Municipal Led Financial Literacy Evidence from Phagwara Punjab
Md Imtiyaz, MBA (Financial Markets) 2024–2026
Mittal School of Buisness, Lovely Professional University,
mdimtiyaz8877350992@gmail.com
Md Irfan Hossain, MBA (Financial Markets) 2024–2026
Mittal School of Buisness, Lovely Professional University,
hossainirfan144@gmail.com
Dr. Anoop Mohanty. Mittal School of Business
Lovely Professional University,
ABSTRACT
Despite universal banking access under Indias financial institution major gap between availability and effective financial capability in semi-urban communities. This study focus on the communitybased financial literacy workshops conducted by municipal counsellors in Phagwara Punjab applying practical approach to understand whether governance-led interventions enhance financial awareness digital payment adoption and financial confidence.
The first-hand data from 269 workshop participants were collected through a 50-item structured questionnaire carried out between August and November 2025. Results show the major gaps despite 100% formal banking access. Base level of analysis showed 45.7% (n = 123) had a limited level of understanding of banking concepts. Adopting digital payment system was uneven: while 65% reported some usage 35% (n = 93) demonstrated rare or no engagement.
Liner model of analysis shows that age as a important factor with participants aged 36 50 years indicates 53% lower odds of digital adoption compared to 18 25-year-olds OR 0.47 95% CI 0.24 0.92 p = .026 and those above 50 years showing 69% lower odds OR 0.31 95% CI 0.12 0.78 p = .012 . Financial confidence shows wide variety with 27.5% (n = 73) expressing low selfefficacy. Chi-square test show that there is no important association
between local area and financial confidence χ² 2 N = 265) = 1.86 p = .395.
Post-workshop indicated 80.7% reported learning gains suggesting teaching effectiveness.
Findings show that municipal counsellor facilitation enhances community trust and participation offering a scalable model for decentralized financial education.
Keywords: Financial capability Sen's capability approach municipal governance digital financial literacy financial confidence semi-urban India
