A PROJECT REPORT ON

“A STUDY ON FINANCIAL LITERACY AMONG PEOPLE”

BACHELOR IN COMMERCE (ACCOUNTING & FINANCE)

SEMISTER VI (2021-22)

A PROJECT SUBMITTED TO

UNIVERSITY OF MUMBAI

IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD

OF THE DEGREE OF

BACHELOR IN COMMERCE (ACCOUNTING & FINANCE)

SUBMITTED BY

SWAPNIL SANJAY RAHATE

ROLL NO: FF19042

SEAT NO:

SEMESTER VI

ACADEMIC YEAR 2021-22

UNDER THE GUIDANCE OF PROF.RANJANA MHALGI

THE SIA COLLEGE OF HIGHER EDUCATION

DOMBIVLI (EAST) MUMBAI 400022

ACADEMIC YEAR 2021-22

1
 THE SIA COLLEGE OF HIGHER EDUCATION

Plot no. P-88, MIDC Residential Zone Dombivli Gymkhana

Sagarli, Dombivli (East) 421203

CERTIFICATE

This is to certify that MR. SWAPNIL SANJAY RAHATE has work for the
degree of bachelor in commerce (Banking and insurance) under the faculty of
commerce in the subject of “A STUDY ON FINANCIAL LITERACY
AMONG PEOPLE”. And her project is entitled, PROF. RANJANA
MHALGI” under my supervision.

I further certify that the entire work has been done by the learner under my
guidance and that no part of it has been submitted previously for any Degree or
Diplomas university.

It is her own work and facts reported by her personal findings and
investigations.

PROJECT GUIDE COURSE

COORDINATOR

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 EXTERNAL EXAMINER PRINCIPAL

DECLARATION

I the undersigned, MR. SWAPNIL SANJAY RAHATE here by, declare that
the work embodied in this project work entitled “STUDY ON FINANCIAL
LITERACY AMONG PEOPLE” forms my own contribution to the research
work carried out under the guidance of PROF.RANJANA MHALGI is a result
of my own research work and has been previously submitted to any other
University.

Wherever reference has been made to previous works of others, it has been
clearly indicated as such and included in the bibliography.

I, here by further declare that all information of this document has been
obtained and presented in accordance with academic rules and ethical conduct.

SIGNATURE OF
STUDENT

(SWAPNIL SANJAY RAHATE)

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 SIGNATURE OF GUIDE

(PROF. RANJANA MHALGI)

ACKNOWLEDGEMENT

To list who all have helped me is difficult because they are so numerous and the
depth is so economics.

I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me

chance to do this project.

I would like to thank my principle, Dr. Padmaja Arvind for providing the
necessary facilities required for completion of this project.

I would also like to express my sincere gratitude towards my project guide Prof.
Ranjana Mhalgi whose guidance and care made the project successful.

I would like to thank you college library for providing various reference books
and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly
helped me in the completion of the project. Especially, my parents and peers
who supported me throughout my project.

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 INDEX

Chapter no. TITLE OF THE CHAPTER Page no.

1. INTRODUCTION 6-33

2. RESEARCH METHDOLOGY 34-41

3. REVIEW AND LITERATURE 42-46

4. DATA, ANALYSED AND 47-66

INTERPRETATION

5. CONCLUSION AND SUGGESTIONS 67-70

6. BIBLIOGRAPHY 71-72

7. ANNEXURE 73-75

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CHAPTER 1

INTRODUCTION

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1.INTRODUCTION

Financial literacy is the ability to understand and effectively use financial skills,
such as personal financial management, budgeting, and investing. Merely
possessing money is not enough to make it sustainable. Financial literacy for
PEOPLE is thus very important to keep track of finances.

Financial literacy is the foundation of your relationship with money, and it is a

lifelong journey of learning. The earlier you start, the better off you will be
because education is the key to success when it comes to money. Men as well as
PEOPLE should acquire financial knowledge to participate in money-related
issue of their families effectively. In reality, it has been observed that people in
India have limited financial knowledge. This could be on account of peoples
traditionally being ‘home-makers’ and not being concerned with where the
finance is coming from and where the finances are coming from and where they
should go. However, with the changing economic scenario and the higher
participation of peoples in the workforce, financial literacy for peoples should
be given topmost priority.

