financial literacy questionnaire likert scale

Satisfactory financial literacy level of people is important in order to increase their standard of living. The values of CMIN/df less than the recommended value (Hooper, Coughlan, & Mullen, 2008; Steiger, 2007) in the model represent a better fit of the data. Data was gathered through the use self-administered questionnaire in a survey. Financial literacy in India in working women was found very low. If there is a question you do not feel comfortable answering, you may skip it. In total, 394 questionnaires were coded into SPSS for data screening, data cleaning and spotting multivariate outliers, and during this procedure 42 questionnaires were dropped. First, the study has been conducted on working women of Delhi only which may not be applicable in other cities of country. Atkinson and Messy (2012) recommended only three dimensions to judge financial literacy as it is justified and is widely used in literature. Login failed. Please try to answer every question. Sharma and Joshi (2015) identified the impact of financial literacy on the investment choice decision of women. The sample includes 394 women employees in Delhi. They are also very particular in using debit and credit cards. The model consists of three exogenous variables, that is, financial attitude (FA), financial behaviour (FB) and financial knowledge (FK), of working women and one endogenous variable, that is, financial literacy (FL; Figure 1). Thus, based on the research works mentioned earlier in this article, researchers have formulated and tested following hypothesis to state the association of financial attitude and level of financial literacy. Web survey powered by SurveyMonkey.com. The association of financial knowledge, financial behaviour and financial attitude with financial literacy level of working women in India is not clear. To test the reliability and validity of constructs, confirmatory factor analysis model was estimated using analysis of moments structures (AMOS) version 20, and path analysis was used to measure the association of independent variable with dependent variable. To measure financial attitude, questions related to risk attitude, financial planning, stress in handling finances and satisfaction with financial situation, etc., were included in the questionnaire. Financial knowledge, another independent variable, has been examined with the measurement model proposed by Bhushan and Medury (2014) and Hasler and Lusardi (2017). She can be reached at [email protected], Miklesh Yadav is working as an assistant professor at Rukmini Devi Institute of Advanced Studies with rich experience of more than 8 years in academia. Financial attitude can be defined as personal inclination towards financial matters. Van Rooij, Lusardi, and Alessie (2011) identified that financial knowledge has positive association with retirement planning and individuals possessing financial knowledge are more financial literate. are questions about financial attitudes, financial behaviors, financial knowledge, influences on financial literacy, and demographic information. Financial Literacy of Senior High School Students in Bacolod City, 2019. We describe and report the results of an 18-month long training of trainers program in financial literacy and soft skills designed to improve employability of poor and vulnerable Indonesian youth. Findings by the College Student Financial Literacy Survey (CSFLS) indicated that perceived parental influence had a direct and moderately significant influence on financial attitude, did not have an effect on financial knowledge, and had an indirect and moderately significant influence on financial behavior, mediated through financial … Developing better financial … For future studies, researcher can try to reduce all these limitations and can include a big sample size. The rationality behind the present study is to know the perception of women towards financial literacy. To measure financial behaviour, the questions related to savings behaviour, bill and loan repayment behaviour, responsible investment behaviour and financial … Men possess more financial understanding than women. A descriptive research design has been utilized for this study. De Bassa Scheresberg (2013) noted that people with higher level of financial literacy are more confident in making personal financial decision and their monetary outcomes are appropriate. The study also identified that financial knowledge is an essential factor to determine financial literacy and financial decision-making skills of an individual (Robb & Woodyard, 2011). The first one is that it helps to understand the financial behaviour of working women in Delhi. Scores are reported on a scale from 0 to 1,000. between financial literacy accumulated early in life and the individual’s wealth and portfolio allocations in later life. Question 3 is used a scale … include this measure into an overall score of financial literacy, it is counted 1 point for respondents who put themselves at 4 or 5 on the scale and 0 in all other cases. Thus, this definition reveals that the three important determinants to examine financial literacy are financial knowledge, financial behaviour and financial attitude. The e-mail addresses that you supply to use this service will not be used for any other purpose without your consent. Financial literacy, financial education and financial knowledge can be used interchangeably as has been argued by Al-Tamimi and Bin Kalli (2009), Howlett, Kees, and Kemp (2008) and Yoong, See, and Baronovich (2012). Thank you for your participation! Nearly all the countries in the world are facing the problem of financial literacy. To evaluate the financial knowledge of women, they included the questions related to risk diversification, inflation, numerical ability and interest rates in the questionnaire (Lusardi & Mitchell, 2008). To address the lack of a consensus regarding an appropriate instrument to measure financial literacy, the OECD and its International Network on Financial Education (INFE) developed a core questionnaire … Banerjee, Kumar, and Philip (2017) concluded that financial inclusion behaviour increases with the positive effect of financial literacy on financial awareness. First, the questions … ment of financial capability and evaluation of financial literacy programs (see the project website for details on the full project: www.finlitedu.org). Twenty-five teachers received training in December 2017 and subsequently conducted 30 trainings for 601 students in West Java from January through May 2018. (2008) observed that individuals possessing financial knowledge are more financial literate and they are able to handle money efficiently. measure the assessment of the Financial Priorities of 4P‟s Beneficiaries, the questions were in the form of Likert–type using four point scale–four (4) as the highest and one (1) as the lowest. Financial attitudes along with financial behaviour can also affect financial well-being. The instrument consisted of 10 questions on a 5-point Likert scale with 5 as strongly agree and 1 as strongly disagree. Bonga and Mlambo (2016) highlighted concern on financial literacy improvement among women, particularly in developing nations. Be defined as personal inclination towards financial literacy questionnaire … Web survey powered by SurveyMonkey.com the. Soroshian and Teck ( 2014 ) concluded that education can improve personal financial decision women. Possessing financial knowledge are more financial literate and they are also taken a! 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