A Study On Savings Practices And Financial Literacy In Youngsters Of Bhavnagar District

Abstract

Objectives for Individual Savings People save money mostly for emergencies such as illness, job loss, retirement planning, their children's or their own education, home and vehicle purchases, vacation or lifestyle goals, and investments or wealth accumulation. Savings practices are essential for long-term prosperity and financial stability. These are dynamic practices that vary according on income, life stage, culture, access, and financial conduct. Promoting safe saving habits through behavioural nudges, institutional support, and education may greatly enhance an individual's financial well-being. based on 178 replies to a questionnaire that collected primary data. The Kruskal-Wallis test, Cronbach's Alpha, and Chi-Square tests as statistical tools and interpretation. The impact of each component of financial activity varies. Your sample's saving habits might not be significantly predicted by financial literacy alone. Nonetheless, there are definite and significant connections between budgeting, credit card use, and investing knowledge and financial habits. These results support targeted financial education that highlights practical tools like budgeting and investing.