DEFINITION

Financial literacy can be understood can be understood as the ability to know

how money works in a normal course of action. Specifically, it refers to the set
of skills and knowledge that allows an individually to make informed and
effective decisions with all of their financial resources.

1.3 HISTORY OF FINANCIAL LITERACY

Policies launched by the center. The Reserve bank of India (RBI) launched the
national strategy of financial education (NSFE) 2020-2025. The policy aims to
teach financial literacy concepts among ordinary people, encouraging them to
save actively and boost their participation in the financial markets.

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One of the earlier records of this type of personal finance education came in the
year 1737. Benjamin franklin was 31, and he had recently made a name for
himself by writing and publishing an annual almanac. From Benjamin franklin
to experiential learning, financial literacy has come a long way.

FINANCIAL LITERACY IN 20TH CENTURY

In the 20th century, financial literacy was taught in an official way for the first
time. For Lou Haverty, a Chartered Financial Analyst and creator of the finance
commentary site Financial analysed insider, this development can be traced
back to acts of Congress that established extension programs and provided
funds for research.

“Personal finance as a serious educational topic only started in the 20th

century,” he told OPPU.

One act that had a significant impact on financial literacy education was the
smith- lever act of 1914 It created university programs that conducted research
and taught the public “useful and practical information” about a range of topics,
including personal finance.

However, in the 20th century, what is now called “financial literacy” was taught
in courses of different names. These generally fell under the category of home
economics, with courses that might have been titled “household finances,”
“family finances,” or “consumer economics.” The basis for incorporating
financial literacy into these courses originated at the University of Chicago,
according to Alexander Lowry, a professor of finance at Gordon College.

“The earliest known research in personal finance was done in 1920 by Hazel
KYRK,” Lowry told OPPU. “Her dissertation at University of Chicago laid the
foundation of consumer economics and family economics.

FINANCIAL LITERACY TODAY

Financial literacy advanced through the 20th century. Today, it’s taught in high
schools and colleges around the country. At last count, 45 states included

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personal finance in their K-12 standards. However, of those, only 22 states are
required to offer a personal finance class, and only 17 states require high school
students to take one. Additionally, a 2017 assessment by research at Champlain
College gave 27 states a grade of “C” or lower for their efforts to teach financial
literacy.

While there’s room for improvement, financial literacy in America has come a
long way, and there are many schools and groups that do a great job of teaching
it. One such program is Junior Achievement, which currently reaches 4.8
million students per year in approximately 210,000 classrooms and after-school
locations.

For Junior Achievement, financial literacy is a critical part of preparing students

for success. The program uses experiential lessons to connect what students
learn in the classroom to the real world, demonstrating to students how
knowledge correlates to earning.

“The ability for people to navigate the complexities of today’s financial realities
is a key component to better financial BEHAVIOR band personal
empowerment,” Kat Delgado Kirkwood, senior vice president of the southern
California branch of junior achievement told OPPU. “Without financial literacy
education, the economic prosperity of the country as a whole is at risk.”

In the vein of Junior Achievement, there are other organizations with financial
literacy programs that drive the bulk of education and policy change. These
groups reach populations at the local, state, and national levels.

Not-for-profits jump start coalition is a non-profit founded in 1993 that relies on

its partners and affiliates to advance the financial literacy of children and young
adults. The non-profit also focuses on policy advocacy to promote better
national standards for financial literacy.

Founded in 1972, the national endowment for financial education is a non-profit

national foundation that services individuals and families with a financial
education. Its goal is to empower financial decision-making at all stages of life.

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For nearly 70 years, the council for economics education has worked to provide
K-12 students with a practical knowledge of money.

Credit unions and banks

Credit unions are cooperative institutions. Functioning similarly to banks, credit

unions provide a wide array of financial services. What makes them unique is
that the operate on a not-for-profit model rather than as a for-profit business.

Banks also teach financial education. Leaders in the banking industry often hold
strong beliefs backing responsible finance. As such, it holds that they provide
clients and communities with the financial education tools and resources needed
to lead fiscally responsible lives. To do so, U.S. banks often invest in financial
education initiatives—from free community courses to more hands-on
experiences.

Colleges

Many students enter college without any formal exposure to financial education.
In response, colleges and universities have begun a growing movement to
provide financial literacy that covers topics such as budgeting, student loans,
credit cards, salaries, and benefits packages.

