Abstract
The Government of India and the Reserve Bank of India have initiated efforts to enhance banking services, including the expansion of rural bank branches, the implementation of the banking correspondent model, and the promotion of financial literacy. In a diverse nation like India, financial literacy is crucial for the success of this significant social initiative aimed at achieving financial inclusion. An effective strategy encompasses three key components: financial education, financial inclusion, and financial stability. While financial inclusion addresses the supply side by ensuring access to various financial services, financial education stimulates demand by raising awareness among individuals about the advantages and necessities of the financial services provided by banks and other institutions. Together, these strategies contribute to improved financial stability. This paper aims to examine the level of financial literacy among college students in Poonamallee Taluk, Kanchipuram District, Tamil Nadu, in detail.
The financial literacy among students of the Arts, Science, and Commerce College in Pooonnalle Taluk, Chengalpattu District, Tamil Nadu, falls short of global standards. This deficiency is largely influenced by their rural upbringing and can be linked to the inadequacies of the elementary and primary education systems, as highlighted in previous research. It is essential to prioritize efforts aimed at improving financial literacy across all student disciplines, as they represent the future of the nation. A specific inquiry directed at commerce students regarding their perceptions of financial investment revealed that 98% responded positively, indicating that their attitudes have improved after engaging with finance-related subjects in their curriculum. This underscores the urgent need for academic initiatives to bolster students' financial literacy. As India embarks on a path toward economic development, achieving widespread financial literacy is crucial for ensuring that growth benefits the entire population.