An Analysis Of The Level Of Financial Literacy Among Young People Working In Urban Areas In India

Abstract

The purpose of this study is to investigate the level of financial literacy among young people who are employed in metropolitan areas in India, with a particular emphasis on gaining an understanding of their financial behaviors and attitudes. The purpose of this study is to determine the level of financial literacy within this group, as well as to investigate the methods of making financial decisions and the budgeting habits that are prevalent among them. The information was gathered through a study that was based on questionnaires, and the sample was drawn from six major cities in India. These cities encompassed a wide range of socioeconomic backgrounds. Due to the fact that they have the capacity to alter situations, characteristics such as gender, age, education level, marital status, family income, and living circumstances were taken into consideration. After doing preliminary analysis, the usable sample was reduced to 754 individuals, despite the fact that the target sample size was 1,000. The findings bring to light major gaps in financial literacy among young people who are employed in metropolitan areas, highlighting the necessity of tailored interventions. It is clear that addressing socio-demographic gaps and supporting targeted financial education programs are two of the most important tactics that can be used to improve the outcomes of decision-making and financial happiness in this cohort. This study makes a contribution to the continuing conversation about improving financial literacy by offering insights that may be utilized by policymakers, educators, and other stakeholders. The findings of this study highlight the significance of holistic methods in the process of developing financial empowerment among urban working young in India. These findings have implications for future research and policy interventions that are aimed at boosting financial inclusion and resilience among this demographic.