On a few campuses, a dedicated team is housed within a financial aid office,

financial literacy office, financial wellness office, or student services CENTER.
They offer a variety of educational programming that promotes financial
literacy and financial wellness. Some higher education institutions, such as
Indiana university and Champlain College, are challenging the traditional
understanding of financial education through holistic financial wellness
program.

HEFWA an annual financial wellness summit, provides an opportunity for

educators to share ideas and advance the conversation around financial
education.

Developments in financial literacy

With modern technology comes new opportunities to teach financial literacy,

and financial educators active in a range of spaces and industries have leveraged
digital platforms to suit their needs. They’ve uploaded their financial literacy

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curriculum, financial literacy for kids. Financial literacy might sound
complicated: budgeting, tracking expenses, saving smartly, and building wealth.
But banks and private developers have created an array of apps to help
consumers tame their finances. They might allow customers to monitor their
bank accounts, keep track of their expenses, or work toward a saving goal.

1.4 ADVANTAGES OF FINANCIAL LITERACY

 Ability to make batter financial decisions.: The Financing Decision is a

crucial decision that is to be made by the financial manager, the decision
is about the financing-mix of an organization. Financing Decision
is focused on the borrowing and allocation of funds required for the
investment decisions of the firm.

 Effective management of money and debt.: When you start managing

your finances, you'll have a better perspective of where and how you're
spending your money. This can help you keep within your budget, and
even increase your savings. With good personal finance management,
you'll also learn to control your money so you can achieve your financial
goals.

 Greater equipped to reach financial goals.: Long-Term Financial

Goals. The biggest long-term financial goal for most people is saving
enough money to retire. The common rule of thumb that you should save
10% to 15% of every pay check in a tax-advantaged retirement account
like a 401(k) or 403(b), if you have access to one, or a traditional IRA or
Roth IRA.

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  Reduction of expenses through better regulation.: Better regulation is
necessary for economic recovery, to manage risks and to cut unnecessary
red tape. How can countries make regulations fit for this challenge? How
can they avoid imposing additional regulatory burdens on businesses
coping with the effects of the financial crisis? A good system of
regulatory management systematically helps to identify the best choice of
policy options. It reduces unnecessary burdens on citizens and businesses
and promotes transparency in the design of and access to regulations
while protecting health, safety, and the environment.

 Less financial stress and anxiety.: The stress of debt or other financial
issues leaves you feeling depressed or anxious. The decline in your
mental health makes it harder to manage money. You may find it harder
to concentrate or lack the energy to tackle a mounting pile of bills.

1.5 COMPONENTS OF FINANCIAL LITERACY

 Fundamental components of financial literacy

 Budgeting. In budgeting.: in budgeting, there are four main

uses for money that determine a budget: spending, investing,
saving, and giving away.

Creating the right balance throughout the primary uses of

money allows individuals to better allocate their income,
resulting in financial security and prosperity.

In general, a budget should be composed in a way that pays

off all existing debt while leaving money aside for saving
and making beneficial investments.
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 Investing.: To become financially literate, an individual
must learn about key components in regards to investing.
Some of the components that should be learned to ensure
favourable investments are interest rates, price levels,
diversification, risk mitigation, and indexes.

Learning about crucial investment components allows

individuals to make smarter financial decisions that may
result in an increased inflow of income.

 Borrowing.: In most cases, almost every individual is

required to borrow money at one point in their life. To
ensure borrowing is done effectively, an understanding of
interest rates, compound interest, time value of money,
payment periods, and loan structure is crucial.

If the criteria above are understood sufficiently, an

individual’s financial literacy will increase, which will
provide practical borrowing guidelines and reduce long-term
financial stress.

 Taxation.: Gaining knowledge about the different forms of

taxation and how they impact an individual’s net income is
crucial for obtaining financial literacy. Whether it be
employment, investment, rental, inheritance, or unexpected,
each source of income is taxed differently.

 Personal Financial Management.: The most important

criteria, personal financial management, includes an entire
mix of all of the components listed above.

Financial security is ensured by balancing the mix of

financial components above to solidify and increase
investments and savings while reducing borrowing and debt.
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 Achieving an in-depth knowledge of the financial
components discussed above guarantees an increase in an
individual’s financial literacy.

 5 key components of financial literacy.

1. Earn: (understanding your pay check)

Before you can start spending, saving, and investing, you need
to know how much money you make. If you make the same
amount each month, this part is pretty easy. Take a good look at
your pay check to identify your gross and net income, and note
any other deductions, such as employer-sponsored health
insurance or a retirement plan.

