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

d) Financial Socialisation The acquisition of values, attitudes, standards, norms, knowledge, and behaviour makes up financial socialisation (Gudmunson and Danes 2011) Significant financial socialisation concepts include earning, spending, saving, borrowing, and sharing (Lanz, Sorgente, and Danes 2020). Socialization is a crucial aspect of decision-making. A socialised individual can make rationing decisions following discussion. The majority of children's financial knowledge, skills, and attitudes are formed by their parents and guardians (Danes, 1994). Numerous studies have established a link between parental influence and monetary values, attitudes, behaviours, and abilities. IV. F inancial W ell- B eing C oncept In general, the concept of well-being is subjective. Numerous variables are considered when assessing the well-being of society. Physical health and wellness are not the only aspects of well-being, contrary to popular belief. (Kruger, 2011) defines five elements of well-being. The first is career well-being; individuals with high career well-being are more successful and happier than those without a career. Social well-being, social capital, and socialisation are also vital components of an individual's well-being. People whose relationships with friends, family, and co-workers are stronger are more socially well-adjusted. Gao, X at, el. (2022) Income and financial worries impact parents' mental health differently. Future policy or intervention programmes should target parental financial worries. They experience a reduction in stress after discussing the issue with their social groups. It is a well-known adage that a sound mind resides within a healthy body. A person with a healthy body is always able to combat problems and lower their stress levels. Regular exercise reduces stress and promotes happiness in life. People with good physical health are more sociable and make sound decisions regarding their career health. Individuals' well- being is also affected by the community in which they reside. Community well-being includes air and water quality, as well as safety and proximity. If a person lives in a peaceful environment, they can think significantly better than if they lived in a hostile environment. Financial well-being refers not only to the amount of money a person has or spends on his or her own needs, but also to spending on others, buying goods with the future in mind, and feeling secure. A person who is financially secure can take calculated risks for the future. Financial well-being relates to all other aspects of well- being, including career well-being, physical wellbeing, social well-being, and community well-being (CFPS, 2017). The quality of a person's life is significantly impacted by their financial situation. Financial security is the ultimate and most common financial objective of an individual. However, there is no standard definition of financial prosperity. The main goal of this study is to find out what makes people in Ambala Division, Haryana, financially literate and happy. To comprehend a research problem, it is necessary to investigate a small number of research questions in order to acquire the pertinent information and answers to these questions. VI. R esearch Q uestions This study's purpose is to examine the given research problem. • "What are the determinants of financial literacy and what are its effects on financial well-being among the younger generation in Haryana, India?" • Does financial socialisation have a significant effect on financial well-being? VII. R esearch O bjective • To identify the determinates of financial literacy and examine the determinants that contribute more to financial literacy and financial well-being, • To examine the effect of financial literacy on financial well-being after adding new determinants (financial socialisation) to financial literacy. VIII. R esearch H ypothesis H1: There is a significant relationship between determinants of financial literacy and financial well-being in Haryana. H1.1 There is a significant relationship between financial knowledge and financial well-being. H1.2 There is a significant relationship between financial attitude and financial well-being. H1.3 There is a significant relationship between financial behaviour and financial well-being. H1.4 There is a significant relationship between financial socialisation and financial well-being. IX. F inancial L iteracy F ramework The OECD developed the financial literacy framework by using financial knowledge, financial attitude, and financial behaviour. However, as illustrated in figure 1, financial socialisation has been added to the existing financial literacy framework. 41 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 V. R esearch P roblem S tatement