It means more financial knowledgeable people can plan better for their retirement periods. large scale pilot project in 13 countries. Then only, real benefits of any financial education programme can be achieved. The association of financial knowledge, financial behaviour and financial attitude with financial literacy level of working women in India is not clear. The Jumpstart Coalition for Personal Financial Literacy is the group that sponsored and tested the financial literacy level of students in the United States. Sharma and Joshi (2015) identified the impact of financial literacy on the investment choice decision of women. A linear additive model has been used with specified variables. The email address and/or password entered does not match our records, please check and try again. The second one is that despite sound educational background and hefty amount of remuneration, they are not able to be financially independent. Financial Literacy of Senior High School Students in Bacolod City, 2019. The program was part of an Inclusive Workforce Development project sponsored by USAID/Indonesia. Howlett et al. A financial literacy questionnaire basically is meant to assess your ability to handle finances, regardless of the amount. This site uses cookies. Sages and Grable (2009) produced evidence in their study that individuals with lower level of financial risk tolerance face difficulty in financial decision, and they are unsatisfied with their financial management competency. variables which measured by using likert scale. His research areas include corporate finance, risk management and security analysis. This result is consistent with other research studies on financial literacy that show that a woman has lower level of financial knowledge (Hung, Parker, & Yoong, 2009). financial literacy of undergraduate graduate social work students across one and Southeastern state. Table 3 represents the results of CFA for all the four variables in form of validity of scale and goodness of fit, and Figures 1—4 indicate the regression of different construct with their factors. (, Al-Tamimi, H. A. H., Kalli, Bin, A., A. However, women are more particular for making budget and keeping track of their finances, but they are lacking in financial knowledge which affect some aspect of their financial behaviour (OECD, 2013). However, until now, inadequate research has been done in the field of financial literacy among women working in Delhi, India. Given that the economic education literature links financial literacy to improved worker productivity, decreased absenteeism, and entrepreneurial success, these findings are encouraging for both the students involved and for their employers in Indonesia. It was found that people with higher financial knowledge and working professionals show lower propensity effects. In this questionnaire you are being asked questions about your experience with money matters in school and outside of school. Path analysis was done to test the developed hypothesis. These questions are coded on a Likert-type scale of 1-5. Download Free PDF. Free PDF. However, a significant gender difference in financial literacy level has been studied by Atkinson and Messy (2012), Chen and Volpe (1998) and OECD (2013), where it was found that financial literacy level is generally lower in women than in men. Both participating trainers and students showed statistically significant increases in financial literacy knowledge, and student perceptions about their acquisition of soft skills improved as well. The OECD average is the average of the national average scores of the 10 OECD member countries that participated in the financial literacy … The association between three independent variables is investigated applying path analysis for hypothesis testing. For more information view the SAGE Journals Sharing page. The Likert-scale soft skills questions are related to content covered in the life-skills … There are 42 questions in this survey as well as some demographic questions … In many research studies financial knowledge has been considered as a very important determinant to find out financial literacy, but the result showed that women have less financial knowledge and it is not significantly associated with financial literacy of working women. The e-mail addresses that you supply to use this service will not be used for any other purpose without your consent. This research is made possible by the generous support of the American people through the United States Agency for International Development (USAID). As women are very important part of the society and they have to take many household decisions, the ultimate concern should be how to improve their financial literacy as it not only affects family’s welfare but also benefits their financial planning and saving behaviour. He can be reached at [email protected]. In present study, authors have presented an association of financial knowledge, financial behaviour and financial attitude towards the financial literacy level among working women in Delhi, India. This study is a descriptive research study in which a multidimensional construct has been used to measure financial literacy (Potrich, Vieira, & Kirch, 2014). Question 3 is used a scale … Members of _ can log in with their society credentials below, Kamini Rai, Shikha Dua, and Miklesh Yadav. A good model fit indices includes chi-square/degree of freedom (CMIN/df), goodness-of-fit indicators such as goodness-of-fit index (GFI) and adjusted goodness-of-fit index (AGFI) and badness of fit indicator like root mean square error of approximation (RMSEA). The findings revealed that financial attitude and financial behaviour have strong association with financial literacy of working women than financial knowledge. De Bassa Scheresberg (2013) noted that people with higher level of financial literacy are more confident in making personal financial decision and their monetary outcomes are appropriate. The result of this study has been supported by various past researches (Arora, 2016; Calamato, 2010; Haque & Zulfiqar, 2015; Huston, 2010; McCormick, 2009). Financial Literacy … Financial literacy has many definitions in existing research as financial literacy officials have left the researchers/authors free to express and analyse financial literacy (Remund, 2010). Students from three universities were asked to participate in a short online survey of financial … There is gender difference in financial behaviours of men and women. Majority of the studies depicted inconclusive results. Today, it has become very essential to create awareness for financial literacy as it can minimize the chances of being misled in investment decision. Roy and Jain (2018) and Singh and Kumar (2017) found that financial literacy among women is very low and their level of financial knowledge are not satisfactory due to lack of clarity between insurance, saving and investment products. For more information view the SAGE Journals Article Sharing page. Determinants of Successful Financial Inclusion in Low-Income Rural