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International Journal of Trend in Scientific Research and Development (IJTSRD)
Volume 5 Issue 4, May-June 2021 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470
@ IJTSRD | Unique Paper ID – IJTSRD42536 | Volume – 5 | Issue – 4 | May-June 2021 Page 1105
Impact of Financial Knowledge of
Investors Investment Making Decisions
Sunil Deshpande1, Dr. Sanjay Patankar2
1Research Scholar, SPPU, Pune, Maharashtra, India
2Director, P.K. Foundation’s M.B.A. College, Chakan, Khed, Pune, Maharashtra, India
ABSTRACT
The objective of the study is to find the impact of financial knowledge of
investors on their investment making decisions. Investors are said to rational
but due to the human nature, biasness comes into picture while making
investment decisions. Financial literacy and financial knowledge are taken as
an imperative terms for regulating human nature of investors while making
essential investment decisions The study was conducted on 150 investors in
the city of PUNE. The data was collected through structured questionnaire &
data so obtained was analyzed with the help of SPSS software.
KEYWORDS: Investors, Financial Literacy, Financial knowledge, Investment
Decision
How to cite this paper: Sunil Deshpande|
Dr. Sanjay Patankar "Impact of Financial
Knowledge of Investors Investment
Making Decisions"
Published in
International Journal
of Trend in Scientific
Research and
Development(ijtsrd),
ISSN: 2456-6470,
Volume-5 | Issue-4,
June 2021, pp.1105-1108, URL:
www.ijtsrd.com/papers/ijtsrd42536.pdf
Copyright © 2021 by author (s) and
International Journal ofTrendinScientific
Research and Development Journal. This
is an Open Access article distributed
under the terms of
the Creative
Commons Attribution
License (CC BY 4.0) (http:
//creativecommons.org/licenses/by/4.0)
1. INTRODUCTION:
Investors select various financial products available in
the market based on their needs and risk appetite.
Investors investment decisions are influenced by the
financial knowledge they possess & its proper
applicability, while selecting the financial products.
Currently various financial products are available in the
market & its selection generally depends on risk & return
criterion associated with it. Judicious selection is only
possible if the investors are financially literate.
Investment decision rest on the nature and behavior of
investors to the market situation. Absence of financial
literacy is the most imperative reason in financial
decision making. Generally investors make investments
unconsciously without having any experience and
interest in financial investment.
Financial Knowledge and Investment decision:
The organization of Economic Cooperation &
Development (2005) defines financial education as “It is
the process by which investors improves their
understanding of financial products & concepts through
information instruction and /or objective advice, develop
the skills& confidence to become more aware of financial
risks & opportunities to make more aware of financial
risks & opportunities to make informed choices to know
where to go for help & to take other effective actions to
improve their financial well-being”. Most of the people
lack the knowledge necessary to make the right financial
decisions. People, irrespective of their age, formal
education, and what they do for a living, have rarely think
beyond bank deposits and other avenues for wealth
accumulation. Their reasons pointed to the fear of capital
erosion, in addition to the lack of knowledge about basic
financial concepts like risk diversification, inflation, and
compound interest that made them stick to traditional
investment avenues. While the investors today have more
apprehensive about the various financial products
available, behavioral biases, and preconceived notions
about certain products may prevent them from exploring
those options. Generally due to lack of financial literacy,
investors end up parking their money in the investment
whose yield is low or take on high interest loans to fulfill
their obligations. Mostly, they get into investment traps
by jeopardizing their well-being. So a lack of financial
education impacts wealth-building capacity of investors
and finally ends up with a lower corpus various goals or
incurs losses.
2. OBJECTIVES
To study the impact of financial knowledge on investors
investment decision making of investors.
3. MATERIALS AND METHODS
Hypothesis: Ho1: There is no significant positive
relationship between financial Knowledge and
investment decision making.
Methodology: The study is descriptive in nature, based
on survey method.
IJTSRD42536
International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD42536 | Volume – 5 | Issue – 4 | May-June 2021 Page 1106
Data Collection: Primary data was collected by
administering questionnaire to the investors in, Pune.
While, secondary data was collected from internet and
various journals.
