An Empirical Study on the Relationship between Demographic Variables and Financial Literacy with Specific Reference to Mumbai City

Geeti Sharma, Kavaldeep Dixit


Financial literacy is the ability of a person to make rational financial decisions. Financial knowledge helps to prepare individuals for tough financial times by encouraging strategies that mitigate risk such as retirement planning, health insurance, children education. The study was conducted in Mumbai city and a questionnaire was administered to collect data from the respondents. The research aimed to study the association between demographic profile (age, gender, education qualification and income) of the individuals and their financial literacy. To test the association between demographic profile and financial literacy of the respondents’ Chi- Square test was performed. The study found that there was no significant association between gender, income and financial literacy. It was also found that there was significant association between age, educational qualification and financial literacy.

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