Financial Planning Awareness Among Indian Youth

The fact that the young generation in India is increasingly involving itself in the credit markets at a younger age, the process of digitification of payment and investment has accelerated and has made the financial products offerings more complex has necessitated the need to be more conscious about the importance of financial planning by the young generation in the country. Nonetheless, the fact that young adults are more likely to display the lack of objective financial knowledge and planning behavioral deficiencies and risk awareness can be taken as a slight indication that youth as the participants of digital finance use are not yet ready to be viewed as mature users of digital finance. The proposed study will gauge the level of financial planning awareness among the Indian youth and test a model in terms of the relation between financial planning awareness and financial literacy (objective and perceived) and financial socialization, digital financial literacy, and predictors of behavior, among attitudes and self-efficacy and risk tolerance. A summary of a cross-sectional survey design (N = 500; age 1829) is presented, and the measurement items were validated and were grounded on tools employed in the financial literacy and behavior literature. Results (sample template values have been provided in full paper draft) show moderate or low levels of financial planning awareness as a general level with huge differences in level of education and working conditions. A number of regression and SEM-type directions indicate that objective financial literacy, financial self-efficacy, and family financial socialization are among the strongest predictors of the planning awareness and that fintech usage is positively connected with the mediators of digital financial literacy and responsible financial management behavior. The paper concludes with the implication of higher education, financial wellness programs at the workplace, and policy programs not only with the focus on access and adoption of digital finance but also with planning competence, risk awareness, and long-term goal setting.