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Association of Financial Attitude, Financial
Association of Financial Attitude, Financial
Kamini Rai1
Shikha Dua1
Miklesh Yadav1
Abstract
Financial literacy is an ability of individual to take considerable decisions in respect of the effective and efficient utilization of money.
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. The sample size of 394 working women from various public and private
organizations of Delhi has been incorporated for the research. 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 applying struc-
tural equation modeling approach (SEM). The association between three independent variables is investigated applying path analysis for
hypothesis testing. The findings revealed that financial attitude and financial behaviour have strong association with financial literacy of
working women than financial knowledge.
Keywords
Financial literacy, financial attitude, financial behaviour, financial knowledge, working women
Corresponding author:
Kamini Rai, Rukmini Devi Institute of Advanced Studies, 2A & 2B, Phase-1, Madhuban Chowk, Outer Ring Road, Rohini, Delhi 110085, India.
E-mail: dr.kamini@rdias.ac.in
52 FIIB Business Review 8(1)
young age, having children and facing disruption in marital of financial behaviour, 5 factors of financial knowledge and
life are more likely to face financial distress. Reasons 4 factors of financial literacy. The model consists of three
behind women’s less participation in financial decisions exogenous variables, that is, financial attitude (FA), financial
can be attributed to lack of financial education, less money behaviour (FB) and financial knowledge (FK), of working
management discussions with female members of the women and one endogenous variable, that is, financial
family and lack of awareness about innovative financial literacy (FL; Figure 1).
products and services (Roy & Jain, 2018). Devi (2016)
concluded that gender is one of the prominent factors that
influence financial literacy among the individuals in India, Review of Literature, Research
and Indian women are experiencing difficulties in making Gap and Hypothesis Development
decisions regarding savings and buying financial products.
Roy and Jain (2018) and Singh and Kumar (2017) found Financial Literacy
that financial literacy among women is very low and their
level of financial knowledge are not satisfactory due to As per the ASIC report (2003), it has been recognized
lack of clarity between insurance, saving and investment worldwide that financial literacy is an important element of
products. Ramanaiah and Gowri (2011) suggested that lack economic and financial stability and growth. The definition
of financial literacy and less knowledge about investment of financial literacy is still unclear. Financial literacy has
avenues have led to poor management of finance in MSME. many definitions in existing research as financial literacy
As India is facing financial illiteracy especially among officials have left the researchers/authors free to express and
women, the present study attempts to find out the association analyse financial literacy (Remund, 2010). Financial literacy,
of financial knowledge, financial attitude and financial financial education and financial knowledge can be used
behaviour of working women with their financial literacy interchangeably as has been argued by Al-Tamimi and Bin
level. This study is a descriptive research study in which a Kalli (2009), Howlett, Kees, and Kemp (2008) and Yoong,
multidimensional construct has been used to measure See, and Baronovich (2012). In contrast to the
financial literacy (Potrich, Vieira, & Kirch, 2014). To check aforementioned, Huston (2010) argued that financial
the financial literacy, the construct covers financial education and financial knowledge are just two dimensions
knowledge, financial behaviour and financial attitude of financial literacy and that financial literacy goes beyond
(OECD, 2013). As women are very important part of the these two. Anthes (2004) proposed an elaborative definition
society and they have to take many household decisions, the of personal financial literacy as the ability to know, analyse,
ultimate concern should be how to improve their financial manage and inform about the financial conditions that affect
literacy as it not only affects family’s welfare but also material well-being of an individual. OECD (2013) defined
benefits their financial planning and saving behaviour. financial literacy as a blend of skill, behaviour, awareness,
Kasman, Heuberger, and Hammond (2018) highlighted that attitude and knowledge of individual that is required to make
working women face greater pressure as they are expected sound financial decision leading towards the achievement of
to balance professional careers with the responsibilities of being financial well-being. Thus, this definition reveals that
childbearing and child. In India, many women are working the three important determinants to examine financial
and giving financial assistance to their family yet show less literacy are financial knowledge, financial behaviour and
interest in taking investment decision due to fear of risk. financial attitude. Atkinson and Messy (2012) recommended
However, until now, inadequate research has been done only three dimensions to judge financial literacy as it is
in the field of financial literacy among women working in justified and is widely used in literature.
Delhi, India. Thus, it has become essential to examine the
determinants of financial literacy and to recognize its
importance among working women. The association of FA
financial knowledge, financial behaviour and financial
attitude with financial literacy level of working women in
India is not clear. In this research article, the researchers
have tried to examine the factors that affect financial literacy FB FL
among working women in India. The study attempts to give
intact suggestions to promote financial literacy for which a
hypothesized model has been produced which measures
FK
women's financial behaviour, financial knowledge, financial
attitude and their impact on financial literacy level. The
Figure 1. Hypothesized Structural Measurement Model
survey questionnaire consists of 20 factors showing the
variables including 6 factors of financial attitude, 5 factors Source: The authors.
