FINANCIAL LITERACY SURVEY

Name – Aman Sharma

Course – B. Sc CS(H)

Roll No – 22HCS4109

Subject – Financial Literacy

1.

According to the survey:

• Fixed Deposit is perceived to have the highest interest rate, as it received 60% of the responses.

• Term Deposit comes next with 20% of the responses.

• Both Saving A/C and Current A/C are perceived to have the same interest rate of 10%
2.

The survey responses on the overall financial knowledge of participants, rated on a scale of 1 to 10, show
the following analysis:

- Rating 1: 5% of respondents gave themselves the lowest rating.

- Rating 2: 0% of respondents rated their financial knowledge at this level.

- Rating 3: 5% of respondents gave themselves a moderately low rating.

- Rating 4: 15% of respondents rated their financial knowledge at this level.

- Rating 5: 15% of respondents considered their financial knowledge to be average.

- Rating 6: 25% of respondents rated themselves slightly above average.

- Rating 7: 20% of respondents rated their financial knowledge as above average.

- Rating 8: 15% of respondents gave themselves a high rating.

- Rating 9: 0% of respondents rated their financial knowledge at this level.

- Rating 10: 0% of respondents rated themselves the highest possible score.

In summary, the majority of respondents rated their financial knowledge in the mid to above-average
range, with a significant portion feeling slightly above average. There were relatively fewer respondents
Who rated themselves at the extremes (lowest and highest scores) on the scale.
3.

4.

The survey responses on confidence in creating and managing a budget show the following analysis:

- Somewhat Unconfident: 0% of respondents expressed low confidence in budget creation and

management.

- Neutral: 45% of respondents indicated a neutral level of confidence.

- Somewhat Confident: 40% of respondents felt moderately confident in creating and managing a
budget.
- Full Confident: 15% of respondents expressed high confidence in their ability to create and manage a
budget.

In summary, a significant portion of respondents feels either neutral or somewhat confident in creating
and managing a budget. A smaller but notable percentage expresses full confidence, while no
respondents reported feeling somewhat unconfident.

5.

The survey responses on the presence of an emergency fund and the coverage in months' worth of
expenses show the following analysis:

• No Emergency Fund: 65% of respondents reported not having an emergency fund.

• 1 - 2 Months: 25% of respondents have an emergency fund that covers 1 to 2 months' worth of
expenses.

• 3 - 6 Months: 5% of respondents have an emergency fund that covers 3 to 6 months' worth of

expenses.

• 7 - 12 Months: 5% of respondents have an emergency fund that covers 7 to 12 months' worth of

expenses.

• More than 12 Months: 0% of respondents reported having an emergency fund that covers more
than 12 months' worth of expenses.

In summary, a majority of respondents do not have an emergency fund, and among those who do, most
have coverage for a relatively short duration (1 to 2 months). There is a smaller percentage of
respondents with longer-term emergency fund coverage
6.

The survey responses on familiarity with investment options such as stocks, bonds, and mutual funds
show the following analysis:

• Familiar: 25% of respondents are familiar with investment options.

• Somewhat Familiar: 40% of respondents have some level of familiarity with investment options.

• Neutral: 35% of respondents expressed a neutral stance, neither familiar nor unfamiliar.

• Not Familiar: 40% of respondents are not familiar with investment options.

In summary, respondents are distributed across different levels of familiarity, with a notable portion
having some familiarity or being neutral, and a similar percentage indicating a lack of familiarity with
investment options
7.

The survey responses on familiarity with different types of insurance, including health insurance, life
insurance, and property insurance, show a clear trend:

• Yes: 100% of respondents are familiar with different types of insurance.

• No: 0% of respondents reported not being familiar with different types of insurance.

In summary, all respondents are familiar with various types of insurance, indicating a high level of
awareness or knowledge in this area.

8.
The survey responses on the comfort level with using financial tools and technology, such as online
banking, budgeting apps, and investment platforms, show the following analysis:

• Very Comfortable: 20% of respondents are highly comfortable with financial tools and
technology.

• Comfortable: 55% of respondents feel generally comfortable using financial tools and
technology.

