Title: Financial knowledge, attitude and behaviour components of financial literacy: a study of Indian higher education students

Authors: Vibhuti Shivam Dube; Pradeep Kumar Asthana

Addresses: School of Management, Babu Banarasi Das University, Lucknow Uttar Pradesh, India ' Amity Business School, Amity University, Raipur-Baloda Bazar Road, Raipur, Chhattisgarh – 493225, India

Abstract: The present study seeks to determine the financial literacy level of Indian higher education students on the components of financial knowledge, attitude and behaviour. The paper also makes an attempt to study the interdependencies in financial literacy component: financial knowledge, attitude and behaviour and to assess the impact of financial awareness on financial literacy. This study considers primary source of data. A total sample of 600 Indian higher education students from different governmental and private institutions of Kanpur, Prayagraj and Aligarh was chosen to determine the financial literacy level. The findings of the study showed that more than half of the students were found to be low financial literate. There is a strong interrelationship found between the financial literacy components: financial knowledge, attitude and behaviour. In the linear regression analysis significant relationship found between the independent variable financial awareness and dependent variable financial literacy. The empirical findings of the study helps to explain how the financial literacy components: financial knowledge, attitude and behaviour influence the financial literacy level among the Indian higher education students. The result clearly showed that there is a need of serious policy measures to be taken in the field of financial literacy/education.

Keywords: financial literacy; financial knowledge; attitude; behaviour; financial awareness; Indian higher education students.

DOI: 10.1504/IJICBM.2023.128488

International Journal of Indian Culture and Business Management, 2023 Vol.28 No.1, pp.124 - 143

Received: 19 May 2021
Accepted: 23 Aug 2021
Published online: 24 Jan 2023 *