Comparative Analysis of Financial Literacy and Behavioural Control on the Household Wealth of Generation Y with Special Reference to Bhavnagar

Abstract

This study investigates the impact of financial literacy and behavioral control on the household wealth of Generation Y in Bhavnagar, employing a primary questionnaire method. As financial literacy becomes increasingly critical in managing personal finances and achieving financial stability, understanding its influence on wealth accumulation is essential, particularly for the younger generation facing complex financial environments. The study utilized 215 structured questionnaires distributed to a representative sample of Generation Y residents in Bhavnagar. The questionnaire covered various aspects of financial literacy, including budgeting, saving, investing, and understanding financial products, along with behavioral control metrics such as impulse buying, financial planning, and risk-taking tendencies. Data analysis involved both descriptive and inferential statistics to identify significant relationships and draw comparisons between different levels of financial literacy and behavioral control and their impact on household wealth suing Friedman test appropriate. The findings contribute to the broader understanding of personal finance management and its implications for wealth accumulation among young adults in urban area.