Sample and Statistical Tools: A total of 150 samples were
collected through convenience sampling method. The data
was analyzed using SPSS:
A. Correlation
B. Linear Regression
Scope of the Study: The study was confined to investors
in Pune City.
Limitations: The study was based on data collected only
from 150 respondents in Pune city. Interpretation is
arrived based on the assumption that the respondent has
given correct information.
4. LITERATURE REVIEW
Rooij, Lusardi and Alessie (2007) revealed that
financial knowledge is related to financial instrument
differentiation and portfolio risk diversification. This
study also concludes that financial knowledge be
imparted to make wise financing decisions. Financial
knowledge influences what will be stored and what will
be invested. Robb and Sharpe (2009) sampled
undergraduate and graduate students electronically on
financial knowledge in credit card use decisions. The
results showed that financial knowledge is the main
factor that determines how credit card decisions are, the
results of Müller and Weber (2010) indicated a
significant correlation of investments in low cost with
financial literacy. However, the it revealed that even the
most complicated investor selects properly managed
funds instead of less expensive exchange-traded funds.
They noted that even finance professors do not build
their portfolio based on the knowledge despite being
highly financially literate. M. van Rooij et al (2011)
research found that most of the respondents have
knowledge about finance while remaining go beyond this
basic financial concept. Many respondents are differing
some capital market products due to their risk appetite.
The research found that financial literacy is related to the
financial decision making and low literacy makes them to
avoid stocks. Tabiani and Mahdzan (2012) explored the
influence of financial knowledge on saving in Malaysia.
The results indicated that there is a significant positive
association of financial literacy with the decision to save.
Ramakrishnan, (2012) concluded that financial
knowledge plays important part for individual, society&
to overall economy. Financially educated investors make
better choices for their well-being which finally leads to
their overall prosperity. Chinen et al (2012) explains
how financial literacy influences one's financial
behaviour especially during decision making. the sound
financial behaviour helps to decide between wants
&needs while making decisions. Bhushan (2014)
examined people earning money by their level of
understanding in financial products. The researcher
concluded that respondents' awareness of new financial
products was lower than traditional and safer products.
through traditional and safe investment methods .so
people should be more aware of the new investment
opportunities available in the market. Prawitz, Aimee D
(2014) explored whether financial education can
influence financial behavior that helps people to balance
spending and savings to maximize spending over a
lifetime. Specifically, financial and non-financial
education participants are compared to good financial
health, savings rates, frequency of financial misconduct,
and the opportunity to perform certain financial
functions, including budgeting, reviewing asset plans,
retirement contributions, obtaining or renewing life
insurance plans, and acquiring or renewing asset
planning documents. Narula (2015) examined the
impact of various human factors on financial literacy and
understanding the differences between the individual
investment decision of various levels of financial literacy
with short, medium and future significance. The study
found that overall; investors had a moderate level of data
and skills in financial learning. Significant differences
were observed between financial literacy between
different age groups. The study also revealed that
investment decisions were based on a fundamental basis
because the preference for investors of the same level of
financial literacy has been different over time. Prawitz,
Aimee D (2014) examined whether financial education
can influence financial behavior that helps people to
balance spending and savings to increase long-term
spending. Specifically, academic and non-financial
stakeholders are compared to good financial health,
savings rates, frequency of financial misconduct, and the
opportunity to perform certain financial functions,
including budgeting, reviewing asset plans, retirement
contributions, acquisition or renewal of life insurance
schemes, and acquisition or renewal of property
documents. San (2015) investigated the different levels
of financial education and its effect on financial literacy
and self-confidence about this topic. The outcome of
financial literacy on the financial instruments diversity of
choice has also been identified. The logistic regression in
the model was used for data analysis. Findings indicated
that variability of preferred financial instruments
increases with financial literacy. Also financial literacy
increases with the gain of financial knowledge.
5. RESULTS AND INTERPRETATION
Correlations
Investment Decisions Financial Knowledge
Investment Decisions
Pearson Correlation 1 .573**
Sig. (2-tailed) .000
N 150 150
Financial Knowledge
Pearson Correlation .573** 1
Sig. (2-tailed) .000
N 150 150
**. Correlation is significant at the 0.01 level (2-tailed).
From the above table it can be concludedthatthereispositivecorrelationbetweenfinancialknowledge and investment decision
at.573
International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD42536 | Volume – 5 | Issue – 4 | May-June 2021 Page 1107
Regression Analysis
Ho1: There is no significant positive relationship between financial knowledge and investment decision making.
