A STUDY ON FINANCIAL LITERACY W.R.

T YOUTHS
IN NAVI MUMBAI
Tejobir Bishnoi (7530), Dhaval Solanki (7531), Aaraiz Syed (7532), Almira Mukadam
(7533), Amruta Patil (7534), Atharva Datar (7535), Asmita Bhosle (7536) TYBMS SEM
V
Under the guidance of Asst.Prof. Shafiqua Khan
Pillai College of Arts, Commerce and Science (Autonomous), New Panvel, Maharashtra
India

ABSTRACT
The purpose of this study is to analyse the level of financial literacy among youth in Navi
Mumbai based on previous studies. The study, particularly, focus at how socio-economic and
demographic factors such as age, gender, marital status and income influence financial
literacy level of youth and whether there is any interrelationship between financial
knowledge, financial attitude and financial behaviour. Strong endeavour of the world
economies to improve the financial well-being of their citizens has contributed to the rising
importance of financial literacy as it equips the individuals to take quality financial decisions
to enhance their financial well-being.
KEYWORDS: financial literacy, financial behaviour, financial knowledge, youth

1. INTRODUCTION
Financial literacy is ability to understand and effectively use various financial skills,
including personal finance management, budgeting and investment. When you are financially
literate, you have less risk of getting stuck in any fraud. Financial literacy can be obtained
through reading books, talking to professionals. In this study we are focusing on financial
literacy of youth section of Navi Mumbai. The Study aims to explore the financial education
opportunities and challenges faced by young people in the area. By identifying the literacy
levels we can identify potential areas of improvement and develop the strategies to empower
the youth through education. It's an important study that can make a positive impact on lives
of many young individuals in Navi Mumbai.

2. REVIEW OF LITERATURE

There have been studies conducted on the financial literacy of youth in Navi Mumbai, in the
past. Agarwalla, Barua & others (2013) mentioned in their working paper that the level of
financial literacy among the youth in Vashi is not satisfactory. Among the three dimensions
namely financial knowledge, behaviour and attitude, financial knowledge got the lowest
score, despite the high education level of the respondents. Dhruv Vij (2020) in his research
paper 'Financial literacy of Youth in Belapur ' stated that only 50% of the population knew in
detail about the concept of interest and inflation rates.
Research Gap: From the above review of literature it can be inferred that various studies are
conducted on factors such as the effectiveness of current financial education programs, the
impact of socioeconomic backgrounds on financial knowledge, attitudes, and behaviour, the
role of digital tools in enhancing financial literacy and financial challenges faced by youths in
the specific context of Navi Mumbai.

3. RELEVANCE OF STUDY
The study on financial literacy among youths in Navi Mumbai is relevant because it
empowers young people financially, supports economic growth, addresses disparities, guides
tailored education, embraces digital advancements, informs policies, contributes to research,
and promotes long-term financial stability.

4. SCOPE OF STUDY
1.Conceptual Understanding and Attitudes: Assess youths' comprehension of
financial concepts and attitudes towards money management, including budgeting, saving,
investing, and debt management.
2. Influence of Education and Family: Examine how educational initiatives and family
dynamics impact the financial literacy of Navi Mumbai youths.
3. Challenges and Barriers: Identify the specific challenges and barriers that hinder
effective financial management among the youth in the region.
4. Digital Financial Literacy: Explore the extent of youths' proficiency in using digital tools
for financial transactions and management.

5. METHODOLOGY
5.1 Class of respondent:
For the purpose of the survey, a total 100 respondents from Navi Mumbai have been selected
on a random basis.
GENDER NO OF RESPONDANTS
MALE 50
FEMALE 50
TOTAL 100

5.2Sampling method
For collection of primary data non-probability convenience sampling methods will be used.
5.3 Method of data collection
In this research researchers will use both primary and secondary data.
5.3.1 Primary data will be collected from 100 respondent from Navi Mumbai who been
selected on a random basis.
5.3.2 Secondary data will be used to support the study collected from books, journals,
websites, and newspapers.
5.4 Statistical Technique of analysis of data: Tabulation and Chi square test is used to test
the hypothesis.

6. OBJECTIVES OF STUDY
1. To assess the level of financial literacy among youths in Navi Mumbai.
2. To Study the financial behaviour and practices of youths, including spending
habits, saving patterns, investment decisions, and debt management strategies.
3. To analyse the relationship between financial literacy and financial decision-
making skills of youth in Navi Mumbai.

7. HYPOTHESIS OF STUDY

Ho: Financially literate youth in Navi Mumbai do not exhibit significantly different financial
decision-making skills compared to those with lower financial literacy.
Ha: Financially literate youth in Navi Mumbai exhibit significantly different financial
decision-making skills compared to those with lower financial literacy8. Result: