Gauging Financial Literacy - A Study on College Teachers of Kolkata

Abstract

Financial literacy is essential for enabling people to make right financial choice. The term financial literacy refers to the set of skills and knowledge which enables an individual to make an effective decision regarding the financial resources. Hence financial literacy can be considered as a part of the elementary education system and as essential as the others day to day basic items. According to the OECD/INFE framework, measuring financial literacy essentially encompasses financial knowledge, financial attitude and financial behavior necessary to make sound financial decisions and ultimately to achieve individual’s financial well-being. Therefore, Financial Literacy is requisite for financial inclusion. On the other hand, Digitalization in financial sector has resolved the whole scenario and consequently digital literacy become as essential as the financial literacy to make sound financial choice in the digital financial era and also has a great impact on financial inclusion. If awareness regarding the digital products and services are increased, the usage level would also shoot high which ultimately bring a significant change in the inclusion level and thus contributing towards the economic growth of the nation. The present study is basically intended to evaluate the financial literacy of the teachers of different colleges in Kolkata on the basis of age by applying the OECD/INEF Toolkit and further this paper is focused to compare the level of financial literacy on the basis of gender and educational departments of the colleges by applying the unpaired t-Teste & One Way ANOVA at 5% level of significance.