Exploring Financial Literacy Among Students: A Comparative Study Between The Acbsp And Non-ACBSP Accredited Institutions

Abstract

While financial literacy is a critical applicable disposition to empower individuals in making informed decisions related to budgeting, investments, borrowings, as well as saving, this research entails to investigate the effect of institutional accreditation on financial literacy of students in educational institutions with a comparative analysis between those accredited by ACBSP and those that are not. This study will thus work to find out whether an accreditation implies a way to improve financial knowledge, attitudes, and behaviours, preparing students for good financial decision-making. The methodology adopted in this research work is quantitative and data are thematically analyzed from different students among all the universities of Maharashtra. It's therefore clear that simple convenience sampling technique with equal representation from both types of institution was used. Based on this method, a structured questionnaire was provided through Google Forms using the five-point Likert scale to measure responses with regard to clarity and reliability and test for primary dimensions, which are financial knowledge, financial behaviours and financial attitudes. Accreditation standards at present have the potential to impact curriculum development and, therefore, result in meaningful educational performance. This is another point that calls for broader-scale interventions-there is a need to integrate financial capability into the core curriculum of all institutions irrespective of their given status of accreditation. The importance of the review has been added to the existing literature by providing clarity about this important factor, which is the correlation between institutional accreditation and those financial literacy outcomes. It also underscores the importance of adopting a holistic approach around formal financial education, combining well-accredited frameworks and innovative teaching methodologies. Furthermore, it recommends policy actions that build financial inclusion by providing the younger generation with the tools necessary to navigate a very complicated financial landscape.