FINANCIAL LITERACY IN THE STATE OF WEST BENGAL: A STUDY INTO ITS DETERMINANTS WITH AN IMPACT ANALYSIS ON FINANCIAL INCLUSION AND INVESTMENT DECISION MAKING

Abstract

In an attempt to assess financial literacy in the state of West Bengal, using the OECD questionnaire upon 600 respondents from eight selected districts, it has been found that the average financial literacy of the state is better than the all India average. Male financial literacy as well as inclusiveness is also higher than female. But, urban financial inclusion is not significantly higher than the rural areas anymore, however urban financial literacy is found to be significantly more than the rural. Higher education and income level could significantly affect financial literacy. However, work situation could affect financial inclusion only. Financial literacy along with education level, work situation and income band could have significant impact towards financial inclusiveness and choosing relatively riskier investments.