The Impact of Demographic Factors on Financial Literacy among Farmers: Insights from Rural Tamil Nadu

Abstract

Financial literacy is becoming more widely acknowledged as an essential skill for navigating the intricacies of the financial world. Governments globally are proactively working to improve financial literacy among their populations, understanding that a lack of proficiency in this domain can result in persistent difficulties that greatly affect a person’s financial health. In our country, the convergence of limited literacy and restricted access to financial services poses a barrier for smallholders in acquiring these essential skills. Given the diverse needs within different demographic groups, tailored financial education becomes imperative. This research, focusing on the specific demographic of “farmers,” serves as valuable insight for the government to customize financial literacy content. The study employs the Chi-square test to analyze the association between literacy levels and demographic variables, offering a comprehensive understanding of the dynamics at play.