Financial Awareness: A Survey of Students in Bhopal
Authors
Abhilasha Jain
Professor, People's Institute of Management & Research, People's University, Bhopal (IN)
Sameer Sharma
Professor & Director, Bhopal Institute of Technology And Management-MBA, Bhopal. (IN)
Article Information
Publication Timeline
Submitted: 2025-04-29
Published: 2025-05-15
Abstract
Abstract: A total of 496 students of Engineering and MBA were surveyed to determine their awareness about personal finance and investment. The sample consisted of 268 students of MBA programme and 228 students pursuing B.Tech. programme. These students were broadly categorized here as management students and non-management students. The following three dimensions were primarily assessed in the study- financial behaviour, financial attitude and financial knowledge. This study shows that the level of financial awareness among college students in Bhopal is very low.
Keywords
financial awareness, financial knowledge, financial behavior, financial attitudes
Downloads
References
1. Lusardi, A., & Mitchell, O. S. (2023). "Financial Literacy and Retirement Planning: New Insights and Implications." The Journal of Consumer Affairs, 57(3), 1221–1243. [DOI: 10.1111/joca.12315] [Google Scholar] [Crossref]
2. Lusardi, A., & Oggero, N. (2022). "Financial Literacy in Developing Economies: Insights and Policy Implications." Journal of Financial Education, 48(1), 71-91. [DOI: 10.2139/ssrn.3770002] [Google Scholar] [Crossref]
3. Consumer Financial Protection Bureau (2020). "Financial Literacy and Education in the Digital Age." [Google Scholar] [Crossref]
4. Chatterjee, S., & Prasad, D. (2021). "The Role of Financial Literacy in Enhancing Financial Inclusion in India." The Journal of Financial Inclusion, 6(2), 55-78. [Google Scholar] [Crossref]
5. Arora, A., & Singhal, S. (2022). "Financial Literacy among Indian Students: An Empirical Study." Journal of Indian Business Research, 14(4), 294–310. [DOI: 10.1108/JIBR-02-2021-0064] [Google Scholar] [Crossref]
6. Sahu, N., & Kumar, S. (2022). "Financial Literacy and Its Impact on the Economic Decisions of Students in India." International Journal of Social Economics, 49(5), 921-937. [DOI: 10.1108/IJSE-10-2020-0632] [Google Scholar] [Crossref]
7. Santos, J. A., & Fontes, A. (2021). "Gender and Financial Literacy in Emerging Economies." International Journal of Bank Marketing, 39(2), 308-329. [DOI: 10.1108/IJBM-09-2020-0374] [Google Scholar] [Crossref]
8. Baverly, S. G., & Burkhalter, E. K. (2005). Improving the Financial Literacy and Practices of Youths. Retrieved from https://search.proquest.com/openview [Google Scholar] [Crossref]
9. Braunstein, S. F., & Welch, C. (2002). Financial literacy: an overview of practice, research, and policy. Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), 88, 445-457. [Google Scholar] [Crossref]
10. Carrington, Cole, R. A., & J, S. (2017). Banking in Bhutan - An Assessment of Financial Sector Development in Bhutan. Research Gate. [Google Scholar] [Crossref]
11. Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students. Financial Service Review. [Google Scholar] [Crossref]
12. Cohen, M. a. (2011). Financial Literacy: A step for Clients towards Financial Inclusion. Consumer Financial Protection Bureau. (2017). p.6. [Google Scholar] [Crossref]
13. Curto, A. L. (2009). Financial Literacy Among the Young: Evidence and Implication for Consumer Policy. National Bureau of Economic Research. [Google Scholar] [Crossref]
14. Edirisinghe, C., Keerthipala, Y. M., & Amarasinghe, A. R. (2017). Financial Literacy and Financial Behavior of Management Undergraduates of Sri Lanka. International Journal of Management and Applied Science,Volume-3(Issue-7 ). [Google Scholar] [Crossref]
15. Engelbrecht, L. (2008). The Scope of Financial Literacy Education: A Poverty Alleviation Tool in Social Work? Social Work/Maatskaplike Werk, 44(3), 252-262. [Google Scholar] [Crossref]
16. Furtuna, F. (2008). College Students’ Personal Financial Literacy: Economic Impact and Public Policy Implications. Under Graduate Economic Review, 4(1). [Google Scholar] [Crossref]
17. Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1) (January, 2018), 173-186. [Google Scholar] [Crossref]
