Financial Literacy Level among Working Women in Punjab with Special Reference to Investment Avenues Carrying Fixed Income

Rising educational accomplishment of women’s and girls’ contribute to their economic empowerment and added inclusive economic growth. But if we talk about financial education, there is a great need for women to be financially literate. Financial literacy refers to the collection of abilities that enables investors to comprehend financial information, financial products and concepts in order to make wise personal financial decisions. Numerous surveys stated lower literacy for financial products all across the world among women than men. In this paper, an attempt has been made to determine socio-economic & demographic factors influencing the present level of financial literacy for fixed income investments among working women in Punjab. Financial knowledge and use of Savings account, fixed deposits, post office schemes, national saving certificates, debentures, and government securities are the fixed income investments undertaken for study. Chi-square and multiple logistic regression tests have been applied to determine the present level of financial literacy. Results exhibit higher level of financial knowledge for fixed income investment avenues than financial literacy. Factors impacting the present level of financial literacy among working women in Punjab are level of education, monthly income and employment in the manufacturing sector.