International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Exploring Financial Literacy: A Study of Socioeconomic Factors

Author(s) A Tejas, Suresh A.S
Country India
Abstract This research project examines the relationship between socioeconomic factors and financial literacy among individuals in India. The study utilizes primary data collected through structured questionnaires from a diverse sample of respondents engaged in personal finance management. Descriptive analysis reveals that the average age of respondents is 24.4 years, with a wide range of income levels ranging from ₹0 to ₹200,000. Inferential analysis, including correlation and regression, indicates a significant positive correlation between income levels and financial literacy ratings. Furthermore, younger individuals and those with higher education and income levels exhibit better financial literacy. Based on these findings, the study recommends targeted financial education programs, early financial literacy initiatives, income-related interventions, and continuous learning opportunities to enhance financial literacy and promote economic stability in India. This research contributes to the understanding of the determinants of financial literacy and provides insights for policymakers, educators, and financial institutions to develop effective strategies for improving financial well-being in the Indian context.
Keywords financial literacy, socioeconomic factors, income, education, age, correlation analysis, regression analysis, financial education programs, India.
Published In Volume 6, Issue 2, March-April 2024
Published On 2024-04-27
Cite This Exploring Financial Literacy: A Study of Socioeconomic Factors - A Tejas, Suresh A.S - IJFMR Volume 6, Issue 2, March-April 2024. DOI 10.36948/ijfmr.2024.v06i02.16329
DOI https://doi.org/10.36948/ijfmr.2024.v06i02.16329
Short DOI https://doi.org/gtsg87
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