Financial Literacy and How it and Affects an Individual’s Financial Independence

Abstract

Students are in an important transition period from financially depending on their parents to becoming financially independent. The same went with the Employees(Teachers, HR Managers ,etc) but now they have a source of income and are solely dependent on themselves. The purpose of this study was to identify an Individual’s current financial knowledge, their interest in knowing and learning more and to finally know if financial literacy really affects an individual’s financial independence among Students and Employees. In today’s world, in order to survive one must have a proper plan about finance and how they can achieve financial independence, so we decided to research about how much knowledge the working employees and students have in order to find out if the financial literacy really have an effect on Financial Independence. We got most of the responses from students followed by employees and 52.9% were male and 47.1% were females who were a part of our research data. And the data collected shows that Financial Literacy does plays a very important role in individual’s life and his/her desire to achieve Financial Independence.