PERCEIVED FINANCIAL LITERACY AND SAVINGS BEHAVIOR OF IT PROFESSIONALS IN KERALA

Consumer learning refers to knowledge and skills of an individual to purchase and consume the product or service. Some of the financial products available for the retail consumers are very complex and difficult to understand. A minimum level of knowledge or financial literacy is required to understand the financial products. Financial Literacy is considered as important life skills and this leads to better financial wellbeing. An individual with better financial literacy may be equipped to take better savings decision. This paper attempts to analyze to examine the relationship between awareness of basic concepts of financial planning to savings decision. This study uses data collected by way of structured questionnaire from 403 IT Professionals working in Kerala. The study found out that there is a significant relationship between perceived financial literacy and savings behavior.