Title: Impact of financial literacy programs on financial planning of the participants

Authors: Sarita Thakur; Monita Mago

Addresses: School of Management Studies, Punjabi University, Patiala, India ' Department of Management Studies, Punjabi University Regional Centre for Information Technology and Management, Mohali, India

Abstract: This study attempts to evaluate the impact of financial literacy programs (FLPs) on the financial planning of participants in Himachal Pradesh, Punjab and Chandigarh. The objective of this study is to determine whether the financial literacy programs have any impact on the financial planning of the respondents. The impact of the financial literacy programs on the financial planning of participants was assessed using a paired t-test. The study finds that there is a positive impact on the financial planning scores of participants after attending FLPs. Thus, one could infer that financial literacy programs were helpful in improving the financial planning of the participants who attended these programs, which in turn will improve the quality of their future financial planning. The findings of this study will also help organisers of FLPs to design and implement such programs more effectively and will provide the guidelines to assess their impact.

Keywords: financial literacy; financial literacy programs; FLPs; financial planning; India.

DOI: 10.1504/IJBEM.2020.109597

International Journal of Business and Emerging Markets, 2020 Vol.12 No.3, pp.259 - 273

Received: 03 Aug 2019
Accepted: 09 Feb 2020
Published online: 15 Sep 2020 *

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