Exploring Financial Literacy and Its Key Determinants among Gen Y Workers in Ranchi city of India

Abstract

Financial literacy encompasses an individual's understanding, capabilities, and mindset related to financial matters. It plays a crucial role in enabling individuals to make sound financial decisions and enhances their overall financial well-being. Numerous studies have been conducted across the globe to assess financial literacy levels, with many government-led national surveys also highlighting widespread deficiencies in financial awareness. The present study centers on Generation Y employees, aiming to evaluate their readiness to handle personal financial decisions. This research seeks to assess the financial literacy levels within this group. The findings indicate that factors such as gender, educational background, income, and age significantly influence financial literacy outcomes. The insights gained from this study may serve as a basis for formulating targeted strategies to strengthen financial literacy among Gen Y professionals.