ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Manuela Kristin GüntherSubscribe to Manuela Kristin Günther

Deciphering Financial Literacy in India

Utilising a nationally representative data set, an index of financial literacy consisting of financial knowledge, behaviour, and attitude is constructed. The findings suggest significant variation in financial literacy across states with an over 60 percentage point difference between the state with the highest financial literacy and that with the lowest. Multivariate regressions show that there exist large and statistically significant gender-, location-, employment-, education-, technology-, and debt-driven differences in financial literacy. Much of the observed regional divergence persists even after we control for cohort effects.
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