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

FS_P2 0.852 FS_P3 0.676 FS_P4 0.755 Financial Knowledge FK_1 0.625 FK_2 0.866 FK_3 0.848 FK_4 0.883 FK_5 0.902 FK_8 0.907 FK_9 0.732 FK_10 0.743 FK_11 0.718 Dependant Variable Financial Wellbeing FW_2 0.624 FW_3 0.808 FW_4 0.676 FW_5 0.634 FW_6 0.671 FW_7 0.715 FW_8 0.799 FW_9 0.616 FW_10 0.799 FW_11 0.737 FW_12 0.661 FW_13 0.668 FW_14 0.643 Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 7 iterations. Source: compiled by the author In Total 55 questions were designed but after factor analysis, only 39 questions were left and all the questions were removed whose loading was less than 0.50. c) Demographic and socioeconomic factors A sample was collected from the Haryana state in India. Haryana is a state in northern India with 22 districts, and it is the seventeenth most crowded state with a land area of 17,070 square miles (44,212 square miles) and a population of 27.39 million in 2021. Table:3 shows the characteristics of the sample used for the analysis. Out of the total respondents, 56% were female and 44% were male. In the sample, there is no greater difference in marital status between males and females, i.e., 52 % are married and 48 % are unmarried. In the sample, the maximum number of respondents were graduate masters and professionals, with 30%, 31% and 32%, respectively. In the sample, 5.13 were those who studied at the school level and 1.71% were illiterate. The sample consists of maximum respondents earning between INR 20,001 and INR 40,000 p.m., i.e., 28% earn INR 20,000 pm, 18% earn INR 40,001-60,000, 20% of the respondents earn INR 60,001-80,000 and 16% earn above INR 80,000. 6% of the respondents were working as professionals, 62% of the respondents were salaried, 12% were still studying, 2% of the respondents were farmers, and 19% were unemployed. And the sample consisted of 54% of respondents from joint families and the rest 46% from nuclear families. The questionnaire was prepared with extreme seriousness, including all the relevant details, using detailed questions, attitude rating questions, as well as behaviour-related questions and responses, which were analysed on the 5-point Likert scale. The questionnaire 44 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