Financial Literacy of Indian Youth: A Study on the Twin Cities of Hyderabad–Secunderabad

A person’s capability to manage financial matters has become important in today’s world. Availability of different types of sophisticated financial products coupled with the complexity and increased uncertainty of the economy and financial markets have generated a strong move to measure and study fi...

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Bibliographic Details
Published in:IIM Kozhikode society & management review 2017-07, Vol.6 (2), p.132-147
Main Authors: Mahapatra, Mousumi Singha, Alok, Swati, Raveendran, Jayasree
Format: Article
Language:English
Subjects:
College students
Financial literacy
Financial planning
Personal finance
Sociodemographics
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Summary:A person’s capability to manage financial matters has become important in today’s world. Availability of different types of sophisticated financial products coupled with the complexity and increased uncertainty of the economy and financial markets have generated a strong move to measure and study financial literacy among investors. The present article aims to analyze the status of financial literacy of college students with three identified antecedents, namely, socio-demographic characteristics, parental influence and attitude towards financial planning. A sample of 425 students from various colleges of the Hyderabad–Secunderabad region was studied to understand the role of the identified antecedents on financial literacy. The results of logistic regression analysis support the hypothesis that financial literacy of Indian college students is influenced by their socio-demographic characters, parental influence and their attitude towards financial planning. While both socio-demographic and parental influences have a positive impact on financial literacy, attitude towards financial planning is observed to have a negative impact.
ISSN:2277-9752
2321-029X
DOI:10.1177/2277975216667096