Professional Documents
Culture Documents
Sakina Lotia
Sakina Lotia
Submitted
By
(Assistant Professor)
School of Management
Submitted To:
School of Management
RK University,
Rajkot
March. 2021
1
1. INTRODUCTION TO THE TOPIC
Financial literacy and its importance have increased massively over the past two
decades. It has gained the interest of policy makers, economists, researchers,
academicians, employers, community and many other organizations in the recent years.
Due to complex financial markets and innovations in financial products and services
financial literacy is of paramount importance. In the current scenario access to finance
is being considered as one of the major factors for poverty alleviation and economic
development of the country. Financial literacy can be defined as the ability of an
individual to manage finance wisely for financial wellbeing of an individual. Lusardi
(2007), defines financial literacy as, “knowledge of most basic concepts and financial
terms to make a better investment and saving decisions”. Reserve Bank of India, defines
financial literacy as “The familiarity and well understanding of financial market and
products, risks and return so as to make informed choices”.
Further, it relates financial literacy with personal financial education which enables an
individual to improve the wellbeing and avoid distress in matters that are financial in
nature”. Thus, financial literacy is the well understanding of the most basic concepts of
an individual related to finance such as interest rate calculation, numeracy, inflation,
budget allocation, stock market participation so on and so forth for the overall financial
wellbeing on an individual and for the economic development of the nation. The basic
financial issues such as inflation and interest calculation, advanced questions about
operational structure of financial markets, bonds, T-bills, stocks, time value of money
and asset diversification is used to measure the level of financial literacy among
investors. The ability and knowledge to spend and manage money properly is referred
to as “financial literacy” and the otherwise would be financial illiteracy–in the same
manner as “literacy” gauges how well a person can read.
Where people make decisions about what to buy, how to pay for what they buy, and
how they should spread financial commitments over time, financial literacy is also
crucial for social welfare. There are numerous problems arising because of financial
un-sophistication. Financial illiteracy or lack of financial literacy hinders an individual
to manage their finance tactfully and puts an individual in debt trap, causes financial
crises of an individual as well as of country and creates mental illness to an individual.
Assibey (2010), revealed that individuals who are involved in micro enterprises are
2
mostly illiterate with respect to business financing; thus are caught in high interest and
debt which will lead to business reversal. There are also other rigorous consequences
related to financial illiteracy. Greater number of disputes, divorce and mental illness
are strongly associated to financial illiteracy.
Financial literacy extent to which one make out the financial concepts and holds the
ability and confidence to arrange the personal finances through sound decision making
and long term financial planning. Individual financial capability, expertise and
experience have positive impact on the person’s involvement in financial market.
According to various researcher people who are financially literate know how to
manage their money, have more analytical skills and are more informed about the
financial institution. It is significant because of various reasons. The investors who are
financially literate are able to survive through the harsh financial times because they
are aware of the accumulated savings, insurance and know importance of
diversification of their investment. It has been observed that the financial literacy has a
direct relation with the positive financial behavior which can be seen through timely
payment of bill and payment of loan installment and also the importance of saving
before spending. The term “financial knowledge” or “financial literacy” indicate that
an individual is aware with and understands the utilization of capital and financial
services and is aware about budgeting, interest rates, inflation and risk. Financial
literacy is considered same as financial knowledge as when the person is well aware
about their financial position it can be concluded that the person is financially literate.
