Financial Literacy in Mumbai: An analysis of college students in Mumbai

This study surveys 419 college students to examine their financial literacy; the impact of demographic, educational and personality characteristics on financial literacy. Mean, ANOVA and logistic regression were used in carrying out analysis. Results show that most of the students do not have the basic level of financial knowledge. Students are highly influenced by their parents at home and they have positive attitude towards savings. The study further identified income, gender, university affiliation, part-time engagement and behaviour of students as determinants of financial knowledge; and financial knowledge is unaffected by age, course of study, university affiliation, financial behavior and influence. It is concluded that college students in Mumbai are not literate. However, overall financial knowledge of the students is affected by some of their demographic, educational and personality characteristics.