Ensuring financial resilience through financial literacy: A study of higher education students

ABSTRACT

Purpose: The purpose of this present study is to determine the importance of financial literacy in managing finance at the time of financial emergencies. The financial literacy level of Higher Education Students is studied on the components of financial knowledge, attitude and behaviour in the Pre COVID-19 scenario and highlights the importance of financial literacy in Post COVID-19 scenario. The paper also makes an attempt to study the difference in financial literacy component financial knowledge, attitude and behaviour by demographic factors and the interdependencies in financial literacy component financial knowledge, attitude and behaviour. Methodology: The present study considers primary source of data. A total sample of 447 Higher Education Students from different governmental and private institutions of Lucknow Region was chosen to determine the financial literacy level. Weigthed Airthmetic Mean, Independent Samples 't' test, Analysis of Variance (ANOVA) and Correlation statistical tool were used for the study. Findings: The findings of the study reveal that majority of the students were found to be low financial literate and lack financial preparedness for future to tackle financial emergency situations. There is interrelationship found between the financial literacy components financial knowledge, attitude and behaviour. The finding of the study is significant as it helps to explain how the financial literacy components financial knowledge, attitude and behaviour influence the financial literacy level among the Higher Education students in Lucknow Region and play a beneficial role in managing finance in the times of financial emergency. Practical Implications The results clearly show that there is a need of serious policy measures to be taken in the field of financial education especially to tackle the obstacles in the time of financial emergency situation which is prevalent at present in the form COVID-19 as well as financial preparedness in future. © 2023 Contributors and Manakin Press. All rights reserved.