The person is said to be financially illiterate when they have little awareness about the
3
financial matters and terms like interest rate and risk management. Financial literacy is
crucial as it avoids wrong investment decision. It has been observed by the researchers
that the person who is less financially sophisticated are more prone to cost borrowing
and pay much in attainment of varied financial services. Finance is the adhesive that
holds all pieces of life together. The best societies are those which provide benign and
suitable ways of managing these simply monetary affairs. These philosophies in known
as financial inclusions. It gives the opportunity to the people to that they can afford,
that are harmless and that can be properly regulated. According to the standard and
Poor’s Financial services LLC near to 76% of Indian adults do not understand the
concepts of finance. According to them this ratio is less than the worldwide average
financial literacy though it is in accordance with the other BRICS (Brazil, Russia, India,
China and South Africa) and South Asian Nations. As per the survey three quarters of
Asian Adults and two thirds of adults worldwide are not financially literate. The
countries with the highest financial literacy rates includes; Australia, Canada, Denmark,
Finland, Germany, Israel, the Netherlands, Norway, Sweden and the UK where about
the 65% or more of adults are financially literate. When talked about the South Asia it
scores the lowest financial literacy where only one fourth are financially 13 literate. In
case of Singapore the highest percentage of financially literate adults (59%) in Asia. In
the survey conducted in 2014 by an American based global performance management
consulting company as the part of the Gallup world Poll while the analytical support
was given by researchers at the World Bank and the Global Financial Literacy
Excellence Center at the George Washington University. As per the survey interviews
of more than 1,50,000 adults across 140 countries was conducted. Individuals were
verified on their knowledge of four basic financial concepts numeracy, risk
diversification, inflation and compound interest. When the question on financial
literacy was asked only 14% Indian adults answered the one on risk diversification
correctly, and just 51% understood compound interest while on the hand 56% answered
the question in inflation correctly. What is that about 39% of adults who have formal
loan are financially literate, while 27% of formal borrowers are not financially literate.
With respects to the participants’ knowledge of financial products, a mere 14% of
Indian adults said they saved with a formal financial institution.
4
The world economy has become more complex and thus, every individual needs to be
active and smart in investment decisions in order to manage the rising cost of living.
Many individuals are interested in one investment or the other, they view investments
to be fascinating because they make decisions and later see the outcomes of the
decisions they make. So virtually everybody partakes in one form of investment or the
other, even those that do not partake in buying and selling of specific financial assets
such as stock, they still undertake investments through participation in employee saving
programme and pension plan or through purchase of life insurance or by some other
kinds of investments such as real estate investments and through depositing of cash in
fixed savings accounts of banks. However, not all investments lead to profit, as
investors will not always be right in their investment decisions. Baker and Nofsinger,
(2010) and Thilakam (2012) opine that investment today has become a dynamic field.
A successful investment decision is highly dependent on the level of an individual’s
financial literacy. Financial literacy refers to the extent to which an individual possesses
the understanding of key financial concepts, the confidence and ability to make
appropriate short term and long term investment decisions, while considering the
changing economic conditions. In India, financial literacy has over the years gained
attention from a wide range of stakeholders which include government agencies,
banking institutions, grass-roots consumer and community interest groups among other
institutions. Interested groups, including policy makers, are concerned about the lack
of adequate knowledge of financial concepts by citizens as they do not possess the tools
that are needed to make sound investment decisions which will enhance their economic
wellbeing.
Financial literacy has become increasingly important over the past decades. There is a
growing belief that the individual would need to become more self-reliant in the future.
