A Study on Financial Literacy among Young Adults across Various Fields of Study
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Abstract
Financial Literacy is an essential life skill that enables the individual to effectively use their skills related to personal financial management, budgeting, and investing in order to enhance their overall financial well-being, while also helping them to make prudent choices with regards to their financial resources, credits, and so forth.
The prime focus of this research is to evaluate the financial literacy of young adults in India, considering their exposure to a range of financial challenges during the course of their education and the expectation that they will make substantial financial decisions subsequently.
The idea behind this study is to examine student’s proficiency in financial literacy across a broad spectrum of academic domains, with a particular emphasis on the shortcoming, with the objective of further enhancing their understanding and advising appropriate educational approaches. This study explores the correlation between financial literacy and the field of study. Moreover, it seeks to determine if young adults who are exposed to financial matters exhibit a greater level of financial understanding.
The study adopts a questionnaire-based method and acquires primary information from young adults across various fields of study. The data generated is studied through descriptive statistics that involve frequency charts and percentages. The study possesses certain limitations, namely a limited sample size and possible inaccuracies in self-reported data.
The outcomes of this research illustrate the vital role of technological advancement, the influence of parents, and financial awareness campaigns play in promoting financial literacy and a healthy lifestyle.
Keywords
Financial Literacy
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