Financial Literacy: A Means of Boosting an Individual's Financial Status with Reference to Burhanpur District of Madhya Pradesh

ABSTRACT: Financial literacy is an important financial component as per todays lifestyle and standard of living, as it’s been recognised a crucial skill for those who are dealing with more complex financial situations as majority of people are middle class and therefore effective and rational financial decisions can be made by those who possess financial literacy. The study evaluates the level of financial literacy among individuals and investigates the effects of demographic variable like gender and year of working experience on financial literacy and also analysing the awareness level. The results of the study demonstrate that people's financial literacy in surveyed region is not up to the mark, both male & female has low financial literacy as compared to other urban area and thus both require financial awareness and knowledge. The paper investigate the starring role of the awareness and knowledge of financial literacy on individual financial status by using quantitative approach and assessing the relationship between financial literacy awareness with knowledge levels through the perception of individual and their financial behaviour. The study also try to evaluate the demographic factors with financial literacy and subsequently financial outcomes, it also identify determinants and evaluate the extent and role of financial literacy on individual financial growth, stability and development. The study on the behaviour of individuals with relate to the different knowledge level of financial knowledge among the various demographic variable of study found to be the supportive which highlights the importance of financial literacy towards boosting the financial status. Thus there is direct relationship between the financial literacy and the financial status the higher the literacy level the higher will be the financial status of individual The result of study with statistical analysis found to be positive and validate that financial literacy play a supportive and fundamental role for improving the extent of financial improvement and assisting them, thus awareness towards financial tools empowering individual’s wealth as well as helps in taking rational financial decisions for the overall wellbeing. Keywords: Financial Literacy awareness, Level of knowledge- low, moderate, high, financial behaviour on demographic variables