Financial Literacy and Financial Behavior Among Chhattisgarh Government Employees

This research looks at the degree of financial behaviour and literacy among Chhattisgarh government workers, concentrating on the connection between understanding financial ideas and real-world financial activities. A standardised questionnaire was used to test financial literacy and behaviour in 320 randomly selected workers. Scores were obtained for many aspects of financial behaviour, including income allocation, borrowing, investing, insurance, and saving. The results show that, on average, respondents had decent financial literacy, scoring 7% excellent, 45% good, 35% fair, and 13% poor. In a similar vein, most respondents had favourable financial behaviour, rating it as outstanding for 2%, good for 70%, and fair for 28%. Employees approaching retirement (ages 46–58) shown comparatively worse comprehension of non-banking financial goods including investments and insurance, according to the analysis, which also found that job level and education had a substantial impact on financial literacy. Sound long-term financial planning and disciplined financial behaviour did not always correspond with financial literacy, despite the fact that it rose with age and experience. With literacy explaining 5.6% of the variation in behaviour, regression analysis demonstrated a positive and significant connection between financial literacy and financial behaviour at the 5% level. Although most government workers have enough financial knowledge, the survey finds that there are still gaps in applying this information to successful financial planning, especially when it comes to non-bank goods and retirement readiness.