Financial Literacy Among the Different Economic Classes in India

Abstract

This study attempts to investigate the degree of financial literacy among the various economic classes in India, and the ways in which this influences the way in which individuals of different ages make investment decisions. Even though they may reside in the same location, each person has different financial demands. The findings show that investors are making investments in order to predict their demands for the future and to make significant returns. The majority of investors do not participate in the stock market; those that do choose to trade as investors as opposed to hedgers or speculators. While most investors are well-versed in bank deposits, insurance, and real estate, very few are conversant with internet trading. If an investor can get a large return, they will accept a significant risk. Because they are unsure of how to choose a reliable adviser, many investors are still not taking use of financial advisor services. According to the research, strong promotional actions must be implemented in order to raise consumer awareness of the new and existing goods and services that are offered on the market.