Financial literacy and financial well being An empirical study

Abstract

Financial literacy involves knowledge about financial concepts; the capability to apply it to make newlineinformed financial decisions for the financial well being of the individual. The level of financial newlineliteracy of a country serves as a good signal of the country s economic growth and development. newlineIt expands the financial system and helps individuals in addressing their day to day financial newlineproblems. It helps people in making better financial choices, in knowing why long term newlineinvestments are better and in knowing about complex finance oriented products and services. It newlinemakes consumers aware about their rights and responsibilities as clients of finance oriented newlineproducts and services. Thus, financial literacy plays significant role in today s complex financial newlineenvironment. It empowers individuals in managing their finances and enhances their skills and newlineknowledge. It ensures that financial system is inclusive and individual s financial well being is newlineenhanced. newlineThe present study attempts to analyse and understand the level of financial literacy, relationship newlinebetween financial literacy and financial inclusion, and impact of financial literacy on individuals newlinefinancial well being level. newline