IS THERE A REFLECTION OF FINANCIAL LITERACY ON MILLENNIALS’ FINANCIAL ATTITUDES AND BEHAVIOUR?

Financial literacy refers to an individual's understanding and ability to manage and utilize financial resources prudently. It is the set of skills that individuals possess while arranging, managing, and utilizing financial resources. Millennials live in the digital age and have access to a plethora of innovative financial products that provide adequate financial outcomes. The attitudes and behaviors of millennials with stable regular incomes are very important from both an individual and a macro perspective. Individual financial stability, as well as economic growth and development, require prudent use of financial resources. The research in this area will lead to a better understanding of the millennials' level of financial literacy within the state, as Kerala is ranked first in the country in terms of literacy level. The study focuses on the financial literacy of salaried-class millennials in the state of Kerala, financial literacy is assessed based on five components namely Budgeting, interest rate, prioritizing savings and investment, credit/debt cycle traps, and cybercrime; the reflections of these factors on attitude and behavior are made in this study and indicates that there is a positive reflection of financial literacy on financial attitude and behavior among the millennials. The study also tries to identify the socio-economic characteristics of millennials that affects their attitude and behavior toward savings and investments which is quite essential for the better prospect of our economy.