Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in India
The study assesses the status of financial literacy in West Bengal and finds its impact on household decision-making of 600 respondents from eight selected districts of the state. Financial literacy of female and rural respondents is found to be lower. Higher income and education remain the other s...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
EconJournals
2021-09-01
|
| Series: | International Journal of Economics and Financial Issues |
| Online Access: | https://www.econjournals.com/index.php/ijefi/article/view/11759 |
| _version_ | 1797908462531772416 |
|---|---|
| author | Shubhra Biswas Arindam Gupta |
| author_facet | Shubhra Biswas Arindam Gupta |
| author_sort | Shubhra Biswas |
| collection | DOAJ |
| description |
The study assesses the status of financial literacy in West Bengal and finds its impact on household decision-making of 600 respondents from eight selected districts of the state. Financial literacy of female and rural respondents is found to be lower. Higher income and education remain the other significant determinants of financial literacy. Financial literacy is found to significantly affect saving decision, investment decision, borrowing propensity and borrowing quality, the first three being positively and fourth being negatively influenced by financial literacy. However, on retirement planning no significant impact is observed.
Keywords: Financial literacy, Household decision making, Retirement planning, Borrowing quality
JEL Classifications: D15, G51, G53, J32
DOI: https://doi.org/10.32479/ijefi.11759
|
| first_indexed | 2024-04-10T10:53:00Z |
| format | Article |
| id | doaj.art-406f5c9cad174aa98d1893a7025451b5 |
| institution | Directory Open Access Journal |
| issn | 2146-4138 |
| language | English |
| last_indexed | 2024-04-10T10:53:00Z |
| publishDate | 2021-09-01 |
| publisher | EconJournals |
| record_format | Article |
| series | International Journal of Economics and Financial Issues |
| spelling | doaj.art-406f5c9cad174aa98d1893a7025451b52023-02-15T16:20:04ZengEconJournalsInternational Journal of Economics and Financial Issues2146-41382021-09-01115Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in IndiaShubhra BiswasArindam Gupta0Vidyasagar University, Midnapore, India The study assesses the status of financial literacy in West Bengal and finds its impact on household decision-making of 600 respondents from eight selected districts of the state. Financial literacy of female and rural respondents is found to be lower. Higher income and education remain the other significant determinants of financial literacy. Financial literacy is found to significantly affect saving decision, investment decision, borrowing propensity and borrowing quality, the first three being positively and fourth being negatively influenced by financial literacy. However, on retirement planning no significant impact is observed. Keywords: Financial literacy, Household decision making, Retirement planning, Borrowing quality JEL Classifications: D15, G51, G53, J32 DOI: https://doi.org/10.32479/ijefi.11759 https://www.econjournals.com/index.php/ijefi/article/view/11759 |
| spellingShingle | Shubhra Biswas Arindam Gupta Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in India International Journal of Economics and Financial Issues |
| title | Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in India |
| title_full | Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in India |
| title_fullStr | Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in India |
| title_full_unstemmed | Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in India |
| title_short | Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in India |
| title_sort | impact of financial literacy on household decision making a study in the state of west bengal in india |
| url | https://www.econjournals.com/index.php/ijefi/article/view/11759 |
| work_keys_str_mv | AT shubhrabiswas impactoffinancialliteracyonhouseholddecisionmakingastudyinthestateofwestbengalinindia AT arindamgupta impactoffinancialliteracyonhouseholddecisionmakingastudyinthestateofwestbengalinindia |