Financial Literacy Among

Students in Thane Suburb

This study examines the financial knowledge, attitudes and behaviors of students
residing in the Thane suburb. By understanding the current state of financial
literacy, we can identify areas for improvement and develop targeted programs to
empower young adults.

Fa
by Faisal Tamboli
Objectives of the Study
1 Assess financial
knowledge
Evaluate students'
understanding of basic
financial concepts, such as
budgeting, saving, and
investing.
2 Examine financial 3 Identify barriers to
attitudes literacy
Understand students' Pinpoint the key challenges
perceptions and beliefs and obstacles that prevent
towards money students from achieving
management and long-term higher levels of financial
financial planning. capability.
Methodology
1 Survey
A comprehensive survey was administered to 500 students to gather quantitative
data on their financial knowledge and behaviors.

2 Interviews
In-depth interviews were conducted with 50 students to obtain qualitative insights
on their attitudes and perceptions towards money.

3 Data Analysis
The survey responses and interview transcripts were carefully analyzed to identify
key trends and patterns.
Demographic Profile
Age
The study included students
ranging from 18 to 24 years old,
with the majority (65%) being
between 20 and 22 years old.
Gender
The sample was evenly split
between male (51%) and female
(49%) participants.
Education Level
Most participants (72%) were
enrolled in undergraduate
programs, while the remaining
were either in high school or
pursuing postgraduate degrees.
Financial Knowledge and Awareness
Budgeting
Only 40% of students demonstrated a good
understanding of creating and sticking to a
personal budget.
Investments
Less than 30% of participants could accurately
explain basic investment concepts, such as risk
and return.
Savings
Most students (78%) recognized the importance
of saving for the future, but lacked knowledge on
effective savings strategies.
Credit
Many students (60%) were unaware of the impact
of credit scores and the importance of responsible
credit management.
Financial Attitudes and Behaviors
Spending Habits
The majority of students (68%) struggled to control their spending, often making
impulse purchases without consideration for their financial goals.

Debt Management
While most students (72%) recognized the risks of debt, many were still carrying
high-interest credit card balances or student loans.

Financial Planning
Less than 40% of participants had a clear plan for their long-term financial future,
such as saving for retirement or building wealth.
Challenges and Barriers

Lack of Education Time Constraints Confidence Gap Peer Influences

Balancing academic, Some students The desire to keep up
Many students reported work, and personal expressed a lack of with their peers'
having limited access to responsibilities made it confidence in their spending habits often
formal financial difficult for students to ability to make sound led students to make
education programs, prioritize learning about financial decisions, financially irresponsible
both in school and in personal finance. deterring them from choices.
their communities. taking action.
Recommendations and Conclusion
Integrate Financial Foster Positive Attitudes Provide Community
Education Support

Incorporate comprehensive Encourage a shift in mindset by Collaborate with local

financial literacy programs into
school curriculums to equip
students with the knowledge and
skills needed to manage their
finances effectively.
highlighting the long-term
benefits of sound financial
planning and responsible money
management.
organizations to develop
accessible financial coaching
and mentorship programs
tailored to the unique needs of
students.

By addressing the gaps in financial literacy, we can empower students in the Thane suburb to take control of their
financial futures and make informed decisions that will benefit them in the long run.