TEST OFASSOCIATION BETWEEN FINANCIAL LITERACY AND DEMOGRAPIC VARIABLES AMONG UNIVERSITY STUDENTS OF NATIONAL CAPITAL REGION OF INDIA

Abstract

Abstract: With the objective of ensuring the attainment of the SDGs, gender equity and inclusive growth, equal opportunities for all plays an indispensable part. Financial literacy is an important aspect which ensures financial independence and sound decision making with regard to optimal utilization of funds. Financial literacy is an important barometer of prudent financial decision making. As the youth determine the future of a nation, the present study was undertaken to assess the level of financial literacy among the university students. The objective was to ascertain the present situation. Financial Literacy was measured with the help of a structured questionnaire adapted from the OECD (Organization for Economic Co-operation and Development) scale to suit the condition of Indian Universities. It included the assessment of financial knowledge, financial behaviour and financial attitude and perception. A sample size of a hundred students was selected using non-probability sampling method from different universities/colleges in Delhi and the National Capital Region of India. Association between the financial variables and several demographic variables was ascertained using Pearson’s Chi square coefficient. The implications of the study were discussed especially in the context of a developing economy like India which necessitated the optimal utilization of the available financial resources.