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Financial Literacy: A key pre-requisite to improve individual savings

. Anand Philip Kurian PhD Researcher at Gokhale Institute of Politics & Economics (GIPE), Pune


Abstract

The rapid development of financial institutions, changing socioeconomic conditions as well as rising consumerism has contributed to the changing financial behaviour particularly in savings of individual consumers. In this context, the role of financial literacy and financial education has gained considerable interest among policy makers so as to ensure responsible financial decision making. The current study based on 400 commercial bank customers in Kerala identified variation in financial literacy level interms of gender, age, caste, education, income as well as SHG membership. Further, the study established that financial literacy had a positive significant impact on the savings behaviour.

Keywords: Financial Literacy, Savings, Financial Behaviour, Financial Knowledge, Financial Attitude, Financial Awareness

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