An Empirical Analysis on Financial Literacy Elements Influencing Financial Wellbeing amongst Selected Academicians in Gujarat

: One of the Governments of India's key initiatives is the promotion of financial literacy. In our culture, teachers/ academicians are among the most powerful figures. They can serve as role models for their pupils and aid in their development as socially and financially responsible adults by practising good personal finance management and financial literacy. When it comes to making decisions about investments, financial literacy has grown to be a crucial component of a person's existence. The purpose of the study is to determine the extent to which financial well-being, particularly among academicians, is impacted by elements of financial literacy.

Financial attitude is a state of mind of a person about finances, which is generally a result of his background and environment. Financial behaviour concerns with a human's action with respect to money management. We can say that both are closely related and are part of the same family. An individual's financial wellbeing is dependent upon daily financial decisions. Knowledge serves as a guiding light for mind and attitude leads the path of decision making but it is how the individuals behave that defines their financial prosperity. When it comes to financial behaviour, the main aim is to comprehend how individuals take decisions and figure out the mistakes committed by them in financial markets.

CONCEPTUAL DEFINITIONS
Various researchers have characterised the idea in different ways.

Financial Literacy:
Financial literacy, according to the OECD (2013), it is the mix of awareness, skill, attitude, knowledge, and behaviour required to make wise financial decisions and, in the end, attain individual financial wellbeing. Jang et al. (2014) proposed, Financial literacy includes fundamental knowledge of major financial concepts, skills such as the capacity to calculate interest rates and build a family budget, a positive attitude towards money, and the ability to save and spend, and behaviour to protect one's financial future. Kapadia (2019) stated, "financial literacy is the ability to know, effectively use financial resources and monitor to enhance the wellbeing and economic security of oneself, one's family, and goes beyond the provision of financial information and advice".

Elements of Financial Literacy:
Financial literacy is an important topic to understand because it encompasses a variety of elements, including "financial attitude, financial knowledge, and financial behaviour." A person can become financially literate by learning the fundamentals of finance-related ideas, forming a favourable attitude towards money management, and finally modelling appropriate financial behaviours while making decisions. The study has taken into consideration the OECD (2013) proposed dimensions. Huston (2010), however, believed it to be a crucial component of financial literacy rather than a synonym. Numerous researchers have defined the notion taking into account various factors. Huston (2010) distinguished four key categories: concepts of borrowing and protection, fundamental financial concepts, concepts of savings, and concepts of investments. The definition embracing three independent topicsrisk diversification, inflation, and interest rate calculation-was summarised by Lusardi and Mitchell (2011). According to Delavande et al. (2008), "learning how to manage income, expenditure, and savings in a safe way" is how one learns to acquire financial knowledge. Financial knowledge, according to Huang et al. (2013), is the comprehension of the eight financial concepts by an individual. The seven fundamental elements taken into account by OECD-INFE (2018) were interest identification, simple interest, inflation concept, the effect of inflation on purchasing power, risk & reward relationship, compound interest, and risk diversification. Therefore, financial literacy necessitates familiarity with terms connected to finance, such as risk-return of financial products and services, interest rate, risk diversification, etc. With the aid of this knowledge, risk may be reduced and the financial environment can remain stable.

➢ Financial Attitude
In today's technologically advanced and creative world, the development of the attitude towards managing personal funds has become increasingly important. since people should budget for long-term speculative expenses like retirement and family expenses like children's schooling, marriage, and so forth. According to Shim et al. (2009), it is possible to gauge a person's financial attitude by looking at how well they manage their money and how well they understand how to save money and invest it. According to Shockey (2002), "financial attitude is a set of ideas, facts, and feelings about learning that produce a propensity to respond favourably." According to Moore (2003), "financial attitude is a factor that influences how an individual behaves when making decisions during transactions." Financial attitude, according to Rajna and Anthony (2011), is the use of financial principles to manage resources and make decisions in order to produce and maintain value. Financial attitude was defined by Ibrahim and Alqaydi (2013) as "a personal disposition towards the financial matter." So, according to OECD (2013) and Setyawati and Suroso (2016), it is regarded as an essential part of financial literacy. behaviour is the term used to explain how people act when making decisions about their finances and investments.
➢ Financial wellbeing One of the most important steps towards financial wellbeing is financial literacy. It prevents people from going into financial trouble and provides knowledge about the risk and return characteristics of financial products and services, which eventually alters people's behaviour. These altered behaviours help people make better financial decisions and raise their sense of financial well-being. Through the process of financial education, people develop a high degree of financial literacy and make wise financial and investment decisions, which eventually improve their financial well-being. Scheresberg (2013) In the study, which looked at young individuals in the USA, inadequate financial literacy was identified, particularly among women and underrepresented groups. Chu et al. (2016) Researchers studied households and discovered that having a high degree of financial literacy led to favourable financial outcomes, such as favourable investment returns, which in turn helped households have a higher level of financial well-being. Kamakia et al. (2017) The results of the study demonstrated how financial knowledge affects financial wellbeing.

