A Study on Socio-Demographic Factors Affecting Financial Literacy with Specific Reference to Ph. D. Scholars

Financial Literacy is the basic understanding of financial matters and the confidence to apply such knowledge to make effective decisions to improve their financial well-being. Today, the responsibility of managing finance has shifted from elders to youth making it imperative for them to be financially literate. Ph. D. Scholars also deal with the same situation. They have to conduct research as well as manage their day-to-day financial activities. So, in this direction, the present study attempts to analyse the influence of the socio-demographic factors such as gender, educational background, marital status and residential status; on the Financial Literacy level of Ph. D. Scholars of Guru Jambheshwar University of Science & Technology, Hisar (No. 1 Technical University of India, No.1 University of Haryana as per National Institute Ranking Framework (NIRF-2016), MHRD, GOI) by using multiple regression analysis so that appropriate financial programmes can be organized to enhance their Financial Literacy level. It is found that only educational background significantly influences Financial Literacy. So, Financial Literacy programmes for Ph. D. Scholars considering their educational background should be organized so as to bring out effective results.