Increased competition and more complex products in the financial services industry
leave many people ill- equipped to cope with the sophisticated choices they may need
to make. Compared to the previous generations, there is now a wide variety of ways
individuals generate and dispose their income. The changes in work life over the world
are meant that the income stream of individuals has become more inconsistent. The
changing world of work has made inconsistent income over a long period. There are
periods of high income followed by low level of income or no income at all. At the
same time, people are living longer and they need to make a greater provision for
5
retirement, health care and insurances to cover unpredictable eventualities, where
government/state is no longer able to provide the type of safety net that was available
in the past. Given all this, individuals must have necessary skills to make suitable
financial decisions to enable them to be more in control of their own circumstances and
have a secure financial future. Education can play a critical role in equipping consumers
with the fundamental knowledge required to choose among the myriad of products and
providers in the financial services industry. This is especially true for populations that
have traditionally been underserved by our financial system. In particular, financial
literacy education may help to prevent vulnerable sections of society from becoming
entangled in financially devastating credit arrangements. In India, policymakers have
recognized financial literacy as an essential life skill. Developing and promoting
financial literacy through financial education has become an important policy priority
to complement financial consumer protection, inclusion and prudential regulation. The
national financial education efforts vary according to set-up, audience and subject
matter. Several organizations jointly work to deliver financial education including
regulatory authorities like Reserve Bank of India, Ministry of Corporate Affairs,
Ministry of Human Resource Development, Securities and Exchange Board of India,
Insurance Regulatory and Development Authority, NABARD, Financial Stability and
Development Council, policy makers like OECD, educational institutions like National
Institute for Securities Market and Indian School of Microfinance for Women, self
regulatory organizations such as The National Stock Exchange Ltd. and The Bombay
Stock Exchange Limited, non-governmental organizations like Sanchayan, SEWA,
Meljol, CRY, City India and financial institutions such as ICICI Bank, India Infoline
Ltd., Bank of India, etc. The objectives of this initiative undertaken by these
organizations are to empower the people on the subject of personal finance by providing
them basic knowledge of planning their expenses against their incomes, inculcating the
saving habits so that they can live and enjoy dignified life after retirement. The present
study attempts to focus on the existing financial literacy level of retail individual
investors in the state of Gujarat. The researcher has examined the association between
demographic and socio-economic profile of investors and their financial literacy level.
The study also attempts to find whether financial literacy level of investors does have
any impact on their investment decision? Does financial literacy level have any
association with investors monthly expenditure to monthly income ratio and monthly
saving to monthly income ratio? Researcher has also identified the most preferred
6
source of information preferred by investors while investing and whether these sources
of information do have any influence on investment decision of investors. Given the
lack of any clear approach for promoting financial literacy and that there is no baseline
data available in the Indian context as regards financial literacy, the present study may
provide useful insight to those, who are in the field of financial literacy.
Due to rapid growth in Indian economy over the last decade and expansion of financial
markets
Demographically India uses 2.4% of world’s land with 17.5% share in world’s
population1. The financial system of a country plays a key role in economic
development. Since independence Indian leaders are aiming to eradicate poverty and
turn India into vibrant, self –reliant global economy and embedded financial literacy
needs in every citizen’s life. India is traditionally a country of enthusiastic savers (K N
Narendra-2015). Indians are suffering from financial diseases like under insurance, debt
trap, insufficient retirement fund and low return on investment due to low financial
literacy.
7
Unless common person becomes wiser in making investment and savings, wealth
creation and financial stability remain a distant dream. Financial literacy is helpful for
the people of all ages; transition of economy from general literacy to financial literacy
is really crucial for old and young, men and women, household and working.
Continuously changing in financial market and with the increase in individual
responsibility informed financial decision making is becoming necessity for economic
empowerment of women. Having financial knowledge is the key element for making
sound financial decisions. Financial literacy helps in developing economy and
ultimately encourages growth (Worthington, 2006) and empowers women.
Financial literacy helps to grow and manage finances in a proper way. The importance
of financial literacy can never be neglected as it not only contributes in the wellbeing
of people but also assist them to become economically empowered. From last few years,
the economic empowerment of women through financial literacy has been the most
vigorously explored area across the world. Financial literacy and positive financial
attitude are equally important for both men and women. Women as being the major part
of economy need to be financially empowered in order to manage home and playing
their part in society and economy.
Women, as being the larger part of the society, have demanded a larger part of the
workforce and their involvement in financial matters has also increased. Women
participation in labor force is growing more fast as compare to men and almost 47
percent of labor force is consists of female (US Bureau of Labor Statistics, 2013).
Moreover, women have high levels of education and experience lower level of
unemployment than men.
