AN EXTENSIVE ANALYSIS OF THE PRECURSORS AND CONSEQUENCES OF FINANCIAL LITERACY: A SYSTEMATIC REVIEW

Deepak

doi:10.55955/240004

Authors

Mr. Deepak Department of Commerce, Swami Shraddhanand College, University of Delhi https://orcid.org/0009-0003-0669-8366

DOI:

https://doi.org/10.55955/240004

Keywords:

Financial Knowledge, Financial Behaviour, Financial Attitude , Financial literacy

Abstract

The main objective of this research is to investigate the causes that lead to financial literacy and how they affect people's prosperity and the nation's economic prosperity. This study examines a substantial amount of literature using a diagnostic research technique in order to pinpoint the key factors influencing financial literacy. The complex concept of financial literacy is made up of three parts: financial knowledge, attitude, and behaviour. The findings indicate that, in addition to an individual's gender, age, and academic accomplishments, socioeconomic, family, and cultural factors also have a substantial impact on that person's level of financial competence. The aforementioned factors are crucial in molding a person's understanding of finance, which subsequently impacts their aptitude for handling money and their financial conduct. Ultimately, a strong foundation in financial literacy has led to the ability to provide stability in finances and promote general prosperity. To sum up, it is critical to address the antecedents of financial literacy. Further research opportunities may involve empirical studies to assess the antecedents in different regions and the development of a systematic model for understanding and enhancing financial literacy.

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