Pop... Agarwal, P., Ansari, M. S., Yadav, S., Kureel, R. (, Agarwalla, S. K., Barua, S. K., Jacob, J., Varma, J. R. (, Amagir, A., Groot, W., Brink, Maassen van den, Wilschut, A. Van Rooij, Lusardi, and Alessie (2011) identified that financial knowledge has positive association with retirement planning and individuals possessing financial knowledge are more financial literate. Lusardi and Scheresberg (2017) identified that women who are of young age, having children and facing disruption in marital life are more likely to face financial distress. ... literate simply because they have high levels of literacy. Bonga and Mlambo (2016) highlighted concern on financial literacy improvement among women, particularly in developing nations. Create your own online survey now with SurveyMonkey's expert certified FREE templates. The survey questionnaire consists of 20 factors showing the variables including 6 factors of financial attitude, 5 factors of financial behaviour, 5 factors of financial knowledge and 4 factors of financial literacy. The Financial Literacy Questionnaire can be used to collect information about financial literacy within a country, and to compare levels of financial literacy … Devi (2016) concluded that gender is one of the prominent factors that influence financial literacy among the individuals in India, and Indian women are experiencing difficulties in making decisions regarding savings and buying financial products. measure the assessment of the Financial Priorities of 4P‟s Beneficiaries, the questions were in the form of Likert–type using four point scale–four (4) as the highest and one (1) as the lowest. It is an ability to plan ahead and maintain a savings account that matters. All the indicators of AMOS output confirm that all the variables have good result regarding goodness of fit and no modifications are required. In total, 394 questionnaires were coded into SPSS for data screening, data cleaning and spotting multivariate outliers, and during this procedure 42 questionnaires were dropped. Kasman, Heuberger, and Hammond (2018) highlighted that working women face greater pressure as they are expected to balance professional careers with the responsibilities of childbearing and child. Please check you selected the correct society from the list and entered the user name and password you use to log in to your society website. Her research areas include finance, banking and accounting. View or download all the content the society has access to. Banerjee, Kumar, and Philip (2017) concluded that financial inclusion behaviour increases with the positive effect of financial literacy on financial awareness. To test the reliability and validity of constructs, confirmatory factor analysis model was estimated using analysis of moments structures (AMOS) version 20, and path analysis was used to measure the association of independent variable with dependent variable. We form a financial attitude score out of the responses to these 3 questions, with the maximum score of ... OECD INFE (2011) Measuring Financial Literacy: Core Questionnaire in Measuring Financial Literacy: Thus, it has become essential to examine the determinants of financial literacy and to recognize its importance among working women. The present work gives insight in order to enhance their financial literacy. To measure financial behaviour, the questions related to savings behaviour, bill and loan repayment behaviour, responsible investment behaviour and financial planning behaviour, etc., were included in the questionnaire. Published by Elsevier Ltd. International Review of Economics Education, https://doi.org/10.1016/j.iree.2019.100168. Your ability to work with less money will most likely translate to how you handle money when you have a lot. include this measure into an overall score of financial literacy, it is counted 1 point for respondents who put themselves at 4 or 5 on the scale and 0 in all other cases. Kamini Rai is working as an associate professor at Rukmini Devi Institute of Advanced Studies with rich experience of more than 8 years in academia. Dhar and Zhu (2006) found the association between investor’s financial literacy with the propensity effect. EFFECT OF FINANCIAL LITERACY ON PERSONAL FINANCIAL ... to complete the questionnaire in some instances hence the use of drop and pick later data collection approach. The study found that the initiative of improving financial literacy can make a long-term behavioural change of women. As per the ASIC report (2003), it has been recognized worldwide that financial literacy is an important element of economic and financial stability and growth. They use both saving and investment financial instruments in their personal financial decision of life. The study concluded that strong and positive relationship exists between the aforementioned parameters of financial literacy. or. are questions about financial attitudes, financial behaviors, financial knowledge, influences on financial literacy, and demographic information. Also, Delhi despite being the capital has not been studied. The sample size of 394 working women from various public and private organizations of Delhi has been incorporated for the research. Financial attitude can be defined as personal inclination towards financial matters. The findings of this study suggest that ... personal financial literacy … Thank you for your participation! Create a link to share a read only version of this article with your colleagues and friends. Dwivedi, Purohit, and Mehta (2015) analysed the NCFE report on financial literacy and financial inclusion in India. For financial prosperity of a person and his family, sufficient level of financial literacy is required. To measure financial attitude, questions related to risk attitude, financial planning, stress in handling finances and satisfaction with financial situation, etc., were included in the questionnaire. The aforementioned literature review supports that financial attitude is a necessary determinant to identify financial literacy of individuals, and it also influences the level of financial literacy. This free survey template is designed to ask individuals about their knowledge and experience with personal finances, mortgages, credit scores, etc. Findings by the College Student Financial Literacy Survey (CSFLS) indicated that perceived parental influence had a direct and moderately significant influence on financial attitude, did not have an effect on financial knowledge, and had an indirect and moderately significant influence on financial behavior, mediated through financial … The instrument consisted of 10 questions on a 5-point Likert scale with 5 as strongly agree and 1 as strongly disagree. PDF. The study focused on only three aspects of financial literacy—that is, financial knowledge, behaviour and attitude—and found that financial literacy among rural women is very low. Agency for International Development ( USAID ) twenty-five teachers received training in December 2017 and conducted... ( 0.398, p < 0.05 ) does not match our records, please check and try again the of... 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