Women are majorly working in health and education services, hospitality and leisure
businesses, and professional services. Women are also playing an important role in
contributing towards economic growth by working at work place and through unpaid
household working. Therefore, women’s role towards their economic empowerment
and prosperity of the world will become more crucial in the near future. Hence, there is
a greater need of economic empowerment through financial literacy, positive financial
attitude and enhanced financial wellbeing of women.
8
Working women are considered as financially literate and have positive financial
attitude. In today’s world, women are also consuming financial products and services
independently as well as in conjunction with the family members, partner and spouses.
This increased participation of women in financial decision is not astonishing because
of the recent revolution in socio-economic level, family, demographics and economic
lives of women in the last 50 years (Goldstein, 2008). Nevertheless, major portion of
working women are still unaware of integrated financial terms and those individuals
who understands financial literacy can do better saving, budgeting and control
spending; participate in financial integrated markets can handle debts and other
mortgages; retirement planning and eventually, results in accumulating affluence.
Financial literacy and proper financial attitude are essential for financial wellbeing and
economic empowerment of individual. Money and effective management of money is
crucial for better livelihood and wellbeing. Indian women as being the part of
developing county face major challenges in acquiring financial knowledge. In India,
women constitute about 53.53% of the entire population and their life expectancy rate
is 5 year more than men. So they need to spend money over a longer period of time.
With these realities, many women face potential money problems. Moreover, almost
90 percent of women are solely responsible for feeding their families after death of their
spouse or divorce (Financial Fitness Report). But unfortunately, only 8 percent women
are literate and due to lack of financial knowledge and proper financial attitude 40
percent of the population is excluded from availing any form of financial services. So,
financial illiteracy and lack of healthy financial attitude are the reason of their exclusion
form market. This turns out into a serious concern for women’s financial literacy and
their wellbeing. With the challenges facing women of all ages, financial education with
positive financial attitude may be more important than ever.
As far as India is concerned, there have been numerous debates about gender over the
years. Mainly such debates are related to women's position in society, their education,
health, economic position, gender equality etc. In other words, women in India have
always held a certain paradoxical position. Although in the modern society, women
have slowly started recognizing her true potential and are conquering in every field
whether it is politics, sports, entertainment, literature, technology, yet there are certain
areas where women are still lagging behind the men. One such area is “Personal
financial Planning'. It has been observed that women have inherently been better money
9
managers on a small scale as far as their household expenses and savings are concerned,
yet many women, including working women, seem to be comfortable in leaving their
long-term finances and retirement planning to their fathers or husbands. In other words,
the efficiency they exhibit in managing home finances is not getting extended to their
personal financial front. The major reason behind such issue is the lack of financial
literacy among women. The survey by NCFE clearly exhibit that the financial literacy
percentage among the women in India is quite low which needs special focus.
Since women hold around 50% of the population of India, it would be unjust if only
rest of the 50% will be taking the financial decisions. Moreover, there are several
theoretical arguments that support that women should be financially literate to take
rationale financial decisions. Such arguments are:
The present study is an attempt to assess the level of financial literacy among investors
and its impact on investment. The present study is an attempt to study the issues faced
by the women in acquiring financial knowledge, interventions made by the government
and measures for boosting up the financial literacy among women in India. The study
expects to contribute to the literature by extending the understanding of the whole
scenario of financial literacy among women in India.
10
and respond to the information available in the market. It is not necessary that all the
investors always behave rationally or they predict quantitative models in same and
unbiased way. That is why Behavioral Finance gives significance to the behavior of
invertors leading to several market anomalies.
11
2. LITERATURE REVIEW
1. Shah M and Pattan P (2018) conducted a study on financial literacy & its impact
on investment decision among Indore District. They found that respondents
were lacking financial literacy particularly; the advanced financial literacy
concepts. The individuals with more advanced financial literacy were more
inclined to invest in different investment portfolios. In contrast to advanced
financial literacy basic financial literate individuals were least interested to
invest in complex investment portfolios. Research suggested that focus must be
given to financial literacy among and across all domains of the society.