Rai, Dua and Yadav 53
Financial Knowledge Has Significant research works, researchers have formulated and tested the
Association with Financial Literacy following hypothesis to build the association of financial
knowledge with financial literacy.
Sanderson (2015) defined financial literacy as the capability H3: Financial knowledge is significantly associated
of an individual to use his/her knowledge and skills to take with financial literacy level of working women.
appropriate financial decision for effective management of Majority of the studies depicted inconclusive results.
financial resources. To increase financial awareness and Working women, despite sound education, are not
knowledge of students and adolescents, financial education financially independent in terms of financing decision.
programmes should be school based. Amagir, Groot, Also, Delhi despite being the capital has not been studied.
Maassen van den Brink, and Wilschut (2018) recommended This has motivated researchers to conduct the present
that increased level of financial knowledge can make a study. The rationality behind the present study is to know
difference in risk perceptions for investment avenues. the perception of women towards financial literacy.
Diacon (2004) concluded in his study on financial literacy
that financial knowledge and risk-taking capacity of
financial experts are more than lay people. Hasler and Methodological Framework
Lusardi (2017) measured financial literacy by asking basic
questions related to knowledge about numeracy (interest),
Research Design and the Sample
compound interest, inflation and risk diversification.
Howlett et al. (2008) observed that individuals possessing To measure the financial literacy level, the present
financial knowledge are more financial literate and they research was conducted among working women in Delhi,
are able to handle money efficiently. Dhar and Zhu (2006) India. A descriptive research design has been utilized for
found the association between investor’s financial literacy this study. Convenience sampling method has been used
with the propensity effect. It was found that people with and the data was collected from women working in both
higher financial knowledge and working professionals public and private organizations at different designations.
show lower propensity effects. Financial knowledge has A structured online questionnaire was distributed to
compelling influence on financial attitude and behaviour working women for data collection. The sample includes
whether it is objective or subjective. The study also 394 women employees in Delhi. Though the questionnaire
identified that financial knowledge is an essential factor to was distributed to more than 500 women employees, but
determine financial literacy and financial decision-making only 394 questionnaire were useful for this study. Table
skills of an individual (Robb & Woodyard, 2011). Van 1 contains the characteristics of the sample collected for
Rooij, Lusardi, and Alessie (2011) identified that financial the study.
knowledge has positive association with retirement
planning and individuals possessing financial knowledge Table 1. Demographic Details of the Respondents
are more financial literate. It means more financial Demographic N %
knowledgeable people can plan better for their retirement
Age
periods. Women with good financial knowledge can do Between 20 and 30 years 95 24.11
better financial planning and display higher financial 30–40 years 179 45.43
literacy. To evaluate the financial knowledge of women, 40–50 years 88 22.33
they included the questions related to risk diversification, Above 50 years 32 8.13
inflation, numerical ability and interest rates in the Education
questionnaire (Lusardi & Mitchell, 2008). D’Silva, Intermediate 102 25.88
Graduate 144 36.55
D’Silva, and Bhuptani (2012) observed that females lack Postgraduate 87 22.09
financial knowledge and they are highly risk averse. Their Other 61 15.48
financial literacy level is low and they do not want to use Marital status
online services for making savings and investments. They Married 186 47.20
are also very particular in using debit and credit cards. Unmarried 208 52.80
Sharma and Joshi (2015) identified the impact of financial Income (Per annum)
Between 2 and 5 lakh 95 24.12
literacy on the investment choice decision of women. The
5–10 lakh 136 34.52
study suggested that to increase the financial knowledge of 10–15 lakh 105 26.64
women, financial literacy programmes should be Above 15 lakh 58 14.72
conducted. Roy and Jain (2018) have studied that women’s Type of organization
financial knowledge about instruments such as debit card, Public 206 52.28
credit card, PPF, mutual funds, shares and other investment Private 188 47.72
avenues is very low. Thus, based on the aforementioned Source: The authors.
Rai, Dua and Yadav 55
Standardized Composite
Variables Label Factor Loading R2 Reliability AVE MSV ASV
FA FA3 0.82 0.67
FA4 0.74 0.54
FA5 0.74 0.55
FA6 0.88 0.77
FA7 0.90 0.81
FA9 0.72 0.52 0.95 0.55 0.27 0.18
FB FB2 0.87 0.76
FB3 0.93 0.86
FB4 0.95 0.89
FB5 0.82 0.67
FB7 0.74 0.54 0.97 0.74 0.25 0.16
FK FK1 0.80 0.63
FK2 0.85 0.72
FK5 0.91 0.83
FK6 0.87 0.76
FK7 0.86 0.74 0.96 0.73 0.15 0.15
FL FL1 0.88 0.78
FL2 0.87 0.76
FL3 0.89 0.79
FL4 0.77 0.59 0.94 0.66 0.27 0.16
Source: The authors.
