A Comparative Study of Gender Inequality in Financial Literacy among the Lucknow Millennial

Abstract

With the growth of the economy and finance, the requirement of financial literacy has increased, technology has made the financial ecosystem so fast that in order to keep up with the changes a person needs to passively enhance his knowledge in matters of finance. Financial literacy enables a person to manage their finances with greater efficiency. The motive of this research project was to assess the financial literacy level of the millennial generation of the population of Lucknow. The study aims to identify whether there prevails any difference in the levels of financial literacy among the male and female population of millennials in the city. This comparative study is based upon primary data which was collected through a questionnaire developed by the Organization for Economic Co-operation and Development - International Network on Financial Education (OECD-INFE).The criterion for measuring financial literacy is based upon three variables for determining it, namely, financial knowledge, financial behavior and financial attitude. These variables have been suggested by the OECDin their methodology for measuring financial literacy. Half of the respondents have low financial knowledge, females have comparatively lower financial knowledge than males, majority of respondents showed positive financial behaviour, male showed higher positive financial behaviour in comparison to females, The financial attitude of the millennials is not very significant, This research can be used for formulation of financial inclusion programmes, the findings of this research can be helpful in determining techniques to improve the financial literacy as well as to identify the causes or factors contributing towards low financial literacy.