Augmenting Financial Acumen: A Qualitative Study of Strategies to Elevate Financial Literacy Among University Students in India

Abstract

The present study is a qualitative inquiry conducted with an overarching objective to unravel nuanced methods conducive to improve financial literacy among students enrolled in higher education institutions. A structured research design rooted in an interpretivist research philosophy was employed, with an inductive approach. Data collection transpired through the conduct of focus group discussions with distinguished academicians in finance, chartered accountants, and seasoned financial advisors. Expert sampling was used to ensure a purposive selection of participants with pertinent expertise. Discussions were subsequently transcribed utilizing otter.ai. A thematic analysis ensued, involving the generation of codes and extraction of themes to discern underlying patterns and insights. Thematic analysis underscored the multifaceted methods to ameliorate financial knowledge of students by leveraging technology such as use of interactive learning and gamification involving use of simulations, budgeting apps, and use of online resources like digital calculators. Besides this financial counselling and support services such as setting finance clubs, organizing finance fairs, providing one-on-one counselling, workshops, and peer support groups can be offered to students by education institutes. Methods to enhance financial literacy have not been qualitatively explored by previous researchers in Indian context, present research fills this gap.This research contributes substantively to the discourse on financial literacy in higher education, providing actionable insights for policymakers, education institutions and financial sector regulators to enhance financial literacy among students. However, this research has focussed only on experts’ advice to enhance financial knowledge and fails to capture the diverse perspectives of the students.