Financial Literacy and its Determinants

Abstract

In today's advance and sophisticated financial landscape, financial literacy is important because it doesn't only influence and impact upon financial decisions at the firm level but also a country's wider financial wellbeing and socioeconomic development.This study compares the financial literacy levels of urban areas by utilizing the results of the survey from the questionnaire developed by the OECD and by examining demographic and socio economic factors that influence the level of financial literacy.The results show that overall, the extent of monetary literacy in both areas is low and necessary measures should be taken by the government to extend awareness of monetary related matters.The literature findings also reveal that demographic, economic, social, and psychological factors are the most determinants, that some common themes appear with reference to the results of monetary literacy on investment decisions, demographic factors, methodology and program effectiveness, and that gaps exist in the literature of financial literacy in Urban area with respect to types of investment and risk tolerance, measurement of monetary literacy, methodology and sources of data.

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