Assessing financial literacy levels of banking and IT/ITes employees

Abstract

For a country poised to become the world’s third-largest economy by 2035 (Goldman Sachs), research studies found that Indians exhibit very poor knowledge of how to manage their personal finances. A study by Max Life-NACER finds that Indians fail to take a long-run perspective personal of their financial security thereby savings for their old age unimportance. Ahuvalias M.S (2006) in a survey said, “Indians are wise savers but poor investors”. To achieve financial well being the individual should be financially literate. This research paper results reveals that respondents working in banking exhibit higher levels of financial literacy than the IT/ITes sector employees. The paper also suggests various measures to be taken by the authorities to enhance the financial literacy levels of individuals, which in turn improves their investment decisions.