Exploring the Relationship between Financial Literacy, Banking Services and Economic Growth: An Empirical Study in Karnataka
Published: 2024
Author(s) Name: Philomena Sylvia R. Rosario, Manikya A. Bidikar, Smita Nadiger, Gangadhar S. Sheeri |
Author(s) Affiliation: KLE Institute of Management Studies & Research, Hubli, Karnataka, India.
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Abstract
This empirical study investigates the intricate relationship between financial literacy and economic growth in the context of Karnataka, India. The objectives of the research are to examine the extent to which financial literacy levels impact economic growth in the region, identify key factors influencing financial literacy and provide insights for policymakers and stakeholders to enhance financial education programs. The study employs quantitative research methods and utilises statistical tools such as regression analysis to analyse the data collected through surveys and secondary sources. The methodology involves assessing financial literacy levels among different demographic groups, correlating these levels with economic indicators and exploring the mediating factors that contribute to the observed relationships. Preliminary findings indicate a significant positive correlation between higher financial literacy levels and economic growth. The research aims to contribute valuable insights to policymakers, educators and financial institutions, guiding the design of targeted financial literacy initiatives that can potentially fuel economic development in Karnataka.
Keywords: Financial Literacy, Economic Growth, Financial Education, Financial Inclusion
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