Assessment of financial literacy in rural areas of Sonepat district of Haryana

Sustainable growth of a nation is closely related to the level of inclusion of its population into the financial net. Countries like India is struggling with poverty, less financial instruments and what makes the problem more acute is low financial literacy. Rural area people are still trapped in influence of local money lenders. The lack of financial knowledge and incapability to manage personal finance not only affect a household, but the whole economy suffer. To achieve the objective of the study, two hundred (N=200) respondents 100 males and 100 females were selected conveniently and purposely from rural areas of sonepat district as subjects. Questionnaire was used to assess the basic financial literacy and its relation with different parameters such as age, gender, occupation, monthly income and education. In order to examine the hypothesis of the present study crosstab correlation and chi-square test was applied to compare the association between different variables.