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VOL. 7, ISSUE 3 (2025)
Role of financial literacy in shaping saving behaviour in India
Authors
Komal Phagna
Abstract
This study explores the critical role of
financial literacy in shaping the saving behaviour of individuals in India. As
households navigate a complex financial environment with diverse saving and
investment options, the ability to understand and apply financial knowledge has
emerged as a key determinant of disciplined and informed saving practices. The
paper examines how financial literacy influences individuals’ budgeting,
investment choices, risk management, and long-term financial planning. By
highlighting the relationship between financial knowledge and saving behaviour,
the study emphasizes the importance of targeted financial education programs,
awareness campaigns, and tailored financial products in promoting responsible
financial decision-making. The findings suggest that enhancing financial
literacy can improve the use of formal financial instruments, foster systematic
saving habits, and increase financial resilience, ultimately contributing to
individual financial security and broader economic stability. The study
provides valuable insights for policymakers, financial institutions, and
educators seeking to enhance financial well-being and promote sustainable
saving behaviour across diverse population segments in India.
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Pages:72-75
How to cite this article:
Komal Phagna "Role of financial literacy in shaping saving behaviour in India". International Journal of Finance and Commerce, Vol 7, Issue 3, 2025, Pages 72-75
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