REVIEW OF LITERATURE: INTERNATIONAL RESEARCH PAPERS Author
Year The forms of financial literacy overconfidence and their role in financial wellbeing The findings show that the financial outcomes of households are strongly correlated with FL and its overestimation (OE). As a result, perceived FL is a more accurate indicator of financial health than real FL skills. The findings also contribute to the corpus of research by demonstrating that the effects of various types of overconfidences vary, with over precision and OE potentially having negative effects. The article thus offers proof that FL overconfidence is a multidimensional concept and that its many manifestations have varying effects on financial well-being. Muhammad S. Tahir For two distinct purposes, they test a moderated mediation model. In order to better understand the relationship between financial literacy (FL) and financial well-being (FW), we must first look at the mediating role that financial capability (FC) plays. The second goal is to determine if non-impulsive future-oriented behaviour (NIB) modifies the relationships between FL and FC and FL and FW.
According to the empirical investigation, FC helps explain some of the relationship between FL and FW. The moderated mediation analysis further demonstrates that NIB enhances the relationships between FL and FC and FL and FW. For those customers who score highly on NIB, the favourable connections of FL with FC and FL with FW particularly increase. Nikolaos D.

Philippas & Christos Avdoulas 2021
Financial literacy and financial wellbeing among generation-Z university students: Evidence from Greece The findings demonstrate that pupils who are more financially literate are male, keep expense records, or have highly educated fathers. The findings indicate that financially educated students are better able to deal with an unanticipated financial shock. They also look at the characteristics of financial fragility. As a result, among Greek university students, financial literacy may be a significant factor in determining financial well-being. Mehmet Akif Sözer 2020 The examination of primary school teachers' financial literacy attitudes and behaviors in terms of different variables The study's main goal was to assess how financially literate university students were. According to the report, the academic community as a whole (68.52%) has a medium degree of financial literacy. Both the knowledge and attitudes components-75.9% and 69.7%, respectively-are at a medium level. Academics only exhibit low levels of appropriate financial behaviour, at a rate of 59.96%. According to the findings, it is important to understand financial knowledge and attitudes in order to understand how academics behave financially. Dr.

RESEARCH METHODOLOGY:
The nature of the current study is descriptive in nature. Primary data was collected from academicians and convenience sampling method was used. A non-disguised structured questionnaire was prepared and primary data was collected by passing on the questionnaire mode in physical form as well as via google link. The google link and questionnaire was passed to around 130 academicians known to the researchers from which 117 responded it completely and correctly. All the responses were securitized properly before taking into consideration and the ones which were incomplete, were removed. From the total responses surveyed, majority of the respondents belonged to Gandhinagar and Ahmedabad. The questionnaire consisted of five sections: Demographic profile, Financial Knowledge, Financial Behaviour, Financial Attitude and Financial Well-being. Appropriate 5 point Likert scale ranging from (1) Strongly Disagree to (5) Strongly Agree were used to measure the level of awareness amongst the respondents. Before administering the final questionnaire, a pilot study was conducted on 20 academicians. Some minor changes were made in the questionnaire and then it was passed for the survey. The internal scale of reliability was carried on and all scales showed a range from 0.807 to 0.906, which is within the acceptable limit of 0.7 and higher. Further, the collected primary data was analyzed via SPSS -21. Frequency distribution, Mean, Standard Deviation and Cronbach Alpha were calculated. Demographic data from the respondents, including gender, academician kinds, educational background, and monthly income, were collected as part of the study. Our data set consists of male (55.6%) and (44.4%) of female respondents. Coincidently the ratio of male and female respondents is almost equal. It has been found that the majority of responders (57.3%) hold a postgraduate degree, which is the minimum requirement to teach in higher education, and 20.5% of faculty members hold doctoral degrees. Very few respondents (3.4%) have a degree in master's in Education. The study found that the majority of the respondents were at the post of Assistant professor (42.7%) while (6.8%) at the post of principal. The data revelled that 54.7 percent of respondents reported having a monthly salary of less than 50,000 rupees. 10.3%, however, earned more than 1,50,000 Rs. every month.

Fig 1: Financial Knowledge level of Respondent
The respondents were asked to assess their own Financial Knowledge. As presented in Fig. 1, maximum academicians believe that they are slightly knowledgeable (33.9%) or Moderately knowledgeable (32.2%). But it must be noted that the least selected respond remains as not at all knowledgeable. So, the study reflects that respondents are either slightly or moderately aware of Financial Knowledge.     I always compare interest rates of banks before procuring loan. FK5 I always compare interest rates of banks before procuring loan. FK6 My financial decisions are facilitated with the aid of digital platform and investment apps. FK7 I am able to understand and comprehend all the information in the financial statements. As represented in Table:6, Construct reliability and validity were quantitatively assessed by the researcher. Inter-item internal consistency was ascertained using Cronbach α, and the score was determined to range from 0.807 to 0.906, which is within the acceptable limit of 0.7 and higher. The above tables represent the reliability test carried on for various constructs of Financial Knowledge, Financial Behavior, Financial Attitude and Financial Well-being.

SCOPE FOR FUTURE STUDY:
A future study could repeat the current one, with a significant number of respondents from Gujarat's major cities. More importantly, the study solely included academics. There is a big opportunity for others to explore various populations.
In addition to the study on higher education instructors, the study should include instructors at all grade levels and workers from all industries. With this, one should be able to see clearly how people organize their own finances. The conclusions drawn therefrom ought to help practitioners and policymakers develop effective methods to close any gaps in financial literacy.

LIMITATIONS OF THE STUDY:
One of possible drawbacks of any social science research is that the sample of respondents chosen for the study does not accurately represent the entire population of the selected districts in Gujarat. The survey responses are prone to numerous sorts of bias. The chosen sample is a convenience sample, and despite the benefits of selecting such a sample can lead to measurement issues.