Impact of financial literacy programs on financial planning of the participants

Abstract

This study attempts to evaluate the impact of financial literacy programs (FLPs) on the financial planning of participants in Himachal Pradesh, Punjab and Chandigarh. The objective of this study is to determine whether the financial literacy programs have any impact on the financial planning of the respondents. The impact of the financial literacy programs on the financial planning of participants was assessed using a paired t-test. The study finds that there is a positive impact on the financial planning scores of participants after attending FLPs. Thus, one could infer that financial literacy programs were helpful in improving the financial planning of the participants who attended these programs, which in turn will improve the quality of their future financial planning. The findings of this study will also help organisers of FLPs to design and implement such programs more effectively and will provide the guidelines to assess their impact.