Financial literacy and investment decision-making in Uttar Pradesh across age groups
Keywords:
Financial education, Investment choicesAbstract
The heterogeneous economic environment and cultural and socio-economic elements in Uttar Pradesh affect financial literacy and investment decision-making across age groups. Understanding these processes may reveal financial patterns and investing preferences of various life phases. Due to poor financial education, millennials and Generation Z in Uttar Pradesh may have low financial literacy. They invest to save for college, establish a company, or buy a house. their inexperience may make them more vulnerable to financial scams or misinformed decisions. Middle-aged Uttar Pradesh residents, particularly Generation X, understand finance and investing better. They could have saved or owned property. This group invests for retirement, wealth preservation, and asset diversification. Fixed savings, real estate, and conventional insurance are prudent investments. Uttar Pradesh seniors, especially those approaching retirement, prioritise income. To guarantee retirement income, they may choose low-risk assets like fixed income instruments or annuities. This group may prefer safer investments and seek expert financial guidance due to their financial fraud risk and asset preservation needs. These Uttar Pradesh age group generalisations may not apply to everyone. Education, income, urban-rural split, exposure to financial services, and availability of financial literacy programmes, government efforts, and formal banking institutions might affect financial awareness and investing behaviour in the state.
References
Agarwal, M. P., Choudhary Kureel, R., & Yadav, S. (2017). A Study on Future Plan for Increasing Financial Literacy Among People. Global Journal of Finance and Management, 9(1), 29–38. http://www.ripublication.com
Aggarwal, N., & Singh, H. (2019). Women and wealth: Financial propinquity to business success. Australasian Accounting, Business and Finance Journal, 13(2), 69–87. https://doi.org/10.14453/aabfj.v13i2.5
Agrawal, D., Singhal, T., & Swarup, K. S. (2016). Role of herding behavior in influencing investor decision making in India. Indian Journal of Research in Capital Markets, 3(4), 43–48.
An Evaluation of Savings and Investment Patterns of Millennials in India- A Review of Recent Literatures. (2022). 24(7), 16–21. https://doi.org/10.9790/487X-2407051621
Andriamahery, A., & Qamruzzaman, M. (2022). Do Access to Finance, Technical Know-How, and Financial Literacy Offer Women Empowerment Through Women’s Entrepreneurial Development? Frontiers in Psychology, 12(January), 1–16. https://doi.org/10.3389/fpsyg.2021.776844
Athambawa, H., Mohamed Majeed, M., & Mohamed Azahim, S. (2022). Influence of Financial Information Seeking Behavior on Financial Literacy of the Rural Residents. Journal of Positive School Psychology, 6(5), 4962–4970.
Azeez, N. P. A., & Banu, M. N. (2021). Rural-Urban Financial Literacy Divide in India: A Comparative Study of Kerala and Uttar Pradesh. Asian Research Journal of Arts & Social Sciences, 14(4), 14–24. https://doi.org/10.9734/arjass/2021/v14i430243
Bala, S., & Singhal, P. (2018). Gender digital divide in India: a case of inter-regional analysis of Uttar Pradesh. Journal of Information, Communication and Ethics in Society, 16(2), 173–192. https://doi.org/10.1108/JICES-07-2017-0046
Banthia, D., & Kumar Dey, S. (2021). Assessment of Financial Literacy and Investment Preference by Individual Investor’s: A Case Study of Cuttack City, Odisha. Turkish Journal of Computer and Mathematics Education, 12(11), 5707–5712.
Barboni, G., & Agarwal, P. (2018). Knowing what’s good for you : Can a repayment flexibility option in microfinance contracts improve repayment rates and business. Working , 1–50.
Bordoloi, D., Singh, R., Bhattacharjee, J., & Bezborah, P. (2020). Assessing the Awareness of Islamic Law on Equity Investment in State of Assam, India. Journal of Islamic Finance, 9(1), 001–012.
