Global Journal of Management and Business Research, C: Finance, Volume 22 Issue 5

questions related to "income, savings, investment, budget management, and credit management". Fessler, et al. (2020), takes "Time Value of Money, Risk and Return, Interest, Diversification, and Inflation" to test financial literacy. Previous study results show low levels of financial literacy among the low-income group, females, students, less educated, lower-income group and minorities ("Hassan Al-Tamimi & Anood Bin Kalli, 2009, Grohmann, 2018, (NISM, 2014), Fernandes et al., 2014"). Thakur & Mago (2021) found that financial knowledge, financial attitude, and financial well-being have a significant positive relationship with financial literacy. In reviewing the literature, it can be said that, in most research on the assessment of literacy among the population, researchers consider only one dimension of financial literacy, i.e., financial knowledge, and other aspects, such as financial attitudes and financial behaviour, have been considered only in a few studies. The concept of financial literacy is different from person to person. In India, governments, the Reserve Bank of India, NGOs, and financial institutions are taking numerous steps to increase awareness. To increase financial literacy, FLCs (financial literacy centres) are playing a very important role in creating awareness. Financial literacy centres organise camps on a regular basis in rural Haryana to spread awareness among women, children, farmers, low-income groups, etc. III. F inancial L iteracy D eterminants a) Financial Knowledge A person with a basic understanding of financial concepts and financial products is considered to be financially literate. One of the most important factors in financial literacy is financial knowledge, as per the OECD. Huston (2010) provides a definition for this term. Authors have identified four critical elements of financial literacy after evaluating more than 71 studies. All aspects of money, including saving, investing, and borrowing, are explored. One of the five financial concepts included by the OECD is the notion of the time value of money, which explains how inflation affects investments and prices. According to Gerrans and Heaney (2019), financial literacy has an impact on both financial behaviour and financial well-being in the long run. It has been hypothesised that knowledge of personal finance, saving, loans, investment, and insurance are all indicators of financial literacy and have an association with financial behaviour. b) Financial attitude Generally speaking, a financial attitude is described as a personal tilt toward financial products, which can only be achieved when people have a favourable attitude toward the financial product and help to build a positive attitude toward the financial product. Financial literacy is critical in today's society. Chijwani (2014) concluded that in order to achieve strong financial literacy, emphasis should be placed on establishing favourable financial attitudes among the people of this country. Only then will any financial education programme be able to give meaningful benefits to its participants. Ajzen (2011) has demonstrated that decision-makers actions have an impact on their financial attitudes and that their perceptions of the economy and non-economic factors will enhance their opinions. Ibrahim and Alqaydi (2013) came to the conclusion in their study that financial education can help people modify their personal financial views and minimise their reliance on credit cards even further. According to Yuesti, Rustiarini and Suryandari (2020), addition, financial attitudes and financial behaviour variables have been shown to have a favourable impact on financial literacy and financial well- being. Financial attitudes, in addition to financial behaviour, can have an impact on one's financial well- being. Research by Ibrahim and Alqaydi (2013) discovered that those who had a good financial attitude borrowed less money from banks and credit cards. According to Sohn et al. (2012), the "financial socialisation agent, financial attitude, and financial literacy, all have a favourable impact on financial literacy levels." Ultimately, Haque, Abdul; Zulfiqar (2016) came to the conclusion that a "positive financial attitude and financial literacy are beneficial to women's financial well- being and empowerment". c) Financial behaviour People's actual financial decisions in the financial market are referred to as "financial behaviour," and they are linked to their levels of savings, debt, and expenditure. Research by Atkinson and Messy (2011) discovered that realistic financial attitudes, such as effective budget preparation and financial stability, help people improve their financial literacy. Conversely, people with negative financial attitudes, such as reliance on loans and credit, have a negative impact on their finances. Financial literacy and financial attitude can lead to positive financial behaviour, according to Taft et al. (2013), who concluded that "it is necessary to consider the impact of financial literacy on financial behaviour. According to the findings of this study, "financial literacy aids in the modification of behaviour and the improvement of decision-making abilities as well as the improvement of living standards". According to Morgan and Trinh (2017), "financial behaviour is extremely important and is a key component of financial literacy". According to Mokhtar & Rahim (2016), "the work environment, financial stress, locus of control, and financial behaviour are all strongly associated with financial well-being." They discovered that these factors are all strongly associated with financial well-being. Aside from that, financial stress was found to be the most significant factor influencing financial well-being, followed by the workplace environment. 40 Global Journal of Management and Business Research Volume XXII Issue V Version I Year 2022 ( ) C © 2022 Global Journals Determinants of Financial Literacy and its Effect on Financial Wellbeing-A Study on Young Population