• Neutral: 20% of respondents are neutral, indicating neither comfort nor discomfort.

• Uncomfortable: 5% of respondents feel uncomfortable using financial tools and technology.

In summary, a majority of respondents express comfort or high comfort with financial tools and
technology, indicating a positive inclination towards using digital tools for financial activities. There is a
smaller percentage of respondents who feel neutral or uncomfortable.

9.

The survey responses on how individuals prioritize spending on needs versus wants in their budget show
the following analysis:

• Always Prioritize Needs: 25% of respondents consistently prioritize needs in their budget.

• Mostly Prioritize Needs: 20% of respondents mostly prioritize needs.

• Balance Needs and Wants: 50% of respondents strike a balance between needs and wants in
their budget.

• Mostly Prioritize Wants: 5% of respondents mostly prioritize wants.

• Always Prioritize Wants: 0% of respondents always prioritize wants.

In summary, a significant portion of respondents balances their spending between needs and wants,
while others tend to prioritize needs to varying degrees. A very small percentage consistently prioritizes
wants.

10.

The survey responses on the understanding of taxes and their impact on financial situations show the
following analysis:

• Good (7 - 10): 15% of respondents rate their understanding of taxes as good.

• Average (3 - 6): 50% of respondents have an average understanding of taxes.

• Poor (1 - 3): 25% of respondents rate their understanding of taxes as poor.

• None (0): 0% of respondents reported having no understanding of taxes.

In summary, the majority of respondents have an average understanding of taxes, while a notable
percentage rates their understanding as good. There is also a portion of respondents who feel their
understanding of taxes is poor, but none reported having no understanding.
11.

The survey responses on awareness of mutual funds show a clear trend:

• Yes: 90% of respondents are familiar with mutual funds.

• No: 10% of respondents reported not being familiar with mutual funds.

In summary, the vast majority of respondents are knowledgeable about mutual funds, indicating a high
level of awareness or understanding in this financial area.

12.

The survey responses on the perceived liquidity of different investment options show the following
analysis:

NPS (National Pension Scheme): 0% of respondents identified it as having high liquidity.

• SIP (Systematic Investment Plan): 70% of respondents believe it has high liquidity.
 • Don't Know: 0% of respondents were uncertain about the liquidity of these investment options.

In summary, according to the survey responses, SIP (Systematic Investment Plan) is perceived by the
majority of respondents as having high liquidity compared to NPS. No respondents indicated uncertainty
about the liquidity of these investment options.

13.

The survey responses on the perceived risk and return characteristics of different investment
instruments show the following analysis:

• Equity: 75% of respondents believe it has high risk and high return.

• Debentures: 0% of respondents identified it as having high risk and high return.

• Bonds: 5% of respondents associate it with high risk and high return.

• Mutual Funds: 20% of respondents perceive it as having high risk and high return.

In summary, the majority of respondents consider Equity as the investment instrument with high risk
and high return. Mutual Funds also received some recognition in this regard. Debentures did not receive
any mention, and Bonds had a lower association with high risk and high return compared to Equity and
Mutual Funds.
14

n summary, the survey responses indicate that a majority of respondents perceive both debit and credit
cards as tools to cover unexpected expenses without going into debt. Additionally, a significant portion
views them as means to fund non-essential purchases. There is a smaller acknowledgment that using
cards might reduce the need for insurance. Overall, the responses focus on the perceived benefits and
uses of debit and credit cards rather than highlighting the inherent differences between the two.

15

Q ) What are your financial goals for the next 5 years?

➢ INCREASING SAVING BY 40%

➢ just save money
➢ I want to be financially independent
➢ None brother
➢ Learn more about saving and investing .
➢ Save Some money for future
➢ Creating my own home
➢ as of now there is no such financial goals, will think upon it.
➢ 1.5 lakhs profit in trading
➢ To earn lots of money
➢ Starting a bussines,Building a emergency fund, feeling financially secure
➢ To earn something
➢ NO GOALS
➢ NOTHING
➢ No
➢ A high profile job
➢ Nothing
➢ Emergency Fund Savings for Education Investing for the Future Building Credit
Internship and Career Development
➢ Increase bank balance
➢ Want to purchase SUV