A Study of Financial Behaviour Among Professional Women in Northern India

Abstract

Financial literacy influences everyday financial decision among people in macro aspect. It is the ability to make rational decisions and to make effective decisions on management of money. The interactions among peer groups also can influences financial behaviour. It is to be believed that right amount of saving through rational financial decisions will boost economic growth and thus further strengthening the economy. The financial literacy covers various dimensions like financial attitude, financial knowledge, social influence, and financial behaviour. In Present study, authors have studied the influence of financial attitude, financial knowledge, and social influence on financial behaviour among professional women of different cities of India. The sample size of 200 working professional from various public and private organizations has been incorporated for the research. A structured questionnaire designed on a 5-point Likert scale has been used and the homogeneity of items and the acceptance of reliability is confirmed by KMO and bartlett’s test. For, further analysis, EFA has been used for determine factor loading of the variables. The relationship between the independent variables and dependent variables are determined by the correlation analysis. The findings revealed that social influence have good association whereas financial knowledge and financial attitude having positive with weak correlation of with financial behaviour among women working professional.