56 FIIB Business Review 8(1)
Model Fit
The past studies show that there are positive relationships
between financial knowledge, behaviour and attitude
(Agarwalla, Barua, Jacob, & Varma, 2015; Bhushan &
Medury, 2014). The researchers have also tried to
investigate the relationship between these variables and
their association with financial literacy by structural
equation modeling (SEM), as presented in Figure 5. The
relationship between three independent variables is
accomplished in AMOS graphics, as it is presented in Table
3 (model fit). The values of GFI, Tucker–Lewis index
(TLI), comparative fit index (CFI) and incremental fit Figure 4. Measurement Model of FK
index (IFI) fulfils the conditions of model fit, as they are Source: The authors.
more than 0.90. The values of CMIN/df less than the
recommended value (Hooper, Coughlan, & Mullen, 2008;
Steiger, 2007) in the model represent a better fit of the data.
Path analysis was done to test the developed hypothesis. Paths Estimates S.E C.R P
The result of path analysis has been shown in Table 4. The FL FA 0.47 0.068 6.939 ***
table indicates the regression weight and critical ratio test
FL FB 0.516 0.076 6.791 ***
that signifies only financial attitude (***, p < 0.05) and
financial behaviour (***, p < 0.05) have a strong association FL FK –0.043 0.051 –0.845 0.398
with financial literacy level of working women in Delhi. Source: The authors.
Financial knowledge (0.398, p < 0.05) does not indicate a
significant association with dependent variable financial
literacy. Thus, the findings of this study support H1 and
Discussion and Practical Implication
H2, but it does not support H3. Thus, hypothesis H1 and The main purpose of this research article was to find out
H2 are accepted and H3 is rejected (Figure 6). factors associated with financial literacy of working
women in India. The three main factors—financial
knowledge, financial behaviour and financial
58 FIIB Business Review 8(1)
attitude—were recognized as very important factors to for the study while other variables such as influences of
examine financial literacy. The outcome of the research socialization agent, cultural influences and issues related to
work explains that financial attitude of working women is family and environment are also important. All these
highly associated with financial literacy level. The result of variables could be investigated in future research. Since the
this study has been supported by various past researches examination has been done on the basis of self-structures
(Arora, 2016; Calamato, 2010; Haque & Zulfiqar, 2015; questionnaire, it can lead the chances of biasness. The next
Huston, 2010; McCormick, 2009). It concluded that limitation is related to regression model used for this study.
financial education is not the only determinant to examine A linear additive model has been used with specified
financial literacy, but financial attitude and behaviour are variables. However, there can be a chance that other forms
also important and have positive impact on financial of the model (non-linear or multiplicative) could give
literacy of women. The result also detected a positive and different results from current result. The limitations of this
significant association of financial behaviour with financial study can provide a scope for future qualitative study in the
literacy of working women. India can strengthen the field of financial literacy related to gender differences,
financial literacy of women by influencing positive working and non-working women, students and working
financial attitude and behaviour. Thus, H1 and H2 have differences, etc. Moreover, the outcomes of this study are
been accepted in the study. In many research studies based on primary and secondary data which have its own
financial knowledge has been considered as a very limitations. For future studies, researcher can try to reduce
important determinant to find out financial literacy, but the all these limitations and can include a big sample size.
result showed that women have less financial knowledge
and it is not significantly associated with financial literacy Declaration of Conflicting Interests
of working women. This result is consistent with other The authors declared no potential conflicts of interest with respect
research studies on financial literacy that show that a to the research, authorship and/or publication of this article.
woman has lower level of financial knowledge (Hung,
Parker, & Yoong, 2009). Few researches have studied to Funding
find out the factors associated with financial literacy of
The authors received no financial support for the research, author-
working women in India, thus this research would help to ship and/or publication of this article.
fill those research gaps. The research results provide
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Shikha Dua is working as an assistant professor at Rukmini Devi Institute of Advanced Studies with rich
experience of more than 4 years in academia. Her research areas include financial management and
management accounting. She can be reached at shikha.dua@rdias.ac.in
Miklesh Yadav is working as an assistant professor at Rukmini Devi Institute of Advanced Studies with
rich experience of more than 8 years in academia. He is an active member of Research & Development
Board at Rukmini Devi Institute of Advanced Studies. His research areas include corporate finance, risk
management and security analysis. He can be reached at miklesh.yadav@rdias.ac.in