Proceedings of the 3rd International Conference on Reinventing Business Practices, Start-ups and Sustainability (ICRBSS 2023)

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Analyze the Impact of Financial Literacy on Poverty-Prevention Strategies in Families: A Case Study in Bengaluru Rural District

Authors
M. Krishnamoorthi1, *, M. Thinesh Kumar2, R. Mohan Kumar3, P. Venkatesh4
1Faculty of Commerce and Management, Kristu Jayanti College, Bengaluru, India
2Department of Corporate Secretaryship & Accounting and Finance, Faculty of Science and Humanities, SRM Institute of Science and Technology, Kattankulathur, India
3Department of Commerce (PG), School of Commerce and Management, Kristu Jayanti College (Autonomous), Bengaluru, India
4Department of Management Studies, Sri Sairam Engineering College, Chennai, India
*Corresponding author. Email: krishnamoorthi@kristujayanti.com
Corresponding Author
M. Krishnamoorthi
Available Online 20 February 2024.
DOI
10.2991/978-94-6463-374-0_40How to use a DOI?
Keywords
Financial Literacy; Poverty Line; Investment Awareness; Government Schemes
Abstract

This study aims to investigate the degree of financial literacy among families categorized as falling below the Poverty Line (PL) and to evaluate their capability in successfully managing financial decision-making processes. This study aims to examine the level of knowledge among participants about various financial resources and government aid programs. The technique of analysis used for this study was descriptive research. Convenience sampling, a non-probability sampling technique, was utilized, whereby data was collected from people within the community who were readily available throughout the data collecting phase of the study. The findings indicate that financial literacy can contribute to poverty reduction Better Money Management, Savings and Emergency Funds, Debt Management, Investment Knowledge, Entrepreneurship and Job Opportunities, Access to Financial Services and Poverty Prevention Strategies. The enhancement of financial literacy is expected to contribute to the achievement of financial inclusion, which is a crucial need for the Indian economy. Hence, it is essential for the government to provide guidance to those living in impoverished conditions about optimal resource management and active engagement in accessible programs.

Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 3rd International Conference on Reinventing Business Practices, Start-ups and Sustainability (ICRBSS 2023)
Series
Advances in Economics, Business and Management Research
Publication Date
20 February 2024
ISBN
10.2991/978-94-6463-374-0_40
ISSN
2352-5428
DOI
10.2991/978-94-6463-374-0_40How to use a DOI?
Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - M. Krishnamoorthi
AU  - M. Thinesh Kumar
AU  - R. Mohan Kumar
AU  - P. Venkatesh
PY  - 2024
DA  - 2024/02/20
TI  - Analyze the Impact of Financial Literacy on Poverty-Prevention Strategies in Families: A Case Study in Bengaluru Rural District
BT  - Proceedings of the 3rd International Conference on Reinventing Business Practices, Start-ups and Sustainability (ICRBSS 2023)
PB  - Atlantis Press
SP  - 471
EP  - 478
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-374-0_40
DO  - 10.2991/978-94-6463-374-0_40
ID  - Krishnamoorthi2024
ER  -