2. Roy B and Dr. Jain R. (2018) discussed on the financial literacy of the women
in the financial sector of Jaipur. It is clear that the degree of women's financial
literacy is dependent on their financial education, attitude, and behaviour. The
result shows that general alertness to women's finance-related strategies and
preparation instruments is still not adequate. The study also discussed various
key and significant aspects that are also connected to the financial term,
financial products and services, etc. Furthermore, in order to allow sufficient
preparations for long periods of time, the paper has grasped the awareness that
women need to gain.
3. Singh C & Kumar R (2017) aims to study working women's financial literacy
and investment behaviour and also to discover their most popular and preferred
investment instruments. They found that women did not feel secure when taking
their own investment decisions, invested for a shorter period of time and had a
modest risk appetite, despite working in good positions. The research also
shows that fixed deposits are the most preferable investment avenue among
females.
4. Naidu G (2017) aims to study the level of financial literacy in India through the
use of analysis based on literature. Primary data from different blogs, journals,
academic papers, and articles are collected. Financial literacy in India has been
found to be very poor and needs effort to improve the level of literacy.
12
5. Haque A and Zulfiqar M (2016) purpose is to highlight the key constructs of
financial literacy, financial attitude, financial well-being and economic
empowerment, and then to present the impact on working women's economic
empowerment of financial literacy, financial attitude and financial well-being.
300 working women from the non-financial sector make up the sample size of
this survey-based research.
6. Awais M, Laber M.F, Rasheed N and Khursheed A (2016) associate investment
decision-making with a very important process that is influenced by many
factors. The degree to which an investor can bear the risk is an important thing
that is crucial to consider. The risk intensity, which can be low, full or mediocre,
determines strategies for investment decisions. To be understood by investors,
a deciding factor for investment decisions requires special consideration.
7. Arora A (2016) assessed the level of financial literacy on the basis of their
financial knowledge, attitude and behaviour relating to their personal finances.
The results of the survey show that, even today, in the 21st century, the general
understanding of financial planning methods and techniques among women
remains low. The results indicate that, compared to the financial awareness
ranking, women performed slightly better in terms of financial attitude and
conduct. In terms of their financial literacy ratings, single females also
outperform married females.
8. Dr. Baluja G (2016) analyzed the problem of financial literacy among women
in India. It has been noted that Indian women face many problems because they
lack financial literacy, such as cultural barriers, physical barriers, psychological
and economic barriers, etc.
9. Bucher-Koenen T, Lusardi A, Alessie R and Van Rooij M. (2016) analysed that
women for whom financial knowledge is likely to be very important, for
instance, widows or single women know little about concepts relevant to day-
to-day financial decisions. For very simple as well as more advanced financial
literacy steps, gender gaps are present. This is significant because financial
literacy, including retirement planning and wealth accumulation, has been
related to economic behaviour. Women live longer than men, and in
widowhood, they are likely to spend time. Improving the financial literacy of
women is therefore essential in helping them prepare for retirement and to
encourage their financial stability.
13
10. Abdeldayem M(2016) study measures the level of financial literacy of
individual investors in Bahrain. The relationship between financial literacy and
investment decisions in the Kingdom of Bahrain is studied in addition to;. In
this research effort, the methodology of Lusardi and Mitchell (2006) was
utilised. Pearson Correlation, t-teat, and Chi-square testing were used to analyse
the results.
11. Janor H, Yakob R, Hashim N, Zanariah Z and Wel C (2016) compared the
financial literacy levels of Malaysia and the United Kingdom using the results
of the OECD questionnaire survey and by examining demographic and socio-
economic factors that affect the level of financial literacy. Overall, the level of
financial literacy in both countries is poor, the results show. The literature
findings also show that the key determinants are demographic, economic, social
and psychological factors, that certain common themes emerge with regard to
the impact of financial literacy on investment decisions, demographic factors,
methodology and programme effectiveness, and that there are gaps in
Malaysia's financial literacy literature with regard to types of investment
literacy.
