To increase financial awareness and knowledge of students and adolescents, financial education programmes should be school based. The research results provide further scope of improvement of financial literacy of women. Determinants of Successful Financial Inclusion in Low-Income Rural Pop... Agarwal, P., Ansari, M. S., Yadav, S., Kureel, R. (, Agarwalla, S. K., Barua, S. K., Jacob, J., Varma, J. R. (, Amagir, A., Groot, W., Brink, Maassen van den, Wilschut, A. But negative attitude will weaken their financial decision-making power (Shim, Xiao, Barber, & Lyons, 2009; Sohn, Joo, Grable, Lee, & Kim, 2012). ... literate simply because they have high levels of literacy. Roy and Jain (2018) and Singh and Kumar (2017) found that financial literacy among women is very low and their level of financial knowledge are not satisfactory due to lack of clarity between insurance, saving and investment products. Financial attitude is an independent variable for which the scale developed by Shockey (2002) and OECD (2013) have been used. D’Silva, D’Silva, and Bhuptani (2012) observed that females lack financial knowledge and they are highly risk averse. Kamini Rai is working as an associate professor at Rukmini Devi Institute of Advanced Studies with rich experience of more than 8 years in academia. However, until now, inadequate research has been done in the field of financial literacy among women working in Delhi, India. Financial Literacy Questionnaire – English. Financial literacy is a dependent variable for which a well-structured multidimensional measure has been used. Howlett et al. Her research areas include financial management and management accounting. Financial attitude can be defined as personal inclination towards financial matters. The authors declared no potential conflicts of interest with respect to the research, authorship and/or publication of this article. The contents are the responsibility of the authors and do not necessarily reflect the views of USAID or the United States government. Improving financial literacy of the poor and vulnerable in Indonesia: An empirical analysis, United States Agency for International Development. Also, Delhi despite being the capital has not been studied. Financial literacy in India in working women was found very low. For Atkinson and Messy (2012), a positive financial behaviour of individual such as appropriate planning for expenditures and caring financial stability enhances their financial literacy level, whereas negative financial behaviour like largely depending upon credits and loans weaken their financial well-being. ScienceDirect ® is a registered trademark of Elsevier B.V. ScienceDirect ® is a registered trademark of Elsevier B.V. Sanderson (2015) defined financial literacy as the capability of an individual to use his/her knowledge and skills to take appropriate financial decision for effective management of financial resources. Satisfactory financial literacy level of people is important in order to increase their standard of living. Create your own online survey now with SurveyMonkey's expert certified FREE templates. This study is a descriptive research study in which a multidimensional construct has been used to measure financial literacy (Potrich, Vieira, & Kirch, 2014). Table 1 contains the characteristics of the sample collected for the study. This product could help you, Accessing resources off campus can be a challenge. OECD (2013) defined financial literacy as a blend of skill, behaviour, awareness, attitude and knowledge of individual that is required to make sound financial decision leading towards the achievement of being financial well-being. In present study, authors have presented an association of financial knowledge, financial behaviour and financial attitude towards the financial literacy level among working women in Delhi, India. Members of _ can log in with their society credentials below, Kamini Rai, Shikha Dua, and Miklesh Yadav. To measure financial behaviour, the questions related to savings behaviour, bill and loan repayment behaviour, responsible investment behaviour and financial … The latest version of OECD/INFE Financial Literacy Survey (2018) is used in … Bhushan and Medury (2014) concluded that in order to enhance financial literacy among generations, the focus should be on developing favourable financial attitudes among the people of the country. Methodology The OECD/INFE questionnaire included in this toolkit is designed to collect relevant information about financial literacy and financial inclusion within a country, 4 and to compare levels of financial literacy and financial … Banerjee, Kumar, and Philip (2017) concluded that financial inclusion behaviour increases with the positive effect of financial literacy on financial awareness. Both participating trainers and students showed statistically significant increases in financial literacy knowledge, and student perceptions about their acquisition of soft skills improved as well. The limitations of this study can provide a scope for future qualitative study in the field of financial literacy related to gender differences, working and non-working women, students and working differences, etc. You can be signed in via any or all of the methods shown below at the same time. Ramanaiah and Gowri (2011) suggested that lack of financial literacy and less knowledge about investment avenues have led to poor management of finance in MSME. As women are very important part of the society and they have to take many household decisions, the ultimate concern should be how to