2. spend: (creating a personal budget)

A personal budget is just a plan for how you want to spend

your money, but it’s also the most useful tool for achieving
your financial goals. To create a monthly personal budget,
you’ll need to track your spending over the course of one
month, and then break everything down into categories.

3. Save: (determine your financial goals)

Everyone knows it’s important to save money, but it’s hard to

spend less than you earn without specific financial goals to
work towards.

4. Borrow: (credit cards, loans and your credit score)

Even if you’re a diligent saver, at some point you may have to

borrow money to cover a large expense like a home or car.
Maybe you borrowed money as a college student and are
currently dealing with student loans or credit card debt.
Borrowing isn’t necessarily a bad thing—as long as you know

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 how to compare loans and maintain a healthy fraud credit
score.

5. Protect: (preventing frauds and buying insurance)

Once you’ve set yourself up with a solid budget and investment

strategy, it’s important to protect the money that you’ve made.
This means regularly reviewing your bank accounts and credit
card statements for mistakes or suspicious activity; keeping
documents and passwords secure to prevent scams and identity
theft; and buying the right kind of insurance to protect yourself
in the event of an emergency.

1.7 HOW TO IMPROVE YOUR FINANCIAL LITERACY RIGHT

NOW

If you answered no to some (or most!) of the questions above, don’t

worry. There are a few concrete things you can do right now to take
control of your finances and improve your financial literacy.

 Create a personal monthly budget: your budget is the

foundation of your financial health, and it’s pretty easy to get

started. Learn how to create a personal budget here.

 Start an emergency fund: experts recommended setting aside at

least three months’ worth of basic living expenses in case of an

unexpected financial burden like a layoff or large medical

expense.

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  Make a plan for retirement: the easiest way to start investing is

with a retirement account: a 401(k), a traditional IRA, or a Roth

IRA are all great options.

 Make a plan to get out of debt: if you’re caught in a cycle of

debt, making a plan to pay it off can save you thousands of dollars

in interest.

 Determine your credit score and learn how to improve it:

improving your credit score is another way to save money on

interest.

IMPORTANCE OF FINANCIAL LITERACY

 Debt: Debt is basically spending money that isn’t yours for e.g., loans or
credit cards. But debt can be good too. If you are taking debt for things
that are necessary for making a living for example school’s tuition fee or
buying a car to go to the office. Whereas borrowing money for things that
aren’t really needed should be avoided.

 Budget: The most crucial way to being financially literate is

understanding your budget that you can live on, this plays an important
role in achieving your financial independence. The simplest rule for
budgeting is that income should be greater than expenses.

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  Saving: Saving is securing the present and the unseen future. Saving can
become your emergency fund or a way to keep your expenses in control.
Saving is not investing.

 Investing: Investing will help you in generating and growing wealth for
the future. Investing is what will make you money while you sleep
because of the effects of compounding. Investing can be a gateway to
achieving your financial goals.

1.9 IMPORTANCE OF FINANCIAL LITERACY FOR PEOPLE

 PEOPLE AND FINANCIAL LITERACY:

Financial literacy for people is an important aspect of their independence,

financial and otherwise. Being financially illiterate can lead to a number of
problems. You could be more likely to accumulate debt burdens, have poor
spending habits, or lack long-term preparation. Financial literacy empowers
people, especially peoples, to make independent decisions. During
emergencies or unforeseen circumstances, an individual can take correct
steps if she is financially literate.

However, a survey revealed that only a small percentage of peoples are able
to build on and grow their existing wealth. Among those, only about 33 per
cent, have the confidence to invest their money as they see fit. Given that
people’s roles in the domestic and public sphere are on the rise, these low
figures show that financial literacy for people is still not part of mainstream
discourse.

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  WHY DO PEOPLE NEED FINANCIAL LITERACY?

This is due to the following reasons:

1. It prepares them for emergencies.

2. People can help deal with rising costs of living and inflation if they are
financially literate.

3. Children tend to be more influenced by their mothers than their fathers.

Being financially literate sets a good example for your children as well.

4. In most households, people are responsible for the day-to-day expenses.

Thus, it is helpful for them to know how best to use the money.

5. peoples tend to live longer than men, and thus they should have the
knowledge to carry on their day-to-day affairs and manage finances.

6. peoples who are financially literate gain more confidence in their own
decision-making.

