A STUDY OF FINANCIAL LITERACY AMONG PRE-SERVICE TEACHERS IN MUMBAI

Financial literacy is the key factor which determines the financial wellbeing of a person. Standard and Poor’s global financial literacy survey reports that, on an average, only 24% of adults in India are financially literate, which is the lowest among the adults in the emerging economies of the BRICS nations. The present study is an inquiry into the financial literacy among undergraduate pre-service teachers in Mumbai. It is important to understand the levels of financial literacy among this group as they are the key influencers at the school level. It is their interest and awareness which will be passed on to the learners they interact with in the future. The study adopted a descriptive survey approach. The survey tool, administered to 138 pre-service teachers was based on the understanding of basic concepts and knowledge of banking, digital payments, insurance, investments, fraud protection and grievance redressal, and pensions and retirement. The findings them of the survey revealed that 56.45% of the pre-service teachers are financially literate. Among, the knowledge of digital payments is highest, while the knowledge of banking, fraud protection and grievance redressal are moderate. Their knowledge related to insurance, investments, pensions and retirement left much to be desired. The research suggests that more efforts are required for the financial education of pre-service teachers.