18. Hung H.C, K. S. (2009). a Capacitor of Behavioral Variation. J. Biol. Rhythms 24(3): 183--192. Juma Buhimila Mabula, H. D. (2018). Financial Literacy Position in Developing Economies: A Review of Studies and Open Issues. Atlantis Press. [Google Scholar] [Crossref]
19. Kiliyanni, A. L., & Sivaraman, S. (2018). A Predictive Model for Financial Literacy among the Educated Youth in Kerala, India. Journal of Social Service Research, Volume 44(Issue 4). [Google Scholar] [Crossref]
20. Klein, L. M. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behavior. Association for Financial Counseling and Planning Education. [Google Scholar] [Crossref]
21. Lusardi, A. (2008). Financial Literacy: An Essential Toll for Informed Consumer Choice? National Bureau of Economic research. [Google Scholar] [Crossref]
22. Lusardi, A. (2008). Household Saving Behavior: The Role of Financial Literacy, Information, and Financial Education Programs.”. The George Washington University School of Business, NBER Working Paper No. 13824. [Google Scholar] [Crossref]
23. Lusardi, A., & Mitchell, O. (2006). Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education. Michigan Retirement Research Center. [Google Scholar] [Crossref]
24. Lusardi, A., Mitchell, O. S., & Curto, V. (2009). Financial Literacy Among the Young: Evidence and Implications for Consumer Policy. National Bureau of Economic Research. [Google Scholar] [Crossref]
25. Mändmaa, S. (2019). Analyzing the factors influencing university students' financial literacy. International Journal for Innovation Education and Research, Vol:-7 (No-7). [Google Scholar] [Crossref]
26. Jain, A., & Sharma, S. (2022). "Exploring the Structural Determinants of Financial Awareness in Emerging Economies." Journal of Financial Education, 58(2), 245-260. [Google Scholar] [Crossref]
27. Noctor, M. S. (1992). Financial Literacy: A Discussion of Concepts and Competences of Financial Literacy and Opportunities for its Introduction into Young People’s Learning. Report prepared for the National Westminster Bank, National Foundation for Education Research, London. [Google Scholar] [Crossref]
28. Oseifuah, E., & Gyekye, A. (2018). Financial Literacy among Undergraduate Students: Empirical Evidence from Ghana. Academy of Accounting and Financial Studies Journal. [Google Scholar] [Crossref]
29. Ping, J. B. (n.d.). Financial Literacy Position in Developing Economies: A Review of Studies and Open Issues. Atlantis Press. [Google Scholar] [Crossref]
30. Remund, D. L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. The Journal of Consumer Affairs, 44. [Google Scholar] [Crossref]
31. RMA. (2019-2023). National financial literacy strategy. 2019-2013. [Google Scholar] [Crossref]
32. Thapa, B. S., & Nepal, S. R. (2015). Financial Literacy in Nepal: A Survey Analysis from College Students. NRB Economic Review, 27(1), 49-74. [Google Scholar] [Crossref]
33. Santini, F.D.O., Ladeira, W.J., Mette, F.M.B. and Ponchio, M.C. (2019), "The antecedents and consequences of financial literacy: a meta-analysis", International Journal of Bank Marketing, Vol. 37 No. 6, pp. 1462-1479 [Google Scholar] [Crossref]
34. (2020). U.S. National Strategy for Financial Literacy. U.S. Financial Literacy and Education Commission. [Google Scholar] [Crossref]
35. UNSGSA. (2016). Strengthening the Roots of Financial Resilience in Financial Education. Retrieved from UNSGSA: https://www.unsgsa.org/speeches/strengthening-roots-financial-resilience-financial-education [Google Scholar] [Crossref]
36. https://doi.org/10.1257/jel.52.1.5 [Google Scholar] [Crossref]
37. http://www.jumpstart.org [Google Scholar] [Crossref]
38. https://doi.org/10.1111/j.1745-6606.2010.01169.x [Google Scholar] [Crossref]
39. https://doi.org/10.1257/jel.52.1.5 [Google Scholar] [Crossref]
Metrics
Views & Downloads
Similar Articles
- Exploring the Concept of Generative Artificial Intelligence: A Narrative Review
- Design, Development, and Evaluation of a Critiquing-Based Mobile-Web Employment Recommender System
- Integrating Bhagavad Gita Principles with Modern Supply Chain Management: A Framework for Ethical and Resilient Operations
- Soilless Indoor Farming: A Systematic Review of Iot-Based Monitoring Systems and Physiochemical Characterization Methods for Lactuca Sativa
- "Innovative Utilization of Surface-Modified MgFe₂O₄ Nanoparticles for Sustainable Removal of Mixed Heavy Metals from Industrial Wastewater"