Financial Literacy and Product Preference Among Self-Employed

International Journal of Economics and Management Studies

© 2021 by SSRG - IJEMS Journal

Volume 8 Issue 4

Year of Publication : 2021

Authors : Binod Murmu, Bhartendu Singh

10.14445/23939125/IJEMS-V8I4P107

How to Cite?

Binod Murmu, Bhartendu Singh, "Financial Literacy and Product Preference Among Self-Employed," SSRG International Journal of Economics and Management Studies, vol. 8,  no. 4, pp. 56-63, 2021. Crossref, https://doi.org/10.14445/23939125/IJEMS-V8I4P107

Abstract:

The main aim of the paper is to measure financial literacy, awareness, and preference for financial products among the self-employed. For the purpose of the study, 45 self-employed were selected from Aizawl District. The questionnaire was prepared for collecting primary data, and based on the questionnaire, and financial literacy level is measured. The study found that the majority of the respondents possess average financial literacy, and the preference for moderate-risk and high-risk financial products is very low among the respondents.

Keywords:

Financial Attitude, Financial Behaviour, Financial Knowledge, Financial Literacy, Financial Products, Self-Employed

References:

[1] W.L. Anthes., Frozen in the headlights: The dynamics of women and money, Journal of Financial Planning, 13(9) (2004) 130-142.
[2] S. Agarwal and B. Mazumder., Cognitive Ability and Financial Decision Making, Chicago IL: Federal Reserve Bank of Chicago (2010). Available: http://ushakrisna.com/cognitive.pdf.
[3] Organization for Economic Co-operation and Development (OECD), Improving financial literacy: analysis of issues and policies (2005). Available: http://titania.sourceoecd.org/vl=4607980/cl=25/nw=1/rpsv/ij/oecdthemes/9998007x/v2005n30/s1/p11.
[4] A. Lusardi and O. Mitchell., Financial literacy and retirement preparedness: Evidence and implications for financial education, Business Economics. 42(2007) 35-44.
[5] S.K.Agarwalla, S.Barua, J.Jacob, and J.R. Varma, J.R, A Survey of Financial Literacy among Students, Young Employees and the Retired in India. (2012). Available:
http://www.iimahd.ernet.in/fls/fls12/Executive_Summary.pdf
[6] G.Markus and E.Veresiu., Creating the Responsible Consumer: Moralistic Governance Regimes and Consumer Subjectivity, Journal of Consumer Research. 41(2014) 849–867.
[7] D. Mathivanan, and K. Mohanaranjani., Existing Gap Between the Financial Literacy and Saving/Investment Behavior Among Indian Women: An Empirical Study With Special References To Coimbatore City, International Journal Of Research In Commerce, Economics & Management, 3(4) (2013) 20-25.
[8] K. Gupta and J. Kaur., A Study of Financial Literacy among Micro-Entrepreneurs in District Kangra’, International Journal of Research in Business Management. 2(2) (2014) 63-70.
[9] M.A.Lokhande., A Study of Investment Awareness and Patterns of Savings and Investments by Rural Investors, Indian Journal of Finance. 9(7) (2015) 22-31.
[10] http://www.ncfeindia.org/images/pdfs/nasional-surveyy/Fact%20Sheet%20- %20Mizoram.pdf