1.1 INTRODUCTION Financial literacy is mainly used in connection with personal financial matters.Financial literacy often demands the knowledge of proper decision making pertaining to certain individual financial areas. Both women and men should be financially literate to effectively participate in investment activities and to take efficient financial decisions for themselves, but women often have less knowledge regarding financial dealings and lower access to formal financial products than men. Women, therefore have specific financial literacy needs. 1.2 STATEMENT OF PROBLEM Financial literacy is a pillar which stimulates the demand side making people aware of what they can demand. Therefore, it is essential to study about perception of people in India towards financial literacy.
Financial literacy is the knowledge on how money works. Specifically, it is a skills and understanding of Individual that allow them to make an effective and sound financial decision. Financial Literacy is more important than ever in today’s world. It is very essential that each person should have the ability to understand how money works ; how to manage it to earn and to invest or how to donate it to others. Financial Literacy provides the necessary knowledge, skills and tools for individual to make informed financial decision with confidence, to manage personal wealth with efficiency and to increase financial competence to demand for better financial services (Ali, 2013).
By looking at the previous research, it was found that financial literacy is defined differently by every researcher. Financial literacy is the ability of a person to manage financial resources effectively for a lifetime of financial well-being by using his or her knowledge and skills (The United States Financial Literacy and Education Commission, 2007). Lusardi (2008) mentioned that financial literacy is the knowledge of basic financial concepts such as the working of compounding interest, the difference between nominal and real values and the basic risk diversification. According to Mason and Wilson (2000), financial literacy is a process of meaning-making in which individuals use combination of skills, resources and contextual knowledge in order to process information and to make decisions based on the knowledge on financial consequences of that decision. Financial literacy is used to measure how well an individual can understand and use personal finance-related information in life (Huston, 2010).
Personal financial planning is a process of managing of money and financial decisions of persons. In spite of many attempts made by the researchers in the field of financial planning literature pertaining to the Indian scenario needs further examination of financial planning. The investor perception about financial planning, financial planning practices of selected investors makes the study useful. Planners and practitioner can better understand expectations of investors.The financial source of information is crucial to policy makers and practitioners. As the Government through agencies such as RBI, SEBI, IRDA is planning to impart financial literacy and financial awareness through a plethora of programs an attempt was made to understand common
PART-B Proposed Research Work A STUDY OF FINANCIAL AWARENESS AMONG THE SCHOOL STUDENTS OF LATUR CITY A Research proposal Submitted for Minor Research Project to University Grant Commission (UGC) By Dr. Sarika Brijmohan Dayma (M.Com., M.Phil, Ph.D.) Assistant Professor, Department of Commerce, Dayanand College of Commerce, Latur (Maharashtra) July 2014 A STUDY OF FINANCIAL AWARENESS AMONG THE SCHOOL STUDENTS OF LATUR CITY INTRODUCTION:- Financial literacy or awareness means the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finance. Financial literacy is important to help individuals meet their life goals and objectives. The school students have tremendous potential to learn and adapt new skills. The concepts
The book has received many honors including the highly prestigious literary award in Nepal, Madan Puraskar since its release. The book was originally written in Nepali, and later it was translated into English and Korean. On July 2012, the book has sold over 52,000 copies. Youth doing something in his own native land through the political status of the country was in the bad condition and was no security for the people. Love and care of young generation people to old aged people is clearly shown in the novel.
1 details that financial information should be useful for all users especially investors and creditors: “Financial reporting should provide information that is useful to present and potential investors and creditors and other users [including financial analysts, journalist, regulatory authorities and trade unions] in making rational investment, credit, and similar decisions”. According to SFAC No. 1, FASB emphasised the understandability of the financial information, stating that: “the information should
The financial knowledge is highly influence the financial decisions (Chen & Volpe, 1998) which is similar with the research by Peng et al. (2007), they have found that students that have higher levels of financial literacy made good spending decision in hypothetical circumstances. To avoid any debt and wasteful spending that can lead to financial soundness, financial prudence could enlighten the future among the youth and generate the income (Pillai et al.,
The thought is that all physical and economic access to food that meets people’s dietary needs as well as their food preferences should be achieved by all human beings. Nepal is principally an agrarian country, wherein 67% of the population is engaged in agriculture. In Nepal agriculture is subjugated by small and marginal holdings. Nepal has rich climatic inconsistency having sub-tropical to alpine climate due to high altitude range. Therefore, the country is suitable to produce a variety of food crops, pulses, oilseeds, fruits and vegetables.
According to Zarith Sofia (2011, as cited in Ambigapathy, Christine, Debitta, Jayagowri, Lee & Toh, 2014), “In today’s world, no other language can claim greater universal currency status for the transaction of knowledge and information than the English language” (p.44). This shows that English plays an important role in our lives and when there is a problem on mastering this language; it is surely a serious problem. Malaysia was found to have a decreasing in English language proficiency among its citizens (Cristopher, 2011). This problem should not continue to arise in our country by 2020 in order to be a well-developed country. Low proficiency in English language may lead to numerous problems.