12. Arif K (2015) analysed the financial literacy of Pakistan's individual investors.
In order to analyse the financial literacy level of individual investors at KSE
(Pakistan's leading stock exchange), this study is explanatory in nature and
understands the relationship between financial literacy and variables affecting
investment decisions. The primary data analysis was carried out and the data
was analysed quantitatively.
13. Al-Tamimi H and Al Anood Bin Kalli (2015) assessed the financial literacy of
UAE individual investors investing in the local financial markets. In addition,
the relationship between financial literacy and the impact of the factors
influencing the decision to invest is also studied.
14. Agarwal (2015) in their research paper concluded that financial literacy is
crucial for investment decisions of individuals. The study also revealed that
women were unable to invest in different alternatives (shares, debentures,
mutual funds etc.) just because of lack of knowledge and awareness. They
further suggested that women who are financial dependent upon their spouses
should be focused particularly on the issues of financial concepts.
14
15. Lavanya Rekha Bahadur (2015), analysed two pillar of the economy: financial
literacy and financial inclusion and its current scenario as well as common
people perspective about financial instruments. Data collected from 202
Mumbai and thane district individuals. It is found that level of financial literacy
is very low and suggested to encourage financial literacy from school level,
national level programs and seep effort to the grass root level.
16. Jariwala H (2014) assessed the financial literacy level of individual investors in
Gujarat state, India and its effect on investment decision by considering 44
variables. The research found that 39.2% of 285 respondents are higher level of
financial literacy and found that financial literacy does have statistically
significant effect on investment decision.
17. Agarwalla et al. (2013) investigated the influence of various socio-demographic
factors on different dimensions of financial literacy among the working young
in urban India. While the influence of several factors such as gender, education
and income is similar to what has been reported in other contexts, a few factors
specific to India, such as joint-family and consultative decision making process
are found to significantly influence financial literacy. The study also
investigated the relationship between the dimensions of financial literacy.
Adding to the growing empirical understanding of financial literacy across
countries, the study provides an analytical basis for enunciating policy for
enhancing financial literacy of youth in India.
18. Sekita (2011), in his research paper entitled “Financial Literacy and Retirement
Planning” found that financial literacy plays a significant role in the retirement
preparedness of individuals. Individuals with more financial literacy are more
inclined to have saving plan for retirement. Finally, study revealed that
individuals should build a regular saving portfolio from childhood which may
ensure their security at the time of their retirement.
19. Lusardi A, Mitchell O and Curto V. (2010) used the 1997 National Longitudinal
Youth Survey wave to explore financial literacy among young people. Financial
literacy has been shown to be low; less than one-third of young adults have basic
awareness of interest rates, inflation and diversification of risk.
Sociodemographic characteristics and family financial sophistication have been
strongly linked to financial literacy.
15
20. Venkataraman (2004) compared the psychology of women investors with men
and found that although women like to get the maximum returns but most of
them make secret savings and use this secret money on gold, jewelry or
apparels.
16
3. RESEARCH DESIGN & METHODOLOGY
a. Objective of Study
b. Hypothesis
17
c. Research Questions
1. How many women are financially literate?
2. What are the factors that influence investment decisions of women in Rajkot
city?
3. Are financially literate women taking her investment decisions on their own? If
not then why?
4. Is there any relationship between financial literacy and investment decisions of
women?
d. Sample Design
i. Sampling Unit
Sampling unit is the aspect from which samples are going to be drawn
for the study. This study is based on Rajkot city so sampling unit will be
of women of Rajkot city.
ii. Sample Size
Selection of appropriate sample size is of utmost important to derive
reliable results. For present study, appropriate sample size will be
selected from response rate from pilot study. It will also be based on the
following formulae;
Minimum required sample size S = Z2 * P(1-P) / M2
= 115
e. Sampling Techniques
Non-probability sampling technique is being used for present study.
