Relationship Between the Demographic Factors and Financial Literacy of the Rural Community
Jayasighe N. M. A., Karunarathna S. A., Kalinga M, L.
Department of Economics, University of Sri Jayewardenepura, Sri Lanka
Publication Information
Journal Title: International Journal of Research and Innovation in Social Science (IJRISS)
Author(s): Jayasighe N. M. A., Karunarathna S. A., Kalinga M, L.
Published On: 24/03/2023
Volume: 7
Issue: 2
First Page: 1369
Last Page: 1377
ISSN: 2454-6186
Cite this Article
Jayasighe N. M. A., Karunarathna S. A., Kalinga M, L., Relationship Between the Demographic Factors and Financial Literacy of the Rural Community, Volume 7 Issue 2, International Journal of Research and Innovation in Social Science (IJRISS), 1369-1377, Published on 24/03/2023, Available at https://rsisinternational.org/blogs/relationship-between-the-demographic-factors-and-financial-literacy-of-the-rural-community/
Abstract
Taking the right financial decisions is important to empower the rural people economically and socially and to eradicate poverty and improve the quality of life in the rural community. For that, the financial literacy of the rural people is a very important factor. Accordingly, this research studies how the sociological factors of rural people affect their financial literacy. A research questionnaire was used to collect empirical data from 100 households using random sampling of the community in Middeniya East Grama Sewa Division. Accordingly, personal financial literacy was taken into account as the dependent variable and demographic factors were used as the independent variable. When reviewing information on personal financial literacy, a lot of data was gathered by presenting questions in relation to basic financial literacy and advanced basic literacy. Accordingly, to identify the impact of demographic factors on financial literacy, a Chi-Square Test was carried out. This study found that the level of education and age of the rural community affect financial literacy. But Gender was found to have no effect on the financial literacy of the rural community.
Keywords: Age, Education, Financial Literacy, Gender, Rural Population