In India, retired men, especially those living in urban areas, have the most financial literacy among various comparable cohorts, according to the results of a survey published in the Reserve Bank of India (RBI)’s June 2023 bulletin.
In contrast, daily workers/labourers aged 20-29, who are educated up to Class 12, have the lowest levels of financial literacy. This makes them vulnerable to exploitation by moneylenders.
The financial literacy field survey was conducted over 45 days and elicited 584 responses that were initially collated between February 26 and April 14, 2022. The respondents were people who visited the RBI exhibition in Hyderabad.
The sample was drawn from various geographical, educational, age, income, and gender backgrounds. The survey was designed to test the financial knowledge, financial behaviour, and financial attitudes of the respondents.
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