Title: Bhartiya model of financial literacy as a key to sustainable development

Authors: Harsh Purohit; Ravisha Chutani

Addresses: FMS-WISDOM, Banasthali Vidyapith, 304022, Newai, India ' VSBS, Vivekananda Institute of Professional Studies, 110034, New Delhi, India

Abstract: This study attempts to explore the new ideas of sustainable holistic development to assess the financial literacy of the respondents considering Bhartiya culture and context and also identifies the impact of Bhartiya financial literacy level on the respondents' financial literacy decision. Data collection was done through a structured questionnaire which was divided into two parts: first part comprises of demographic variables and second part contains 12 variables affecting financial literacy decision of the respondents. The median percentage of correct answers of the sample was considered to frame Bhartiya financial literacy level and/or to classify the subgroups. Further, exploratory factor analysis was conducted to reduce the variables influencing financial literacy decision of the respondents. Regression analysis was also performed to measure the significant impact of Bhartiya financial literacy level on financial literacy decision of the respondents' and found the statistically significant impact on the financial literacy decision of the respondents.

Keywords: demographics; Bhartiya model of financial literacy; financial decision; factor analysis; Indian households; regression analysis; Haryana; Punjab; sustainable development; India.

DOI: 10.1504/IJPSPM.2020.110140

International Journal of Public Sector Performance Management, 2020 Vol.6 No.5, pp.708 - 721

Received: 21 May 2019
Accepted: 15 Aug 2019
Published online: 07 Oct 2020 *

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