A Study Of Financial Literacy Among FPO Members In Haryana

Abstract

The study investigates the level of financial literacy among Farmer Producer Organization (FPO) members in Haryana, India, using quantitative methods. The study used a structured survey distributed to 185 FPO members selected through stratified random sampling from various locations of Haryana. The data collection received 223 valid replies, with an 89.2% response rate. The study measured financial literacy by asking questions about knowledge of financial concepts and decision-making abilities in agricultural finance and cooperative operations. Descriptive statistics were used to analyze central patterns and variable distributions, whereas inferential statistics like regression and ANOVA were used to investigate factors influencing financial literacy. The findings revealed significant differences in financial literacy across age groups, genders, and educational backgrounds, supporting assumptions that age, gender, education, and external initiatives (government and NGO) influence financial literacy levels among FPO members. Regression analysis supported the hypothesis that respondents' financial literacy had a considerable influence on their financial decisions. These findings highlight the significance of specialized financial education programs suited to the varied demographics inside FPOs to effectively improve their financial literacy and decision-making capacities.