Pub Date : 2023-06-15DOI: 10.51709/19951272/summer2023/1
This study attempts to identify the key components of financial literacy and its constituent factors, and to examine influences of people’s financial literacy on their financial well-being. The study is mainly based on the primary data collected from 384 randomized samples from the Indian state of Assam. Data analysis was carried out using statistical techniques such as factor analysis, regression analysis, and correlation analysis. A thorough review of the empirical literature, and findings of the present study reveal three major components– "financial knowledge, financial behavior, and financial attitude" –that constitute people’s financial literacy, which are coined as “the big three of financial literacy.” Financial literacy and its three major components are found to have strong and significant influences on people’s financial well-being. It is concluded that an increase in people’s financial literacy results in an increase in their financial well-being, and vice versa
{"title":"The Big Three of Financial Literacy: Analyzing its Influences\u0000on Financial Well-being","authors":"","doi":"10.51709/19951272/summer2023/1","DOIUrl":"https://doi.org/10.51709/19951272/summer2023/1","url":null,"abstract":"This study attempts to identify the key components of financial literacy and its\u0000constituent factors, and to examine influences of people’s financial literacy on their\u0000financial well-being. The study is mainly based on the primary data collected from\u0000384 randomized samples from the Indian state of Assam. Data analysis was carried\u0000out using statistical techniques such as factor analysis, regression analysis, and\u0000correlation analysis. A thorough review of the empirical literature, and findings of\u0000the present study reveal three major components– \"financial knowledge, financial\u0000behavior, and financial attitude\" –that constitute people’s financial literacy, which are\u0000coined as “the big three of financial literacy.” Financial literacy and its three major\u0000components are found to have strong and significant influences on people’s financial\u0000well-being. It is concluded that an increase in people’s financial literacy results in an\u0000increase in their financial well-being, and vice versa","PeriodicalId":43392,"journal":{"name":"FWU Journal of Social Sciences","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41592633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}