International Journal of Humanities and Social Science Research

International Journal of Humanities and Social Science Research


International Journal of Humanities and Social Science Research
International Journal of Humanities and Social Science Research
Vol. 6, Issue 1 (2020)

Financial literacy for rural India: A case study of Aligarh district


Dr. Abdul Azeez NP, SM Jawed Akhtar

The dynamic financial sector of India has been rapidly growing over the last few years. There has been significant development over the previous five years to move India into digital financial inclusion through cost-effective, convenient, and secure means, which bring the unbanked rural households into the economic mainstream. Despite the rapid growth of the sector, significant sections of the country's population experience these positive changes at a much slower pace. Although the majority of the households having a bank account, they are unaware of the financial services, products and investment provisions, less financial knowledge, unsatisfactory and adverse financial behavior, and attitudes. Bank accounts are being opened forcefully as part of drawing MGNREGA wage, old age, and agricultural pension, getting LPG and other subsidies, etc... Many of them are unfamiliar with even the most basic economic and financial concepts needed to make sensible saving and investment decisions and proper utilization of digital tools. All these have led to the financial illiteracy of the people. Their knowledge of various financial institutions, financial activities, and financial products is not adequate. A comprehensive approach for measuring financial literacy is developed by constructing the Financial Literacy Index (FLI) comprising the indicators likes’ financial knowledge, financial behavior and financial attitude. The study is based on the primary data which is collected from the rural areas of Aligarh district.
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How to cite this article:
Dr. Abdul Azeez NP, SM Jawed Akhtar. Financial literacy for rural India: A case study of Aligarh district. International Journal of Humanities and Social Science Research, Volume 6, Issue 1, 2020, Pages 89-95
International Journal of Humanities and Social Science Research