Model Summaryb
Model R R Square
Adjusted
R Square
Std. Error
of the
Estimate
Change Statistics
Durbin-
Watson
R Square Change F Change df1 df2
Sig. F
Change
1 .573a .329 .324 .39266 .329 72.532 1 148 .000 1.613
a. Predictors: (Constant), Financial Knowledge
b. Dependent Variable: Investment Decisions
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 11.183 1 11.183 72.532 .000b
Residual 22.819 148 .154
Total 34.002 149
a. Dependent Variable Investment Decisions
b. Predictors: (Constant), Financial Knowledge
Coefficientsa
Model
Unstandardized Coefficients Standardized Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 1.597 .256 6.238 .000
EFA3 .550 .065 .573 8.517 .000
a. Dependent Variable: ID1
Y = a +bx + error
Y = 1.597 +.550 x + error
Y= investment decision (dependent variable)
X= financial Knowledge (independent variable)
The value R square of 32.9% that indicates that independent variable financial knowledge explains 32.9% variance in
investment decision. In another words financial knowledge contributes 32.9% to investment decision. The relationship
between financial knowledge as independent variable and investment decision as dependent variable is indicated by
standardized coefficient beta with a value of .573 Hence the null hypothesis is rejected stating that there is a positive
impact of financial knowledge on investment decision making.
6. Conclusion:
From the study so conducted, it can be concluded that
there exists positive relationship between financial
knowledge and investment decision which shows that
financial knowledge plays one of the important role in
investment decision. Investors due to lack of financial
knowledge, cannot take effective investment decisions
properly. Investors with no or less financial knowledge
are more prone to poor investment decision; hence the
financial literacy of investors needs to be enhanced by
imparting proper training.
References:
[1] Bayrakdaroğlu, A., & San, F.B. (2015). “Impact of
Financial Education on Financial Literacy Levels
and diversity of Investment Choices”, Proceedings
of the Second European Academic Research
Conference on Global Business, Economics,
Finance and Banking (EAR15Swiss Conference),
ISBN: 978-1-63415-477-2 Zurich-Switzerland, 3-5
July
[2] Bhushan, P. (2014). Relationship between financial
literacy and investment behavior of salaried
individuals. Journal of Business Management &
Social Sciences Research, 3(5), 2319–5614
[3] K. Chinen, E. Hideki. (2012). Effect of Attitude and
Background on Personal Finance Ability: A Student
Survey in the United State, 29(1), 33-45.
[4] Mahdzan, N. S., & Tabiani, S. (2013). The Impact of
Financial Literacy on Individual Saving: An
Exploratory Study in the Malaysian Context.
Transformations in Business and Economics, 12 (1
(28)), 41-55
[5] Maarten van Rooij, Annamaria Lusardi, and Rob
Alessie NBER Working Paper No. 13565 October
2007 on Financial Literacy and Stock Market
Participation
[6] Mouna, A., & Anis, M. (2015). “A study on small
investors‟ sentiment, financial literacy and stock
returns: evidence for emerging market”,
International Journal of Accounting and Economics
Studies, 3 (1) (2015) 10-19.
International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD42536 | Volume – 5 | Issue – 4 | May-June 2021 Page 1108
[7] Müller S. & Weber, M. (2010). Financial Literacy
and Mutual Fund Investments: Who Buys Actively
Managed Funds? Schmalenbach Business Review
62(2), 126-153.
[8] M. van Rooij, A. Lusardi, R. Alessie. (2011).
Financial Literacy and Stock Market Participation.
University of Michigan Retirement Research Center
Working Paper, 162.
[9] Narula,S. (2015). “Financial literacy and personal
investment decisions of retail investors in Delhi”,
International Journal of Science, Technology &
Management, Volume No 04, Special Issue No.
01,pp. 32-42.
[10] Prawitz Aimee.D (2014) “Workplace Financial
Education Facilitates Improvement in Personal
Financial Behaviors”, Journal of Financial
Counseling and Planning Volume 25, Issue 1, 2014,
pp5-26.
