Financial literacy is widely recognised as a key driver of financial inclusion, household welfare, and sustainable economic participation (Lusardi OECD/INFE, 2022). In emerging economies experiencing rapid digital transformation, behavioural financial capability plays a crucial role in determining how effectively individuals engage with formal financial systems (World Bank, 2021; RBI, 2020). This study examines state-wise financial literacy patterns in India, with special analytical focus on Maharashtra, using behavioural indicators derived from the NSS 77th Round (All India Debt and Investment Survey, 2019) (Dash Lusardi, 2019). Results indicate that Maharashtra belongs to the medium financial literacy tier, with urban FLI (0.44) slightly higher than rural FLI (0.42). Rural Maharashtra is dominated by elementary literacy, reflecting basic banking inclusion but limited digital capability, while urban areas show stronger moderate and advanced literacy. Hypothesis testing confirms statistically significant rural–urban differences and a strong positive association between literacy and digital financial adoption. The study concludes that despite Maharashtra’s advanced economic profile, financial capability disparities persist, necessitating targeted financial education strategies aligned with national initiatives such as NSFE 2020–2025 (NCFE, 2020).
Satish Dhoke (2026) studied this question.