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2020•Journal of Critical ReviewsOpen access

FINANCIAL LITERACY AND PERSONAL FINANCIAL MANAGEMENT- A REVIEW OF 21ST CENTURY WORKS

Meghana D. S, K. Sarala

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Abstract

No matter how much we earn, without an efficient management plan and practice our income will not be sufficient to achieve financial wellbeing. Thus, management of finance is as important as earning it. But to have an efficient management practice and to take proper financial decision requires literacy of finance. Financial literacy, which refers to knowledge and awareness regarding financial matters, is a major influence on the practices and decisions of an individual regarding finance. In this background, several works are undertaken to study the relationship between financial literacy and aspects of personal financial management such as savings pattern, investment decision, retirement preparedness, estate planning etc. that brings about financial wellness of individuals. The present paper makes an attempt to review few such works undertaken in the 21st century.

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What this paper is about

No matter how much we earn, without an efficient management plan and practice our income will not be sufficient to achieve financial wellbeing. Thus, management of finance is as important as earning it. But to have an efficient management practice and to take proper financial decision requires literacy of finance. Financial literacy, which refers to knowledge and awareness regarding financial matters, is a major influence on the practices and decisions of an individual regarding finance. In this background, several works are undertaken to study the relationship between financial literacy and aspects of personal financial management such as savings pattern, investment decision, retirement preparedness, estate planning etc. that brings about financial wellness of individuals. The present paper makes an attempt to review few such works undertaken in the 21st century.

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Available abstract

No matter how much we earn, without an efficient management plan and practice our income will not be sufficient to achieve financial wellbeing. Thus, management of finance is as important as earning it. But to have an efficient management practice and to take proper financial decision requires literacy of finance. Financial literacy, which refers to knowledge and awareness regarding financial matters, is a major influence on the practices and decisions of an individual regarding finance. In this background, several works are undertaken to study the relationship between financial literacy and aspects of personal financial management such as savings pattern, investment decision, retirement preparedness, estate planning etc. that brings about financial wellness of individuals. The present paper makes an attempt to review few such works undertaken in the 21st century.

Key concepts: Financial literacy, Finance, Strategic financial management, Preparedness, Financial plan, Financial management, Accounting management, Business

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