[11] Robb, CA, & Sharpe, DL (2009). Effect of personal
financial knowledge on college students' credit
card behavior. Journal of Financial Counseling and
Planning, 20 (1), 25-43
[12] Ramakrishnan, R. (2012). Financial Literacy and
Financial Inclusion. Paper presented in SKOCH
Summit 2012, Mumbai, India

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Impact of Financial Knowledge of Investors Investment Making Decisions

  • 1. International Journal of Trend in Scientific Research and Development (IJTSRD) Volume 5 Issue 4, May-June 2021 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470 @ IJTSRD | Unique Paper ID – IJTSRD42536 | Volume – 5 | Issue – 4 | May-June 2021 Page 1105 Impact of Financial Knowledge of Investors Investment Making Decisions Sunil Deshpande1, Dr. Sanjay Patankar2 1Research Scholar, SPPU, Pune, Maharashtra, India 2Director, P.K. Foundation’s M.B.A. College, Chakan, Khed, Pune, Maharashtra, India ABSTRACT The objective of the study is to find the impact of financial knowledge of investors on their investment making decisions. Investors are said to rational but due to the human nature, biasness comes into picture while making investment decisions. Financial literacy and financial knowledge are taken as an imperative terms for regulating human nature of investors while making essential investment decisions The study was conducted on 150 investors in the city of PUNE. The data was collected through structured questionnaire & data so obtained was analyzed with the help of SPSS software. KEYWORDS: Investors, Financial Literacy, Financial knowledge, Investment Decision How to cite this paper: Sunil Deshpande| Dr. Sanjay Patankar "Impact of Financial Knowledge of Investors Investment Making Decisions" Published in International Journal of Trend in Scientific Research and Development(ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4, June 2021, pp.1105-1108, URL: www.ijtsrd.com/papers/ijtsrd42536.pdf Copyright © 2021 by author (s) and International Journal ofTrendinScientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http: //creativecommons.org/licenses/by/4.0) 1. INTRODUCTION: Investors select various financial products available in the market based on their needs and risk appetite. Investors investment decisions are influenced by the financial knowledge they possess & its proper applicability, while selecting the financial products. Currently various financial products are available in the market & its selection generally depends on risk & return criterion associated with it. Judicious selection is only possible if the investors are financially literate. Investment decision rest on the nature and behavior of investors to the market situation. Absence of financial literacy is the most imperative reason in financial decision making. Generally investors make investments unconsciously without having any experience and interest in financial investment. Financial Knowledge and Investment decision: The organization of Economic Cooperation & Development (2005) defines financial education as “It is the process by which investors improves their understanding of financial products & concepts through information instruction and /or objective advice, develop the skills& confidence to become more aware of financial risks & opportunities to make more aware of financial risks & opportunities to make informed choices to know where to go for help & to take other effective actions to improve their financial well-being”. Most of the people lack the knowledge necessary to make the right financial decisions. People, irrespective of their age, formal education, and what they do for a living, have rarely think beyond bank deposits and other avenues for wealth accumulation. Their reasons pointed to the fear of capital erosion, in addition to the lack of knowledge about basic financial concepts like risk diversification, inflation, and compound interest that made them stick to traditional investment avenues. While the investors today have more apprehensive about the various financial products available, behavioral biases, and preconceived notions about certain products may prevent them from exploring those options. Generally due to lack of financial literacy, investors end up parking their money in the investment whose yield is low or take on high interest loans to fulfill their obligations. Mostly, they get into investment traps by jeopardizing their well-being. So a lack of financial education impacts wealth-building capacity of investors and finally ends up with a lower corpus various goals or incurs losses. 2. OBJECTIVES To study the impact of financial knowledge on investors investment decision making of investors. 3. MATERIALS AND METHODS Hypothesis: Ho1: There is no significant positive relationship between financial Knowledge and investment decision making. Methodology: The study is descriptive in nature, based on survey method. IJTSRD42536
