Financial Literacy among College Students: A Study in Context to Ahmedabad City Gujarat

Abstract

As quoted by Mrs. Malti Chijwani in one of her research works, “Financial literacy means understanding of personal financial matters. It is ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” Low level of financial literacy can lead to financial decision that can have adverse effects on the financial health of an individual or can weaken the budgetary strength of a person. There are various surveys carried out throughout India about the financial literacy which reveals that there is low rate of literacy. (Chijwani, 2014). This study tried to explore the financial literacy among college students in Ahmedabad City. The objective of the study is to check the financial literacy of college students of different stream who are doing graduation courses. Questionnaire is adopted where in financial questions are categories as Easy, medium and hard. On basis of their answer ranks/scores are given.  It was found that college students lack in financial literacy specially who are not having financial background.