Open Access Subscription Access
Open Access Subscription Access
An Empirical Study on Financial Literacy and Spending Behavior of Rural Household in India
Financial literacy is a challenge in rural household people and remote population in India, also its plays a key role in an economic prospect. Financial knowledge mean ability to deal with everyday financial matters and make the right choice in spending, borrowing, budgeting, savings and investment decisions. Now- a -days access of financial service is decreasing and unnecessary spending is increasing from lower income people who are living in a rural area. Managing money is a vital element to achieve a quality life of individuals because spending habits will influence the managing money of people. The lower level of financial knowledge will contribute to poor financial decisions and that can be harmful to both individuals and society. This study examines levels of financial literacy and spending behaviors of rural household in India. The pilot study was conducted in India sample size of this study was 92. This study result reveals that Low level of financial literacy leads to poor in spending behavior of rural household individuals.
Financial Literacy, Spending Behavior, Rural Household, India.
- Elizabeth Bell And Robert I. Lerman (2005 ): “Can Financial Literacy Enhance Asset Building?”, An Urban Institute Project Exploring Upward Mobility. www.Urban.Org/Uploadedpdf/311224_ Financial_Literacy.Pdf.
- Margaret Sherrard Sherraden (2010): “ Financial Capability: What Is It, And How Can It Be Created?”, University of Missouri, St. Louis, Center For Social Development, Working Paper.
- .Beal Delpachitra (2003): “Financial literacy among Australian university students” The economic Society of Australia vol. 22,PP.No.1,65-78.
- Jennifer Turnham (2010):“Attitudes To Savings And Financial Education Among Low-income Populations: Findings From The Financial Literacy Focus”, Center For Financial Security, University of Wisconsin-Madison.
- Roy. M. (2003): “Anz Survey of Adult Financial Literacy in Australia - Final Report”, Anz Banking Group, http://www.Anz.Com. Aul.
- Noor Azizah Shaara (2013): “ Financial Literacy: A Study Among The University Students”, Interdisciplinary Journal of Contemporary Research In Business, Vol 5, No 2,Pp 279-299.
- MasterCard survey ( 2013): Master card index of financial literacy report. http://www.masterintelligence.com/content/ intelligence/en/research/reports/2013/mastercard-index-of-financial-literacyreport2013h1.html.
- Subbarao D (2013) : India-OECD-World Bank Regional Conference on Financial Education https://www.rbi.org.in/ scripts / BS Speeches View. aspx? id=786.
- Nicole Balhorn (2013): “Gender Differences in Perception of Spending And Financial Risk Aversion”, Georgetown University ,Thesis.
- Sheela Devi D. Sundarasen (2014): “Cradle To Grave’ Financial Literacy Programs and Money Management”, International Journal of Economics And Finance, Vol.6, No. 6,Pp. 240-246.
- Shahryar Sorooshian and Tan Seng Teck (2014): “Spending Behavior of A Case of Asian University Students” Asian Social Science; Vol. 10, No. 2, Pp. 64-69.
- Canadian Report (2014): Study new facts about financial literacy in Canada, 2014. http://www.statcan.gc.ca/daily-quotidien/160323/q160323b-eng.htm.
- Kenichiro Chinen, Hideki Endo(2014): “Observation of Financial Literacy Among The Selected Students In The U.S. And Japan”, International Journal of Economics and Finance, Vol. 6, No. 9,Pp. 95-106.
- Dahlia Ibrahim (2009): “A Study on Financial Literacy of Malaysian Degree Students”, Cross Cultural Communication, Canadian Academy of Oriental And Occidental Culture Vol.5, No.4,Pp.51- 59.
- A. S. Norman (2010): “Importance of Financial Education In Making Informed Decision on Spending ”Journal of Economics and International Finance Vol.2(10),Pp. 199-207.
- Zamih R (2013): “Financial Behaviors of Female Teachers In Malaysia” Asian Social Science, Vol. 9, No. 8,Pp. 34-41.
- Lusardi, A,O.S. Mitchell (2007), “Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy And Housing Wealth”, Journal of Money Economics,54:1,Pp.205-24.
- Hung, A., J. Yoong And E. Brown (2012), “Empowering Women Through Financial Awareness and Education”, Oecd Working Papers on Finance, No. 14, Oecd Publishing..
- The National Foundation for Credit Counselling (2010), “The 2010 Consumer Financial Literacy Survey Final Report”. Https://Www.Nfcc.Org/Wp-Content/Uploads/2014/04/2010consumerfinancialliteracysurveyfinalreport.Pdf.
- Canadian Statistics(2009): “Financial literacy and newcomers to Canada” Centere for financial Literacy. http://prospercanada.org/getattachment/3ff26769-c2d4-4d9e-82e9-f56467e4eb31/Financial-Literacy-and-Newcomers-to-Canada.aspx.
- Godwin, D. D. (1996): “Antecedents and Consequences of Newlywed’s Cash Flow Management”, Association For Financial Counseling And Planning, Vl.7, Pp.161-190.
- Lusardi, A, O. S. Mitchell(2007), “Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy And Housing Wealth”, Journal of Money Economics,54:1,Pp.205-24.
- Basu, S. 2005. ‘White Paper: Financial Literacy And The Life Cycle’, White House Conference on Aging. 24.Ms. Harsha Jariwala and Dr. Mahendra Sharma (2011): “ Financial Literacy: A Call For An Attention” International Journal of Academic Conference Proceedings, Issued by Library of Congress, Washington DC, USA.S.
Abstract Views: 9
PDF Views: 0