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VOL. 10, ISSUE 6 (2024)
Financial literacy in India: Insights from national financial literacy and inclusion survey (NCFE-FLIS) 2019 report
Authors
Samim Aktar Molla, Soumyadwip Das
Abstract
The article tries to highlight the state of
financial literacy (FL) in India from the National Financial Literacy and
Inclusion Survey 2019 Report. The analysis of the report unfolds the poor level
of FL amongst the people in India in general. Merely 27% of individuals were
found to be financially literate in India and a major portion of Indian people
were found financially illiterate. Socioeconomic and demographic factor-wise
variation in FL was very much prominent in the survey data. Goa ranked first
among the states in India in terms of FL, whereas Chhattisgarh stood least
among the states in India in terms of FL. The average FL level of the people of
the western part of India was found to be high compared to other parts of
India. Males were found to be more financially literate than females. The FL of
aged people was found to be low compared to younger. The financial literacy
level of government employees was found to be high, whereas the average
financial literacy level among agricultural labourers was found to be low.
Education and income both have a positive effect on FL, this study found that
financial literacy increases with higher levels of education and income.
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Pages:63-68
How to cite this article:
Samim Aktar Molla, Soumyadwip Das "Financial literacy in India: Insights from national financial literacy and inclusion survey (NCFE-FLIS) 2019 report". International Journal of Commerce and Management Research, Vol 10, Issue 6, 2024, Pages 63-68
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