Abstract
Financial literacy will enable better decision making and efficient management of funds. The knowledge of basic foundations of time value can result in building a robust portfolio. The recent initiatives by the government on financial inclusion aids in promoting faster access to transfer benefits. The policy implementation on bank accounts for all, linking of Aadhar to the accounts, insurance of minimum sum assured for all and the basic annuation schemes are some of the initiatives well devised by the Modi Government. The RBI on the other hand, had initiated various financial literacy programmes to have significant inclusion. The key to successful inclusion is financial literacy. In this context, the paper attempted to identify factors that determine financial literacy. The data was collected through primary sources trough structured questionnaire. The tools used for the analysis was confirmatory factor analysis and structural equation modelling. The factors identified were financial attitude, behavioural factors, financial knowledge and influence and among the factors financial knowledge and influence were observed to predict financial literacy.
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