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Assessment of Financial Literacy Level among Elderly
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Aging is commonly related to poverty as a result of limited access to financial resources because of retirement or declining health. The high incidence of poverty among the elderly could be a global concern. How much the elderly have is important, but how they use what they have is equally important. This paper focuses on assessing the low level of financial literacy among the elderly in Fatehabad district. The data was collected among 150 elderly people aged 55 to 85 years. Financial literacy was assessed by using a questionnaire with 21 statements. In general, the elderly in the study demonstrated basic financial knowledge associated with financial investments. Results reveal that majority of elderly (60.67%) were belonged to 55-65 years, were male (63.33%), had graduated (47.33%), were retired (50.67%), had a monthly income of the respondents ₹20,000-50,000 and family monthly income ₹50,000- 1,25,000. Living arrangements mostly (36.67%) were with a spouse and family. The male respondents (64.21%) had a medium level of financial literacy as compared to female respondents (25.45%). Further, found that highly significant association with age, education, occupation, respondent monthly income, and family monthly income with financial literacy (p<0.01).
Keywords
Financial Literacy, Elderly, Chi-square
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