Financial Literacy among Working Young in Urban India

•We investigate the influence of socio-demographic attributes on financial literacy.•Both men and women show low levels of financial knowledge.•Besides, men show poor financial attitude and women show poor financial behavior.•Living in joint-family influences financial literacy of individuals negati...

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Bibliographic Details
Published in:World development 2015-03, Vol.67, p.101-109
Main Authors: Agarwalla, Sobhesh Kumar, Barua, Samir K., Jacob, Joshy, Varma, Jayanth R.
Format: Article
Language:English
Subjects:
Decision making
Education
Families & family life
Family
Family life
financial attitude
financial behavior
Financial economics
financial knowledge
Financial literacy
Financial performance
India
Men
Personal finance
Studies
Women
Younger workers
Youth
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Summary:•We investigate the influence of socio-demographic attributes on financial literacy.•Both men and women show low levels of financial knowledge.•Besides, men show poor financial attitude and women show poor financial behavior.•Living in joint-family influences financial literacy of individuals negatively.•Consultative decision-making influences financial literacy positively. The working young in urban India exhibit inferior financial knowledge, inferior financial attitude, and superior financial behavior compared to their counterparts elsewhere. While both men and women require intervention to enhance their financial knowledge, focused intervention is needed to improve the financial attitude of men and the financial behavior of women. Living in a joint family impacts financial literacy negatively and consultative decision-making in families impacts it positively. The influence of these key aspects of Indian family life indicates the need to involve family members in financial literacy programs to improve financial decision making of families.
ISSN:0305-750X
1873-5991
DOI:10.1016/j.worlddev.2014.10.004