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Impact of financial literacy models on the financial behavior of individuals: An empirical study on the Indian context
Author(s) -
Bhandare Purushottam Vishnu,
Guha Samapti,
Chaudhury Rimita Hom,
Ghosh Chandralekha
Publication year - 2021
Publication title -
strategic change
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.527
H-Index - 16
eISSN - 1099-1697
pISSN - 1086-1718
DOI - 10.1002/jsc.2431
Subject(s) - financial literacy , context (archaeology) , formal education , empirical research , finance , psychology , business , pedagogy , paleontology , philosophy , epistemology , biology
Abstract Different financial literacy models adopted by formal and semi‐formal institutes have dissimilar impacts on individuals' decision‐making and financial behavior. Individuals who participated in semi‐formal financial literacy training are more likely to borrow than those who participated in the formal financial literacy training program. Decomposition suggests that people who participated in the formal financial literacy program are more likely to subscribe to insurance services than people trained from semi‐formal financial literacy program. Individuals who participated in the semi‐formal financial literacy training program are more satisfied with their current financial situation than those who participated in the formal literacy training program.