A Study Examining the Relationship Between College Students’ Demographic Characteristics and Financial Literacy- With Special Reference to a Union Territory in India

Over the past ten years, the importance of financial literacy has been growing across the world. Prior research has found that a lack of financial knowledge can have several negative consequences, the inability to make correct financial decisions, high levels of debt, high-cost borrowing and misuse of credit. Limited knowledge of financial concepts also has an impact on the economy as a whole. This study attempts to measure the level of financial literacy of college students in Goa, India. A total of 378 respondents were surveyed and their level of financial literacy was measured through a percentage analysis. The respondent’s level of financial literacy was also studied concerning various demographic characteristics. The results show an association between financial literacy and sex, level of education, field of education, percentage of respondents and income level. The findings of the study suggest a need for the strengthening of initiatives by policymakers to introduce the concept of financial literacy for students all over the state as well as the country, in every field.