Impact of financial literacy and financial stress on well being: a case study of handicraft workers of Varanasi region
| dc.contributor.author | Chakraborty, Anindita | |
| dc.date.accessioned | 2023-03-14T09:07:30Z | |
| dc.date.available | 2023-03-14T09:07:30Z | |
| dc.date.issued | 2018-07 | |
| dc.description | Major Research Project | en_US |
| dc.description.abstract | The field of personal finance is better reflected in recent years in specialised research, i.e. financial education. The principle idea is that without passable knowledge and skills one cannot effectively manage his or her finances, particularly in this dynamic and complex economic environment. However, besides education, there are other aspects that came out from the literature, which appears to have particular importance in the process of individual financial decision. Therefore, personal finance and financial education plays a vital role in an individual’s life and thus are essential topics. The financial education movement proliferated in the mid- to late-1990s in response to financial sector reforms in many countries, and thus attention needs to be placed in the context of the state-of-the-art research, from which future research can come into sight. The financial decision-making process is complicated in the case of individuals and households and may get influenced by various factors. With financial products becoming more and more complex; growing role of technology in the financial sector; shifting of employers attention from traditional pension plans to market linked plans have created apprehension in the mind of policymakers regarding the precautionary measures taken by the financial institutions and lack of financially educated people. Thus the need for improved education in the field of personal finance is felt and large number of nationally representative organisations in India and worldwide to promote financial education were established to promote financial education. Financial decisions are a part of everyday life – whether looking for ways to save, deciding which credit card represents the best value, choosing a home loan, comparing insurance policies or planning for retirement. Whatever the decision, being confident and informed can make a difference to the financial wellbeing and peace of mind of an individual and a household. For taking better financial decisions, one needs to have some financial knowledge, or he/she should be financially literate. Therefore, financial literacy is the capability to of an individual to understand how to use money in the real world. It deals with how people manage to earn or make it, how they manage it, how they invest it and how they help others by donating it. In absence of financial literacy one can end-up by making poor financial decisions, and that can affect their financial wellbeing. Therefore, with raising interest in personal finance in countries like Australia, Japan, the United States, UK and India it is now necessary to focus on state-run programs to protect the people from any type of financial mis happenings and this can only be done by properly educating them. | en_US |
| dc.description.sponsorship | University Grants Commission, New Delhi | en_US |
| dc.identifier.uri | http://localhost:8080/xmlui/handle/123456789/128 | |
| dc.language.iso | en_US | en_US |
| dc.publisher | Institute of Management Studies | en_US |
| dc.relation.ispartofseries | P-01/702 | |
| dc.title | Impact of financial literacy and financial stress on well being: a case study of handicraft workers of Varanasi region | en_US |
| dc.type | Technical Report | en_US |