An Examination of the Factors Impacting Adults' Financial Literacy and Financial Well-Being in India.

Abstract

Numerous national and international initiatives, funded by organizations like the World Bank, OECD, and Deutsche Bank, recognize the increasing importance of enhancing financial literacy and education. This paper examines factors influencing adults' financial literacy levels, drawing from previous studies in the field. It specifically investigates how government initiatives, digitalization, and socio-economic/demographic factors such as age, gender, marital status, and income affect financial literacy levels among adults and their long-term financial wellness. Additionally, the paper offers recommendations for improving financial literacy among Indian adults.