  • 2. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470 @ IJTSRD | Unique Paper ID – IJTSRD42536 | Volume – 5 | Issue – 4 | May-June 2021 Page 1106 Data Collection: Primary data was collected by administering questionnaire to the investors in, Pune. While, secondary data was collected from internet and various journals. Sample and Statistical Tools: A total of 150 samples were collected through convenience sampling method. The data was analyzed using SPSS: A. Correlation B. Linear Regression Scope of the Study: The study was confined to investors in Pune City. Limitations: The study was based on data collected only from 150 respondents in Pune city. Interpretation is arrived based on the assumption that the respondent has given correct information. 4. LITERATURE REVIEW Rooij, Lusardi and Alessie (2007) revealed that financial knowledge is related to financial instrument differentiation and portfolio risk diversification. This study also concludes that financial knowledge be imparted to make wise financing decisions. Financial knowledge influences what will be stored and what will be invested. Robb and Sharpe (2009) sampled undergraduate and graduate students electronically on financial knowledge in credit card use decisions. The results showed that financial knowledge is the main factor that determines how credit card decisions are, the results of Müller and Weber (2010) indicated a significant correlation of investments in low cost with financial literacy. However, the it revealed that even the most complicated investor selects properly managed funds instead of less expensive exchange-traded funds. They noted that even finance professors do not build their portfolio based on the knowledge despite being highly financially literate. M. van Rooij et al (2011) research found that most of the respondents have knowledge about finance while remaining go beyond this basic financial concept. Many respondents are differing some capital market products due to their risk appetite. The research found that financial literacy is related to the financial decision making and low literacy makes them to avoid stocks. Tabiani and Mahdzan (2012) explored the influence of financial knowledge on saving in Malaysia. The results indicated that there is a significant positive association of financial literacy with the decision to save. Ramakrishnan, (2012) concluded that financial knowledge plays important part for individual, society& to overall economy. Financially educated investors make better choices for their well-being which finally leads to their overall prosperity. Chinen et al (2012) explains how financial literacy influences one's financial behaviour especially during decision making. the sound financial behaviour helps to decide between wants &needs while making decisions. Bhushan (2014) examined people earning money by their level of understanding in financial products. The researcher concluded that respondents' awareness of new financial products was lower than traditional and safer products. through traditional and safe investment methods .so people should be more aware of the new investment opportunities available in the market. Prawitz, Aimee D (2014) explored whether financial education can influence financial behavior that helps people to balance spending and savings to maximize spending over a lifetime. Specifically, financial and non-financial education participants are compared to good financial health, savings rates, frequency of financial misconduct, and the opportunity to perform certain financial functions, including budgeting, reviewing asset plans, retirement contributions, obtaining or renewing life insurance plans, and acquiring or renewing asset planning documents. Narula (2015) examined the impact of various human factors on financial literacy and understanding the differences between the individual investment decision of various levels of financial literacy with short, medium and future significance. The study found that overall; investors had a moderate level of data and skills in financial learning. Significant differences were observed between financial literacy between different age groups. The study also revealed that investment decisions were based on a fundamental basis because the preference for investors of the same level of financial literacy has been different over time. Prawitz, Aimee D (2014) examined whether financial education can influence financial behavior that helps people to balance spending and savings to increase long-term spending. Specifically, academic and non-financial stakeholders are compared to good financial health, savings rates, frequency of financial misconduct, and the opportunity to perform certain financial functions, including budgeting, reviewing asset plans, retirement contributions, acquisition or renewal of life insurance schemes, and acquisition or renewal of property documents. San (2015) investigated the different levels of financial education and its effect on financial literacy and self-confidence about this topic. The outcome of financial literacy on the financial instruments diversity of choice has also been identified. The logistic regression in the model was used for data analysis. Findings indicated that variability of preferred financial instruments increases with financial literacy. Also financial literacy increases with the gain of financial knowledge. 5. RESULTS AND INTERPRETATION Correlations Investment Decisions Financial Knowledge Investment Decisions Pearson Correlation 1 .573** Sig. (2-tailed) .000 N 150 150 Financial Knowledge Pearson Correlation .573** 1 Sig. (2-tailed) .000 N 150 150 **. Correlation is significant at the 0.01 level (2-tailed). From the above table it can be concludedthatthereispositivecorrelationbetweenfinancialknowledge and investment decision at.573
