Financial Literacy and Savings Behavior in India: An Analytical Study of Trends, Determinants, and Policy Implications

Financial Literacy and Savings Behavior in  India: An Analytical Study of Trends,  Determinants, and Policy Implications 

Abstract

Financial literacy is an important factor affecting individual financial decisions, particularly in developing economies such as India. This paper examines how financial knowledge influences household saving, investment behaviour, and financial well-being. Based on secondary data from research papers, reports, and surveys, it finds a strong relationship between financial literacy and saving behaviour. A lack of financial awareness contributes to lower savings, higher debt, and poor financial decisions, while education, demographic characteristics, digital transition, and financial-inclusion initiatives also influence financial behaviour.

Authors

Hemchandra Sati, Shreya, Sonu Kumar, Suman Raj, Sumit Kumar, Surjeet Kishor

Institution

Noida Institute of Engineering & Technology (MCA Institute), Greater Noida, India

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