Unveiling The Extent Of Financial Literacy Among Academicians: An Investigation In The Higher Educational Institutes Of Uttarakhand, India.

Abstract

Abstract: This study evaluates the extent of financial literacy among the Academicians employed in higher educational institutions in the hilly region of Uttarakhand, India. A survey of 345 academicians was conducted using primary data for which convenient sampling was utilized. The research further aims to establish financial literacy as a reflective-formative higher-order construct where financial attitude, financial behavior, and financial knowledge serve as reflective lower-order constructs, and financial literacy functions as a formative second-order- construct. The PLS-SEM method was employed. The outcomes imply that financial literacy should be viewed as a higher-order construct. Additionally, most academicians demonstrated a moderate financial literacy level (60-79%). This research emphasizes much greater efforts towards the academicians as they are the building blocks of society and have the potential to influence the lives of many in different aspects. This study can have major implications for financial sectors and other policymakers working to promote and improve people's financial literacy.