 PRIORITISE FINANCAIL INDEPENDENCE

Financial literacy and people’s empowerment go hand in hand.

Increasing your financial literacy can help you achieve your life
and career goals more effectively. Financial independence serves
as a cushion during unforeseen circumstances. Some studies show
that people are often unable to leave abusive family situations or
marriages due to financial dependency. Even for people who have
careers, often their income is seen as just extra income and they are
expected to take up additional responsibilities at home as well.

Men as well as people should gain financial literacy so that they

can share responsibilities as well as make best use of their financial
independence. Experts believe that knowing about financial

18
literacy and actually implementing it in your life are very different
things.

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HOW CAN PEOPLE GAIN FINANCIAL LITEARCY

In this day and age, there are ample resources for People who wish
to become financially literate. Online resources are abundant for
those who wish to educate themselves. At the same, it is a stark
reality that People in India may not always have the access to or
know-how of the Internet to learn these things by themselves.

In such cases, self-help groups and organisations such as Smile

Foundation can step in. For instance, the SWABHIMAN project,
aimed at People’s empowerment, recently conducted a session on
financial literacy. The session was held with 70 People in
GUTTAHALI, Bengaluru.

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CHAPTER-2

RESEARCH METHODOLOGY

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INTRODUCTION

The purpose of the methodology is to describe the research procedure. This

includes over all research design, the sampling procedure, the data collection
procedure method, and the analysis procedure and methods.

In this of “a study on financial literacy among People”

Objective of project

 To understand awareness about financial literacy among People.

 To find out their involvement in investment decision making.

 significance of the study:

This study will help us to understand the People perception towards financial
literacy. This study will help to understand how woman manage financials, and
give importance to financial literacy.

Tabulation of the data:

The data collected from questionnaire will be TABULATED & ANALYSED so

that it can easily understand to peoples.

 Pie-charts

 Graphs

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sample plan:

since it is not possible to study whole universe, it becomes necessary to take

sample from the universe to know about its characteristics.

 Sample technique: Random sampling

 Research instruments: structure questionnaire

 Contact method: personal interview during survey

sample size:

The sample size for this project was 121 respondents. Since it was not
possible to cover the whole area in the available time period, the sample size
was restricted to in Mumbai area.

Research methodology includes:

 Primary research

 Secondary research

Primary research: the data for primary research was collected only in
field survey by meeting the responders personally & getting information
through a structured questionnaire.

Secondary research: the secondary research data was collected through

newspaper, magazines, text books websites etc.

Limitations of the study:

 Sample size was limited due to limited period.

 The research got confined to the Dombivli.

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 Difficulties such as unwillingness to share information and fill the
survey form etc were encountered during the collection of primary
data.

 The survey is conducted in Dombivli town and the conclusion of

the study may not be generalized in broader prospective.

 Respondent may not give the correct and accurate answer to the
question because of their indifferent attitude.

 Due to time constraint, it was not possible to carry out an intense

and in-depth study.

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 CHAPTER-3

REVIEW AND LITERATURE

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3.1 REVIEW AND LITERATURE:

A relatively broad range of empirical literature documents the existence of

gender differences in financial literacy in various countries and along several
dimensions. However, few studies have been conducted in India that examined
this issue empirically. Dwivedi et al. (2015) ANALYZED the NCFE report on
financial literacy and financial inclusion in India on the basis of occupation,
geographical area and gender mix. The study found that urban population is
more financially literate than rural population. Also, men are found to be more
financially literate than PEOPLE. Moreover, the study observed that PEOPLE
have higher financial attitude but less financial BEHAVIOR and less financial
knowledge, whereas men have slightly less financial attitude than PEOPLE but
scored more on financial BEHAVIOR and financial knowledge.

 Shobha and Shalini (2015): conducted a survey on the perception of

PEOPLE towards the personal financial planning in the city of
BANGALURU. The study revealed that Indian PEOPLE gives priority to
family and children's requirements more than her requirements for
financial needs and individualistic financial security. Also, difficulty in
convincing the spouse and family is also a challenge to the PEOPLE to
create their financial plans. The study also found that PEOPLE still feel
that gold, real estates, bank deposits, insurance products and provident
funds are the safest instruments for investing, while they feel that mutual
funds, derivatives, chits, stocks and shares as riskier investments. Hence,
lack of knowledge on new instruments influences their ability to earn
returns for them.

