892-3_4
    DOI: 10.1007/978-981-19-4892-3_4
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    More about this item

    Keywords

    Demographics; Indian households; Financial literacy; BMFL-based financial literacy; OECD;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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