STUDY OF VARIOUS DETERMINANTS AND ITS INFLUENCE ON FINANCIAL LITERACY: AN EMPIRICAL STUDY IN THE CITY OF AHMEDABAD

Financial Literacy has become a priority area across the world in recent years. In a complex and globalized marketplace, a myriad of products is offered in the financial market, and the accessibility of products has also increased. This has made it imperative for individuals to be well equipped with the necessary financial knowledge and awareness to use their financial resources in an optimum way. The study examines the financial literacy of the people by using a questionnaire developed by self-validated scales of determinants of financial literacy. The major findings of the data interpretation and analysis reveal that there are major six determinants that have very strong influence on level of financial literacy. The present study offers the first ever comprehensive insight into the financial literacy of the Ahmedabad region.