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2023•Gujarat Journal of Extension EducationOpen access

STRUCTURAL EQUATION MODEL FOR FINANCIAL LITERACY OF STUDENTS

S. M. Trivedi, Jagruti D. Bhatt, Nisha M. Thaker

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Abstract

Financial illiteracy is prevalent worldwide. Financial literacy is an important but ignored skill that is vital for young people especially in the country like India which has the largest young population of world but with very poor rate of financial literacy. Therefore an in-depth study was carried out to develop a model for the financial literacy of students. Total 143 UG and PG level students were selected randomly and the primary data was collected through the well-prepared questionnaire. Financial Literacy Model was developed using Structural Equation Model (SEM) to meet the objective of the study. The study revealed that model for the financial literacy of students was found correct and it was concluded that financial knowledge, behavior and attitude have significant positive effect on financial literacy of students. Age and education of the students having positive and significant impact on the financial literacy of students.

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Financial illiteracy is prevalent worldwide. Financial literacy is an important but ignored skill that is vital for young people especially in the country like India which has the largest young population of world but with very poor rate of financial literacy. Therefore an in-depth study was carried out to develop a model for the financial literacy of students. Total 143 UG and PG level students were selected randomly and the primary data was collected through the well-prepared questionnaire. Financial Literacy Model was developed using Structural Equation Model (SEM) to meet the objective of the study. The study revealed that model for the financial literacy of students was found correct and it was concluded that financial knowledge, behavior and attitude have significant positive effect on financial literacy of students. Age and education of the students having positive and significant impact on the financial literacy of students.

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Available abstract

Financial illiteracy is prevalent worldwide. Financial literacy is an important but ignored skill that is vital for young people especially in the country like India which has the largest young population of world but with very poor rate of financial literacy. Therefore an in-depth study was carried out to develop a model for the financial literacy of students. Total 143 UG and PG level students were selected randomly and the primary data was collected through the well-prepared questionnaire. Financial Literacy Model was developed using Structural Equation Model (SEM) to meet the objective of the study. The study revealed that model for the financial literacy of students was found correct and it was concluded that financial knowledge, behavior and attitude have significant positive effect on financial literacy of students. Age and education of the students having positive and significant impact on the financial literacy of students.

Key concepts: Functional illiteracy, Financial literacy, Structural equation modeling, Literacy, Mathematics education, Population, Psychology, Literacy rate

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