Factors Affecting Financial Literacy and Saving Habits among Investors
Keywords:
ANOVA, Financial literacy, Hypothesis, Investment, Savings, T-testAbstract
The financial system provides a mechanism that can transform savings into investments. India has been considered a country that saves funds for the future. It could be saved conventionally through cash or in kind. The way savings are being done might vary, and it may not necessarily be formal. Savings can be made in one of the other investment options, which could provide better returns in the future and provide safety. Mainly, people prefer to make an investment in gold as the price of gold is increasing, and some might invest in land. The study aimed to understand the financial literacy level of respondents and compare financial literacy based on demographic variables. A sample of 120 respondents has been considered belonging to different age groups and occupations. The study is not restricted to only males or females, but people of both genders have been considered. The respondents have different literacy levels, and they plan their investment in different ways. The research design in this study is descriptive in nature, since it aims to find out the financial literacy level among respondents. This study aims to evaluate the financial literacy level among 120 respondents from Jabalpur. ANOVA and t-test were applied to test the hypothesis in the study.
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