Paper Details
Financial Literacy Program: Enhancing Personal Finance Management
Authors
Dayem Azam
Abstract
This study explores the role of financial literacy programs in enhancing personal finance management and promoting financial well-being among individuals. Through a comprehensive review of existing literature and a proposed research methodology, the study examines key findings related to financial literacy levels, the impact of financial education interventions, and future research directions. The literature review reveals significant variations in financial literacy levels among different demographic groups and underscores the importance of early intervention in shaping individuals' financial habits and attitudes. Parental influence, financial stress, and cultural factors emerge as critical determinants of financial behavior, highlighting the need for holistic approaches to financial education. Proposed research methodology adopts a mixed-method approach, combining quantitative surveys and qualitative interviews to assess the effectiveness of financial literacy programs. The study aims to evaluate changes in participants' financial knowledge, behaviors, and attitudes following program participation, with a focus on long-term outcomes and sustainability. Key findings suggest that financial literacy programs can positively influence participants' financial knowledge and behaviors, leading to improved financial well-being and resilience. However, further research is needed to explore the long-term impact of interventions, comparative effectiveness of different program types, and cultural nuances in financial decision-making. Managerial implications emphasize the importance of tailored interventions, collaborative partnerships, continuous evaluation, and accessibility in maximizing the effectiveness of financial literacy initiatives. By implementing these strategies, stakeholders can contribute to improved financial outcomes and empowerment among diverse populations. Overall, this study contributes to the growing body of knowledge on financial literacy and underscores the importance of evidence-based interventions in promoting financial well-being and resilience in today's complex economic landscape.
Keywords
Citation
Financial Literacy Program: Enhancing Personal Finance Management. Dayem Azam. 2024. IJIRCT, Volume 10, Issue 2. Pages 1-13. https://www.ijirct.org/viewPaper.php?paperId=2404049