Impact of Financial Literacy on Savings and Investment Decisions
A Study of Rural Households in Visakhapatnam District of Andhra Pradesh, India
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Financial literacy is crucial for encouraging positive investment behavior and promoting financial inclusion, ultimately contributing to economic growth. Despite India's high household savings rate, there is a disparity in the investment behavior of households. The NCFE's 2019 financial literacy survey revealed that rural households displayed strong financial attitudes (89%), but their financial knowledge (45%) and behavior (51%) were lacking. This indicates that while rural households are eager to manage finances and save, they lack the necessary financial knowledge and behavior. Recent cases...
Financial literacy is crucial for encouraging positive investment behavior and promoting financial inclusion, ultimately contributing to economic growth. Despite India's high household savings rate, there is a disparity in the investment behavior of households. The NCFE's 2019 financial literacy survey revealed that rural households displayed strong financial attitudes (89%), but their financial knowledge (45%) and behavior (51%) were lacking. This indicates that while rural households are eager to manage finances and save, they lack the necessary financial knowledge and behavior. Recent cases of financial fraud involving unregistered NBFCs and chit funds, particularly in Andhra Pradesh's Visakhapatnam region, have raised concerns among government bodies and authorities. These instances highlight the negative outcomes of widespread financial illiteracy. This book examines the various dimensions of financial literacy and it's Impact on savings and investment decisions of rural households in Visakhapatnam district of Andhra Pradesh in India.
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