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An Integrated Model of Financial Literacy Among B–School Graduates Using Fuzzy AHP and Factor Analysis

Shivani Inder, Arun Aggarwal, Sahil Gupta, Sanjay Gupta and Sanjay Rastogi
The Journal of Wealth Management Spring 2021, jwm.2020.1.126; DOI: https://doi.org/10.3905/jwm.2020.1.126
Shivani Inder
is an Associate Professor at Chitkara Business School, Chitkara University, Punjab, India.
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Arun Aggarwal
is an Assistant Professor at Chitkara Business School, Chitkara University, Punjab, India.
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Sahil Gupta
is an Assistant Professor at IMS Ghaziabad, University Course Campus, Uttar Pradesh, India.
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Sanjay Gupta
is an Assistant Professor at Sri Aurobindo College of Commerce and Management, Ludhiana, India.
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Sanjay Rastogi
is a Professor at Indian Institute of Foreign Trade, New Delhi, India.
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Abstract

Financial literacy is a very relevant concept in today’s world, where the financial markets are growing each day. Therefore, the objective of this study is to identify the critical dimensions of financial literacy in the Indian context. In this cross–sectional research, the data is collected from 698 students who were studying in leading private and government B–schools of Chandigarh Tri–City region. The exploratory factor analysis is used to extract the factors that affect the financial literacy of B–school graduates. The confirmatory factor analysis is used to validate these factors. Finally, fuzzy AHP is used to rank these factors. The results of this study identify the five critical financial literacy factors using exploratory factor analysis and confirmatory factor analysis. In addition to this, fuzzy AHP is used to rank the identified factors. Results show that the most important factor of financial literacy is financial or professional training followed by financial behavior, financial attitude, financial knowledge, and the least important factor is financial culture. Financial literacy is essential from the youth’s point of view. To our knowledge, no such study has been done in the past, which has tried to model the financial literacy in Indian context through exploratory factor analysis, confirmatory factor analysis, and fuzzy AHP.

TOPICS: Behavioral financial theory, behavioral financial in wealth management, long term/retirement investing

Key Findings

  • ▪ Financial literacy improves the financial decisions of an individual. The measurability of the construct improves when the construct is analyzed across different dimensions.

  • ▪ The study makes use of Exploratory Factor Analysis, Confirmatory Factor Analysis and fuzzy AHP to identify, validate and prioritize critical dimensions of financial literacy respectively.

  • ▪ The financial training is the most important factor of financial literacy followed by financial behavior, financial attitude and financial culture.

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The Journal of Wealth Management: 23 (3)
The Journal of Wealth Management
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Winter 2020
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An Integrated Model of Financial Literacy Among B–School Graduates Using Fuzzy AHP and Factor Analysis
Shivani Inder, Arun Aggarwal, Sahil Gupta, Sanjay Gupta, Sanjay Rastogi
The Journal of Wealth Management Nov 2020, jwm.2020.1.126; DOI: 10.3905/jwm.2020.1.126

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An Integrated Model of Financial Literacy Among B–School Graduates Using Fuzzy AHP and Factor Analysis
Shivani Inder, Arun Aggarwal, Sahil Gupta, Sanjay Gupta, Sanjay Rastogi
The Journal of Wealth Management Nov 2020, jwm.2020.1.126; DOI: 10.3905/jwm.2020.1.126
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