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

Source: based on reviews of literature, a research framework developed by the authors. Figure 1: Conceptual Model X. R esearch M ethodology a) Sample Size and Sampling Technique The demographic area of interest in this study was the Ambala district of Haryana. Three professors from different disciplines at Sharda University in Greater Noida, India, approved a self-administered questionnaire. Data were collected both online and offline. Due to time constraints, only 117 people were chosen for this study. This research employed probability sampling. b) Instrumentation Computers were used to analyse nearly all of the data, which had been gathered via a self- administered survey. There were two sections to the survey. There are questions on demographics in the first segment, and then there are questions on independent and dependent variables in the second. The question was developed using previous research and the OECD, and it was tailored to the needs of this research paper. In this study, 15 questions were asked to measure financial knowledge and understanding, 6 questions connected to financial attitude; 9 questions linked to financial behaviour; 10 questions related to financial socialisation; and 15questions related to financial well- being. After factor analysis, a few questions from financial knowledge, financial attitude, financial behaviour, financial socialisation, and financial well- being were deleted because their loading was less than.50. A 5-point Likert scale was used to collect data in this study. The total Variance Explained in the factor analysis process table is shown in Below tables 1 and table 2. Table 1: Total Variance Explained Total Variance Explained Initial Eigen values Extraction Sums of Squared Loadings Rotation Sums of Squared Loadings Component Total % of Variance Cumulative % Total % of Variance Cumulative % Total % of Variance Cumulative % 1 12.594 32.293 32.293 12.594 32.293 32.293 7.604 19.497 19.497 2 4.889 12.536 44.829 4.889 12.536 44.829 6.658 17.073 36.57 3 4.009 10.279 55.108 4.009 10.279 55.108 5.275 13.526 50.096 4 2.238 5.74 60.848 2.238 5.74 60.848 3.643 9.34 59.436 5 1.792 4.596 65.444 1.792 4.596 65.444 2.343 6.007 65.444 6 1.472 3.774 69.218 7 1.208 3.097 72.314 8 0.99 2.539 74.853 9 0.925 2.373 77.226 10 0.897 2.3 79.526 11 0.77 1.974 81.5 12 0.716 1.836 83.335 13 0.651 1.67 85.006 14 0.568 1.456 86.462 15 0.523 1.341 87.802 16 0.485 1.243 89.045 F_KNOWL EDGE F_ATTITU DE F_BEHAVI OUR F_SOCIALI SATION FINANCIAL LITERACY 42 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