improve their financial literacy as it not only affects family’s welfare but also benefits their financial planning and saving behaviour. There are 42 questions in this survey as well as some demographic questions … India can strengthen the financial literacy of women by influencing positive financial attitude and behaviour. The result of this study has been supported by various past researches (Arora, 2016; Calamato, 2010; Haque & Zulfiqar, 2015; Huston, 2010; McCormick, 2009). This scale includes three constructs: financial knowledge, financial behaviour and financial attitude as identified by OECD (2013). Her research areas include finance, banking and accounting. Financial Literacy … PDF. Financial Literacy of Senior High School Students in Bacolod City, 2019. Sign in here to access free tools such as favourites and alerts, or to access personal subscriptions, If you have access to journal content via a university, library or employer, sign in here, Research off-campus without worrying about access issues. Angela Somcio. He is an active member of Research & Development Board at Rukmini Devi Institute of Advanced Studies. The program was part of an Inclusive Workforce Development project sponsored by USAID/Indonesia. Convenience sampling method has been used and the data was collected from women working in both public and private organizations at different designations. Your ability to work with less money will most likely translate to how you handle money when you have a lot. The development of the new RTF Financial Capability Survey … A structured online questionnaire was distributed to working women for data collection. Financial literacy, financial education and financial knowledge can be used interchangeably as has been argued by Al-Tamimi and Bin Kalli (2009), Howlett, Kees, and Kemp (2008) and Yoong, See, and Baronovich (2012). For future studies, researcher can try to reduce all these limitations and can include a big sample size. Dhar and Zhu (2006) found the association between investor’s financial literacy with the propensity effect. The study also concluded that women score higher in financial attitude than in financial behaviour and financial knowledge, but men score less than women in financial attitude. Thank you for your participation! In order to verify the factors of the four variables, the fitness of model was defined as confirmatory factory analysis (CFA; Ho, 2006) and the model fit was found to have adequate data. In this research article, the researchers have tried to examine the factors that affect financial literacy among working women in India. Personal finances survey questions template is designed to collect information from individuals to know their awareness regarding personal finances. Financial knowledge, another independent variable, has been examined with the measurement model proposed by Bhushan and Medury (2014) and Hasler and Lusardi (2017). Financial literacy is an ability of individual to take considerable decisions in respect of the effective and efficient utilization of money. Free PDF. Basic financial literacy includes understanding of terms like savings, credit, insurance and budgeting. The instrument consisted of 10 questions on a 5-point Likert scale with 5 as strongly agree and 1 as strongly disagree. It was found that people with higher financial knowledge and working professionals show lower propensity effects. The result of path analysis has been shown in Table 4. This free survey template is designed to ask individuals about their knowledge and experience with personal finances, mortgages, credit scores, etc. Ibrahim and Alqaydi (2013) concluded that education can improve personal financial attitude, thereby reducing dependence on credit cards. For more information view the SAGE Journals Article Sharing page. A structured questionnaire designed on a 5-point Likert scale has been used based on purposive sampling, and the goodness of fit is determined by analysis of moments structures (AMOS) by … A study on financial literacy among working women in educational sector of Jhansi district: With special reference to investment avenue, Financial literacy among working young in urban India, A review of financial-literacy education programs for children and adolescents, Frozen in the headlights: The dynamics of women and money, Assessment of financial literacy among working Indian women, Financial literacy and investment decisions of UAE investors, Significance tests and goodness of fit in the analysis of covariance structures, An empirical analysis of inter linkages between financial attitudes, financial behavior and financial knowledge of salaried individuals, Financial literacy improvement among women in developing nations: A case for Zimbabwe, Financial literacy: An overview of practice, 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https://bibliotecadigital.fgv.br/dspace/bitstream/handle/10438/18826/GVcef_Potrich%3B%20Vieira%3B%20Kirch.pdf?sequence=&isAllowed=y, http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/.2012, http://www.baz.org.zw/consumer-centre/education-centre/importance-financial-literacy, Moving in the Realm of Big Data: Using Analytics in Management Research and Practices, Behavioural Aspects Influencing Decision to Purchase Apparels amongst Young Indian Consumers. 2015 ) analysed the NCFE report on financial attitude and financial inclusion India... … financial literacy of working women 2015 ) analysed the NCFE report on financial literacy of Senior high students... 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