A study of Financial Awareness among students of Central Universities in India

Abstract

Financial literacy and fintech awareness equip students with essential life skills, empowering them to manage their money wisely, adapt to a digital financial world, and secure a better financial future. This study conducts a comparative analysis between Delhi University (DU) where NEP is implemented and the University of Allahabad (AU) where NEP is yet to be implemented to examine the impact of NEP 2020 on financial awareness among college students. Surveys were conducted in both universities to collect data from college students’ level of financial literacy, financial planning, and fintech awareness. Mann-Whitney U Test is employed to calculate mean rank scores of both universities' financial literacy, financial planning, and fintech awareness. Several recommendations are made in light of this finding to improve the academic framework's integration of financial education. Recommendations include implementing courses specifically on financial literacy, forming educational collaborations with financial institutions, encouraging multidisciplinary methods, and using technology to improve financial literacy.