  • 3. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470 @ IJTSRD | Unique Paper ID – IJTSRD42536 | Volume – 5 | Issue – 4 | May-June 2021 Page 1107 Regression Analysis Ho1: There is no significant positive relationship between financial knowledge and investment decision making. Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate Change Statistics Durbin- Watson R Square Change F Change df1 df2 Sig. F Change 1 .573a .329 .324 .39266 .329 72.532 1 148 .000 1.613 a. Predictors: (Constant), Financial Knowledge b. Dependent Variable: Investment Decisions ANOVAa Model Sum of Squares df Mean Square F Sig. 1 Regression 11.183 1 11.183 72.532 .000b Residual 22.819 148 .154 Total 34.002 149 a. Dependent Variable Investment Decisions b. Predictors: (Constant), Financial Knowledge Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 1.597 .256 6.238 .000 EFA3 .550 .065 .573 8.517 .000 a. Dependent Variable: ID1 Y = a +bx + error Y = 1.597 +.550 x + error Y= investment decision (dependent variable) X= financial Knowledge (independent variable) The value R square of 32.9% that indicates that independent variable financial knowledge explains 32.9% variance in investment decision. In another words financial knowledge contributes 32.9% to investment decision. The relationship between financial knowledge as independent variable and investment decision as dependent variable is indicated by standardized coefficient beta with a value of .573 Hence the null hypothesis is rejected stating that there is a positive impact of financial knowledge on investment decision making. 6. Conclusion: From the study so conducted, it can be concluded that there exists positive relationship between financial knowledge and investment decision which shows that financial knowledge plays one of the important role in investment decision. Investors due to lack of financial knowledge, cannot take effective investment decisions properly. Investors with no or less financial knowledge are more prone to poor investment decision; hence the financial literacy of investors needs to be enhanced by imparting proper training. References: [1] Bayrakdaroğlu, A., & San, F.B. (2015). “Impact of Financial Education on Financial Literacy Levels and diversity of Investment Choices”, Proceedings of the Second European Academic Research Conference on Global Business, Economics, Finance and Banking (EAR15Swiss Conference), ISBN: 978-1-63415-477-2 Zurich-Switzerland, 3-5 July [2] Bhushan, P. (2014). Relationship between financial literacy and investment behavior of salaried individuals. Journal of Business Management & Social Sciences Research, 3(5), 2319–5614 [3] K. Chinen, E. Hideki. (2012). Effect of Attitude and Background on Personal Finance Ability: A Student Survey in the United State, 29(1), 33-45. [4] Mahdzan, N. S., & Tabiani, S. (2013). The Impact of Financial Literacy on Individual Saving: An Exploratory Study in the Malaysian Context. Transformations in Business and Economics, 12 (1 (28)), 41-55 [5] Maarten van Rooij, Annamaria Lusardi, and Rob Alessie NBER Working Paper No. 13565 October 2007 on Financial Literacy and Stock Market Participation [6] Mouna, A., & Anis, M. (2015). “A study on small investors‟ sentiment, financial literacy and stock returns: evidence for emerging market”, International Journal of Accounting and Economics Studies, 3 (1) (2015) 10-19.
  • 4. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470 @ IJTSRD | Unique Paper ID – IJTSRD42536 | Volume – 5 | Issue – 4 | May-June 2021 Page 1108 [7] Müller S. & Weber, M. (2010). Financial Literacy and Mutual Fund Investments: Who Buys Actively Managed Funds? Schmalenbach Business Review 62(2), 126-153. [8] M. van Rooij, A. Lusardi, R. Alessie. (2011). Financial Literacy and Stock Market Participation. University of Michigan Retirement Research Center Working Paper, 162. [9] Narula,S. (2015). “Financial literacy and personal investment decisions of retail investors in Delhi”, International Journal of Science, Technology & Management, Volume No 04, Special Issue No. 01,pp. 32-42. [10] Prawitz Aimee.D (2014) “Workplace Financial Education Facilitates Improvement in Personal Financial Behaviors”, Journal of Financial Counseling and Planning Volume 25, Issue 1, 2014, pp5-26. [11] Robb, CA, & Sharpe, DL (2009). Effect of personal financial knowledge on college students' credit card behavior. Journal of Financial Counseling and Planning, 20 (1), 25-43 [12] Ramakrishnan, R. (2012). Financial Literacy and Financial Inclusion. Paper presented in SKOCH Summit 2012, Mumbai, India