 PARAMSHIVAIAH al (2014): quantify the risk appetite score of 120

PEOPLE grouped on various socio-demographic bases in Mysore city.
The analysis through regression model suggests that there is a negative
influence of age of PEOPLE on their risk tolerance levels.

 Prasad et al (2014): examined the impact of certain emotions, such as

greed, fear, love and disbelief, on the Indian woman's investment
decisions. The study found that these emotions block the logic and

26
 rationality of investors, affect their prospects of generating wealth, cause
financial distress, and further deteriorate their emotional stability.

 Venkatraman (2004): compared the psychology of PEOPLE investors

with men and found that although PEOPLE like to get the maximum
returns but most of them make secret savings and use this secret money
on gold, JEWELERY or apparels. Also, they prefer to invest more in post
office schemes.

 Velum ani (2014): conducted a study to know the level of financial

literacy among PEOPLE in rural areas of TAMILNADU. The study
found that financial literacy

27
CHAPTER-4

DATA ANALYSED & INTERPRETATION

28
4.1 DATA ANALYSIS:

1) number of peoples who having a job

Responses Respondent percentage

Yes 55 50.4%
No 66 49.6%
Total 121 100%

Number of peoples who having a job

number of people

respondent

49.2 49.4 49.6 49.8 50 50.2 50.4 50.6

no yes

INTERPRETATION: -

From the above chart we can get to know that 50.4% respondent have a job and
49.6% are jobless people.

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 2) Gender

Responses Respondent Percentage

Male 50 33.9%
Female 67 66.1%
Total 121 100%

gender

34%

66%

male female

INTERPRETATION: -

1. From the pie chart responses belong to gender 33.9% its male and belong
to gender 66.1% is female. responders % are more than male responders.

30
 3) Occupation

Responses Respondent Percentage

student 50 50.4%
Self employed 19 11.6%
salaried 25 19.8%
House wife 14 14%
Retired 12 4.2%
Total 121 100%

occupation

4%
14% student
self enployed
salaried
50%
20% house wife
retired

12%

INTERPRETATION: -s

 From the pie chart 50.4% respondent are students.

 11.6% respondents are self-employed.

 19.8% respondents are salaried

 14% respondents are house wife.

 4.2% respondents are retired.

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 4) Age

Responses Respondent Percentage

18-30 75 74.4%
31-40 21 14%
41-50 17 7.4%
Above 50 years 8 4.2%
Total 121 100%

age

4%
7%

14%

74%

18-30 31-40 41-50 above 50 years

INTERPRETATION: -

From the pie chart responses belong to age below to age below 18-30 are
74.4% of respondent. belong to age 31-40 are 14%. Belong to age 41-50
are 7.4%. and above 50 years of respondent are 4.2%. observe to chart
there most responders are freshers.

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 5) Qualification

Responses Respondent Percentage

Below or till 10th 12 8.3%
Below or till 12th 56 52.1%
Bachelor 42 37.2%
Masters 11 2.4%

qualifi cati on

masters degree 240.00%

bachelor degree 37.20%

below or till 12th grade 52.10%

below or till 10th grade

8.30%

0.00% 50.00% 100.00% 150.00% 200.00% 250.00% 300.00%

qualification

INTERPRETATION: -

 From the chart below or till 10th grade are 8.3%.

 Below or till 12th grade are 52.1%.

 Who have bachelor of degree they are 37.2%?

 Who have master’s degree they are 2.4%?

33
 6) Score about financial literacy

Responses Respondent Percentage

Low (8-10) 60 49.6%
Average (12-14) 40 44.6%
High (16-18) 21 5.8%
Total 121 100%

score

6%

low
50% average
45% high

INTERPRETATION: -

According to this pie chart there is 49% responses are low, score 44.6%
responses are average and 6% responses are in high score about financial
literacy.

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Able to access all the financial documents if husband pass away

Responses respondent Percentage

Yes 50 44.6%
With someone’s help 42 38.8%
No 29 16.5%
Total 121 100%

Ability

17%
yes
with someone's help
45% no

39%

INTERPRETATION: -

In this pie diagram observe the ability to access all the documents if
situation is ‘husband pass away’ the responses are 44.6% said “yes”,
38.8% said “with someone’s help” and 16.5% said “no”.

Household income should ideally be invested in each month

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 8) Percentage of the house hold income should ideally invest in each
month?

