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

was distributed to over 400 people, but only 117 responded, with 56% being female and 44% being male. The reliability of the question was tested by Cronbach’s alpha through SPSS. 30 questions were asked related to banking, saving, investment, insurance, taxes, risk, etc. to check the financial knowledge and Cronbach Alpha was.952. Cronbach Alpha for 10 questions on financial attitude was.825 and for 10 questions on financial behaviour was.708. Table 3: Demographic and Socioeconomic Details of the Respondents Frequency Per cent Gender of respondent Male 51.00 43.59 Female 66.00 56.41 Marital Status of respondent married 61.00 52.14 unmarried 56.00 47.86 Qualification of respondent School Level 6.00 5.13 Graduate 35.00 29.91 Masters 36.00 30.77 Professional 38.00 32.48 Illiterate/Uneducated 2.00 1.71 Occupation of the respondent Business/Professionals 7.00 5.98 Salaried Employee 72.00 61.54 Students 14.00 11.97 Farming 2.00 1.71 Not Working 22.00 18.80 Monthly Family Income Upto INR 20,000 21.00 17.95 INR 20,001- 40,000 33.00 28.21 INR 40,001-60,000 21.00 17.95 INR 60,001-80,000 23.00 19.66 Above INR 80,000 19.00 16.24 Type of respondent family Joint Family 63.00 53.85 Nuclear Family 54.00 46.15 Source: compiled by the author Table 4: Reliability Statistics Variables No of Questions Cronbach Alpha Financial Knowledge 11 0.952 Financial Attitude 6 0.825 Financial Behaviour 9 0.920 Financial Socialisation 10 Financial Wellbeing 14 Source: compiled by the author XI. R esult and D iscussion To test the hypothesis, the researcher conducted Structural Equation Modeling using AMOS and the results are as follows: H1: There is a significant relationship between determinants of financial literacy and financial well-being in Haryana 45 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