A STUDY ON FINANCIAL LITERACY AND BANKING HABITS WITH REFERENCE TO IDFC FIRST BANK

Abstract

A component of financial acumen is the ability to perform mathematical calculations. Daily, it alters the manner in which individuals make decisions and manage their finances. The research examines the relationship between individuals' comprehension of fundamental financial concepts and their actual financial management practices. A systematic questionnaire inquires about participants' experiences with digital technologies such as mobile banking and online payments, along with their money-saving practices. The findings indicated that individuals with greater financial knowledge were more inclined to utilize banking services, save consistently, and adhere to manageable budgets. Many individuals continue to struggle with comprehending concepts such as interest rates, long-term strategies, and investment alternatives. The occurrence of these differences underscores the necessity of educating individuals beyond fundamental financial principles. If banks and legislators educate individuals about finance, a greater number will engage with the formal financial system, increase consumer participation, and enhance their financial decision-making.