Financial Literacy among Females in Ludhiana
Author(s): SARVI MALHOTRA
Publication #: 2411054
Date of Publication: 21.11.2024
Country: India
Pages: 1-18
Published In: Volume 10 Issue 6 November-2024
Abstract
Financial literacy is increasingly recognized as a fundamental component of effective personal financial management and economic empowerment. This paper reviews the literature on financial literacy, emphasizing its importance in enhancing financial decision-making and overall well-being. Studies highlight the disparities in financial literacy across different demographic groups, particularly noting lower levels among women, lower-income individuals, and less educated populations. In the Indian context, urban areas like Ludhiana demonstrate better access to financial services; however, actual financial knowledge remains deficient. Government initiatives, such as the Pradhan Mantri Jan Dhan Yojana and the establishment of Financial Literacy Centers, aim to address these gaps. The literature suggests that targeted educational interventions are essential for improving financial literacy and fostering economic stability. Despite progress, significant challenges persist, particularly in reaching marginalized communities and addressing gender disparities. This review underscores the critical need for comprehensive financial education programs to empower individuals and enhance financial literacy on a broader scale.
Keywords: Financial literacy , financial management , economic empowerment , demographic groups
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