THE ROLE OF FINANCIAL LITERACY IN ENHANCING FINANCIAL WELLBEING DURING EARLY MIDLIFE

Particularly in early midlife, when important financial decisions about retirement and asset accumulation must be made, financial literacy plays a crucial role in determining an individual's financial well-being. The purpose of this study is to evaluate Bhopal citizens' financial literacy and how it affects their ability to make sound financial decisions. The study aims to pinpoint specific information gaps that can impede wise financial decisions by examining awareness of government programs that assist with retirement planning. In order to assess participants' knowledge of key financial concepts, their acquaintance with various government programs, and their general level of financial confidence, the technique uses surveys and interviews. According to preliminary research, many people are unaware of the resources available to help with retirement planning, even though some people have a basic comprehension of financial concepts. Additionally, as the public's financial literacy rises, it will promote both individual security and overall economic expansion. According to the hypothesis, people in their early midlife do not significantly benefit from financial literacy in terms of their financial well-being. The results will shed light on this theory, either supporting or refuting it, and eventually add to the discussion about the value of financial education in enhancing both individual and societal economic well-being.