Responses Respondent Percentage

10% 57 47.1%

20% 48 48.8%

30% 16 4.1%

Total 121 100%

percentage of the household income

4%
10%
20%
47% 30%

49%

INTERPRETATION: -

In this pie diagram % of responders they responding for ‘household income

should ideally be invested in each month’ this question they are, 47.1%
responder’s answer is 10%,48.8% responder’s answer is 20% and 4.1%
responder’s answer is 30%.

36
 12)Tax benefits claimed in case of co – owners of home loan

Responses Respondent Percentage

Your husband 47 44.6%
You 40 35.5%
Both 34 19.8%
Total 121 100%

about taxed benefits

20%

your husband
45% you
both

36%

INTERPRETATION: -

In case of these pie diagram, the about the EMI claim benefits given the 44.6%
are answer is ‘her husband’, 35.5% are answer is ‘for self’ and 19.8% are
answer is ‘both’.

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 14)Things preferred to be done with earnings.

Responses Respondent Percentage

Build up an emergency 35 28.9%
fund account
Start a saving account 75 66.1%
Shop for office clothes 11 5%
Total 121 100%

first thing

5%
29%
build up an emergency account
start a savings account
shop for office clothes

66%

INTERPRETATION: -

In this pie chart the most common answer about started working and they
first thing do like this 28.9% are ‘build up an emergency a/c., most the
66.1% are starting a saving a/c., and only 5% respondent are shop for
office clothes.

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 15)Knowledge of calculation of interest offered by FD in case of bank
offers 8% interest compounded quarterly on its 10-year deposit, amount
will Rs.1lakh grow to in 10 years.

Responses Respondent Percentage

2lakh 48 45.5%
2.2 lakh 49 44.6%
2.5 lakh 24 9.9%
Total 121 100%

grow to in 10 years

10%
2 lakh
2.2 lakhs
46% 2.5 lakhs

45%

INTERPRETATION: -

From this pie chart in the case of 8%interest compounded quarterly on its
10year deposit, 2 lakhs of 45.5% responders will rs.1 lakh grow to in 10 years,
in case of 44.6% responders they will choose 2.2 lakhs and about 9.9 responders
they will choose 2.5 lakhs.

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 17)Interest in financial literacy

Responses Respondent Percentage

Yes 80 71.1%
No 41 28.9%
Total 121 100%

interested in financial literacy

29%
yes
no

71%

INTERPRETATION: -

In this pie chart 71.1% respondent are interested in financial literacy and 28.9%
respondent are not interested in financial literacy.

40
CHAPTER-5

CONCLUSION

41
CONCLUSION

 The study concluded that People are better in terms of financial

attitude and behaviour as compared to financial knowledge. Financial
literacy and financial inclusion are two facets of an efficient economy and
ensures financial stability in a country.

 In the survey we can get to know the financial literacy is as much popular
100% in People as well as gents.

 They both able to access the financial literacy.

 Household People are most responsible for holding and manage house
and financial conditions.

However, with the changing economic scenario and the higher participation of
People in the workforce, financial literacy for People should be given topmost
priority

Financial is an important for INDIA.

Financial literacy is difficult for People.

It has observed that although it is imperative that People should be given equal
power to take financial decisions as taken by men, yet many Indian People are
facing several cultural, financial, psychological and physical barriers that are
creating.

People who are financial literate gain more confident in their own decision-
making.

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CHAPTER-6

BIBLIOGRAPHY

43
Websites: -

 www.annuity.org

 www.smilefoundationindia.org

 www.oecd.org

 https://Economictimes.indiatimes.com

 https://www.forbes.com

Newspaper: -

 Maharashtra times

 Times of INDIA

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CHAPTER-7

ANNEXURES

1. GENDER

2. OCCUPATION

3. QUALIFICATION

4. AGE

5. Do you have any job?

6. What does your score about say about your financial literacy?

7. Will you able to access all the financial documents if your husband passes
away?

8. Which of these is not taxed?

9. What percentage of the household income should ideally be invested in each

month?

10. If your child’s education is 15 years away, which is the best way to invest?

11. In case of divorce, will you get a share in your husband’s self-acquired
property?

12. If a bank offers 8% interest compounded quarterly on its 10-year deposit,

how much will RS. 1 lakh grow to in 10 years?

13. If have just started working, the first thing what you do is?

14. CPS special account can be used for?

15. Did you interested in financial literacy?

45