Convenience sampling method is being used to obtain information quickly and
inexpensively.
18
f. Type of Research
Present study focuses on studying the level of financial literacy and its impact
on investment decisions among women of Rajkot city so it uses Descriptive
research as the main aim of descriptive research is to describe the current
situation including the study of various variables from different perspectives.
Present study will represent the current level of financial literacy among women
and also explain various factors and relationship with investment decisions of
women of Rajkot city.
h. Research Instrument
Questionnaire will be used to collect primary data for the present study.
j. Scope of Research
As present study focuses on studying the level of financial literacy and its
impact on investment decisions, it will be helpful to investors, banking, other
financial institutions, government, and financial researchers in understanding
the financial literacy and investment decisions among women of Rajkot city.
19
4. LIMITATIONS OF STUDY
No study is free from limitations;
5. PLAN OF WORK
Chapter I – Introduction to Financial Literacy and Investment decisions
Bibliography
6. POSSIBLE OUTCOME
This study intends to understand the current level of financial literacy and
factors which are influencing their investment decisions. Study also intends to
understand the relationship between financial literacy and investment decisions
among women of Rajkot city.
20
7. REFERANCES
a. Shah, M. R., & Pattan, P. FINANCIAL LITERACY AND ITS IMPACT ON
INVESTMENT DECISIONS: AN EMPIRICAL STUDY AMONG THE
INVESTORS OF INDORE DISTRICT. Prestige International Journal of
Management and Research, 135.
b. Arif, K. (2015). Financial literacy and other factors influencing individuals’
investment decision: Evidence from a developing economy (Pakistan). Journal
of Poverty, Investment and Development: An International Peereviewed
Journal, 12(2015), 74-84.
c. Singh, M. C., & Kumar, R. (2017). Study of Women's Financial Literacy–A
Case of BHU. Pacific Business Review International, 10(4), 128-136.
d. Naidu, J. G. (2017). Financial literacy in India: A review of
literature. International Journal of Research in Business Studies and
Management, 4(6), 30-32.
e. Haque, A., & Zulfiqar, M. (2016). Women’s economic empowerment through
financial literacy, financial attitude and financial wellbeing. International
Journal of Business and Social Science, 7(3), 78-88.
f. Awais, M., Laber, M. F., Rasheed, N., & Khursheed, A. (2016). Impact of
financial literacy and investment experience on risk tolerance and investment
decisions: empirical evidence from Pakistan. International Journal of
Economics and Financial Issues, 6(1).
g. Roy, B., & Jain, R. (2018). A study on level of financial literacy among Indian
women. IOSR Journal of Business and Management, 20(5), 19-24.
h. Arora, A. (2016). Assessment of financial literacy among working Indian
women. Business Analyst, 36(2), 219-237.
i. Baluja, G. (2016). Financial literacy among women in India: A review. Pacific
Business Review International, 9(4), 82-88.
j. Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the
young. Journal of consumer affairs, 44(2), 358-380.
k. Bucher‐Koenen, T., Lusardi, A., Alessie, R., & Van Rooij, M. (2017). How
financially literate are women? An overview and new insights. Journal of
Consumer Affairs, 51(2), 255-283.
21
l. Abdeldayem, M. M. (2016). Is there a relationship between financial literacy
and investment decisions in the kingdom of Bahrain?. Journal of Management
and Accounting Studies, 4(02), 68-78.
m. Janor, H., Yakob, R., Hashim, N. A., Zanariah, Z., & Wel, C. A. C. (2017).
Financial literacy and investment decisions in Malaysia and United Kingdom:
A comparative analysis. Geografia-Malaysian Journal of Society and
Space, 12(2).
n. Al‐Tamimi, H. A. H. (2009). Financial literacy and investment decisions of
UAE investors. The Journal of Risk Finance.
22