A Study on Financial Literacy Among Underprivileged Persons In Panipat City

A Study on
Financial Literacy
Among Underprivileged Persons
In Panipat City
Study report by: Hansika, currently studying in grade 11
I Started this project with a keen interest in finance and a desire to make financial knowledge accessible for everyone.

Under Supervision: Dr. Pawan Kumar
M.A. Economics and Psychology, M.Ed, M.Phil Education, PHD Education, MES, currently occupied at PM SHRI GSSS JATTAL PANIPAT

The primary objective of this project is to understand the existing level of financial awareness among people and identify the gaps in their knowledge related to money management. This project aims to help individuals develop a clear understanding of how to manage their income, plan their expenses and build a habit of saving regularly even with limited resources. Another key objective is to introduce people to the basic functioning of banks also including the importance of banks, including the importance of bank accounts, interests, loans and digital payment systems, so that they feel confident in using formal banking services.

Along with this, the project also focuses on creating awareness about the growing risks of online frauds and financial scams, and educating people on how to protect themselves while using digital platforms. Most importantly, the project seeks to encourage responsible financial behaviour and promote financial independence, especially among students, women, and daily wage earners, so that they are better prepared to make informed financial decisions for a secure future.

This study was needed because many people, especially in underprivileged communities, deal with money on a daily basis but rarely receive proper guidance on how to handle it. Most financial decisions like-how to save, where to keep money safe, or how to avoid getting cheated- are made based on guesswork or what others say rather than actual self knowledge.

While financial tools such as bank accounts, UPI, payments, government schemes, and saving plans are becoming more accessible still a large number of people still hesitate to use them simply because they don’t fully understand them. This study helps uncover these barriers by directly interacting with people, listening to their experiences, and understanding the challenges they face in managing money.

By identifying these gaps, the project aims to deliver financial education in a simple, relatable way that people can apply immediately in their lives. Ultimately, the study was necessary to ensure that people are not just aware of financial tools, but also feel confident and empowered to use them for their own growth and security.

• The study focuses on understanding the financial habits and awareness levels of people in the selected community.
• It examines how individuals manage their income, spending, and savings.
• It evaluates how comfortable participants are with banking services such as opening accounts, deposits, withdrawals, and accessing government schemes.
• It studies participants’ understanding and usage of digital payment methods like UPI, mobile banking, and ATM cards.
• It assesses awareness about online fraud and financial safety measures.
• The study aims to identify financial challenges in day-to-day life and suggest solutions that are easy to apply.

• The participants responded to the survey questions honestly and to the best of their understanding.
• The sample selected for the study represents the general financial behaviour of the larger community.
• Participants have basic literacy skills required to understand the questionnaire and workshop content.
• The financial concepts introduced during the sessions will be understood at a basic level by most participants.
• The environment in which the workshops and surveys were conducted remained neutral and did not influence participants’ answers.
• The information provided by participants about their financial habits, savings, and digital usage is accurate.

• Ages between 20-55 years, under the income group of Rs 10000 to 25000 per month

A study of 200 people working in various industries in Panipat city the details of data is as below diagram

I would also like to acknowledge the guidance of Dr. Pawan who guided this project in its early stages by helping frame the questionnaire and identifying the key financial topics to be covered. He suggested suitable research tools such as group mean, t-test to use during data analysis. His role remained advisory, offering clarity on financial concepts. As the project is still in progress, his involvement mainly supported planning and academic correctness.

• The participants responded to the survey questions honestly and to the best of their understanding.
• The sample selected for the study represents the general financial behaviour of the larger community.
• Participants have basic literacy skills required to understand the questionnaire and workshop content.
• The financial concepts introduced during the sessions will be understood at a basic level by most participants.
• The environment in which the workshops and surveys were conducted remained neutral and did not influence participants’ answers.
• The information provided by participants about their financial habits, savings, and digital usage is accurate.

• We find the results of our assumptions if we fulfilled our finding the study will be applicable for further researches.
• If the findings do not fulfil the study of the findings to guide the further person to develop a assumption regarding the study and help them to fulfil their goals.

• Create a digital booklet
• Training of local volunteers to continue the sessions
• Release monthly workshops

Reference
Newspapers (Economic Times)
Government websites NBRC, Financial Action Task Force
Interest in the above topic