“A Study on Financial Awareness and Literacy among Rural Youth in Hassan District”
Article Sidebar
Main Article Content
India is heading towards becoming the third largest economy in the world. For this to become a reality both Urban and Rural Economies should contribute in augmenting the economic stability. Inclusive growth especially with respect to the rural areas where financial literacy rates are limited. The present study titled “A Study on Financial Awareness and Literacy among Rural Youth in Hassan District” aims to examine the level of financial awareness among the rural youth in Hassan District and to understand how it influences their financial decision making.
There are Eight Taluks in Hassan District, namely, Hassan, Arakalagood, Holenarasipura, Arsikere, Belur, Alur, Sakaleshapura and Channarayapatna. The Researcher has derived the information from all these taluks by serving a structured questionnaire. The study focuses on rural youth in Hassan District, which is rich in coffee, arcanut and spices. This segment of population has a very high potential to contribute to the economic growth of the country. However, lack of awareness about basic financial instruments, saving plans, investment opportunities, and credit management is kind of hindrance in making India digital. Due to this reason rural folks are not able to make calculated and informed financial decisions. This study is based on the data derived from a structured questionnaire administered to a selected sample of rural youth in Hassan District. The study emphasizes on rural youth in Hassan District of Karnataka, who represent a significant segment in the demography and they have all the potential to contribute to the overall economic development of the country. The current study adopts an empirical approach by collecting the primary data from a structured questionnaire which is distributed among a selected sample of rural youth.
The objectives of the current study includes assessing the level of financial literacy of rural youth, analysing awareness about the banking services and government schemes, identifying the factors influencing financial behaviour of rural youth. It also evaluates the role of digital financial tools such as mobile banking, UPI services in enhancing financial inclusion. All this is evaluated using percentage analysis, mean scores, correlation techniques.
The findings of the study reveal that there is moderate levels of financial awareness among the rural youth in Hassan District, the youth has significant lower levels of understanding with respect to investment practices and advanced financial literacy. The study highlights the need for financial education programs, awareness campaigns and various other policy interventions to improve financial literacy and promote responsible financial behaviour.
Eventually the study concludes that educating rural youth with respect to financial literacy is essential for achieving financial inclusion and sustainable development. The study also provides valuable insights for policy makers, educators and financial instruments to design effective strategies aimed at empowering rural youth with essential financial skills.
Downloads
References
Alreck, P. L., & Settle, R. B. (2002). The hurried consumer: Time-saving perceptions of Internet and catalogue shopping. Journal of Database Marketing & Customer Strategy Management, 10(1), 25–35. https://doi.org/10.1057/palgrave.jdm.3240091
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Atkinson, A., & Messy, F. A. (2012). Measuring financial literacy: Results of the OECD/INFE pilot study. OECD Working Papers on Finance, Insurance and Private Pensions, No. 15. https://doi.org/10.1787/5k9csfs90fr4-en
OECD. (2016). OECD/INFE international survey of adult financial literacy competencies. Paris: OECD Publishing. https://doi.org/10.1787/9789264254855-en
Sharma, R., & Gupta, S. (2022). Financial literacy and financial inclusion in rural India. International Journal of Social Economics, 49(3), 345–360. https://doi.org/10.1108/IJSE-07-2021-0432
Singh, A., & Kumar, P. (2021). Financial awareness among rural youth in India. Journal of Rural Development, 40(2), 123–135.
Patel, J., & Desai, K. (2020). Financial literacy among college students in Gujarat. Indian Journal of Finance, 14(6), 45–58. https://doi.org/10.17010/ijf/2020/v14i6/151234
Rao, V., & Babu, S. (2019). Financial awareness and inclusion among rural youth. International Journal of Research in Commerce and Management, 10(4), 12–18.
Kaur, M., & Kiran, R. (2018). Financial literacy among youth: A study in Punjab. Pacific Business Review International, 10(7), 55–62.
Jayanthi, M., & Rau, S. S. (2019). Determinants of financial literacy among rural households. South Asian Journal of Finance, 8(2), 89–102.
This work is licensed under a Creative Commons Attribution 4.0 International License.
All articles published in our journal are licensed under CC-BY 4.0, which permits authors to retain copyright of their work. This license allows for unrestricted use, sharing, and reproduction of the articles, provided that proper credit is given to the original authors and the source.