The Financial Capabilities Among Employed College Students In Night College In Mumbai Region

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One day Multidisciplinary National Conference (VISHLESHAN 2019) on ‘New Horizons in Commerce, Management , Humanities, Science and Technology- A gateway of opportunities for Innovations ‘ in collaboration with VIVA Institute of Management and Research and VIVA College with University of Mumbai.

ABSTRACT

The students in Night College have a day time busy schedule and want to complete their academics by attending Night College. The students have to juggle two responsibilities during the course of normal 24 hrs. This leads to living a stressful life filled with anxiety. The Night College students have a source of earning but they need to have financial capabilities to handle the money received. The financial habits created at a very young age will remain with them throughout their life time .The study undertaken is to find their financial capabilities and the need for financial literacy training during their college years. The study is mostly based on primary data of 100 respondents of night college students in Mumbai region with the help of a structured questionnaire. Statistical tools employed for study are percentage ,bar graphs and Chi Square test. It is concluded that they have very low understanding about financial literacy and need training to improve their financial capabilities.

INTRODUCTION

Traditional Day Colleges are anytime between 7 am to 5 pm but Night Colleges are between 6pm to 11pm .The students in Night College have a day time busy schedule and want to complete their academics by attending Night College. The students have to juggle two responsibilities during the course of normal 24 hrs. Some of the pros of attending Night College is that it gives the flexibility of fitting academics with a full time job. A Night college uses the late-night slot of the students which they normally laze around for their studies or lectures which adds to their advantage. An advantage for Night college students is that they build a network of people who are employed in different sectors of the job market which helps them to switch jobs whenever they spot a better opportunity. One of the disadvantages of joining a Night College is the long hours of time required to spend each day to manage all activities. This leads to living a stressful life filled with anxiety. Stress leads to lack of sleep and lack of focus during lectures and studies. The social life gets affected as they have to sacrifice all social events which are normally kept in the evenings for everyone to participate.

Some famous Night colleges in the region:

St. Xavier’s College-Churchgate
Dr. T K Tope Arts and Commerce Senior Night College.-Parel
Vikas College of Arts And Commerce -Vikhroli

CONCEPTUAL FRAMEWORK

Financial Capabilities: is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.

Employed College students: Those college students who are in full time, part time or self employment.

Night College students: Those students who spend their time during the day in some productive activity and attend evening academic lectures

Mumbai Region: Covers Mumbai and suburban areas in Maharashtra, India.

PROBLEM OF THE STUDY

The Night College students have a source of earning but need to have financial capabilities to handle the money received. The financial habits created at a very young age will remain with them throughout their life time .The study undertaken is to find their financial capabilities and the need for financial literacy training during their college years to clear their concepts of the financial world

LITERATURE REVIEW

(Mahammad Rizwan, Sept 2015) The author concludes that maintaining financial knowhow is a lifelong undertaking and it includes getting relevant, accurate and reliable financial information.

(Das, Oct 2016)The author states that Post Graduate Millennial are having moderate financial literacy. Mother’s education has a significant role in the millennia’s financial literacy. The policy implication of the study is to adopt the Social Learning Theory (Bandura 1977) and Family Recourse Management Theory (Deacon and Firebaugh 1981) in a way that considers environment influences that shape the overall growth of millennia’s financial literacy.

(Gupta, Jan 2017)The data analysis reveals that as the education level increases financial literacy levels increase from low to high. Also the respondents who are unmarried posses low level of financial literacy as compared to married ones. Respondents living in joint family are having high literacy level than those living in nuclear homes. In a joint family they receive financial advice from family members. The author concludes that RBI should focus on micro level segment of individuals both in urban and rural areas.

(Saraswathi, 2017) The author states that most of the college students are aware about banking services and other investment. Arts students have better knowledge about financial literacy compared with science students. Inculcating the financial literacy among college students paves a way to flourish the knowledge of financial product among the general public. This leads to growth of our economy in a rapid manner.

(Ms Priyanka Agarwal, 2017) The author feels that promoting financial literacy can reap many benefits for the educational institution which also includes student’s recruitment and retention, building awareness among community’s members and the media and fundraising through grants and sponsorship opportunities. The success of financial literacy programmes depends on motivated teacher, ample resources, relevant curriculum and involvement of community.

(Dhawan, Jan 2017)The hypothesis result shows that gender, age, level of education, Annual Household Income are not significantly associated with the financial behaviour of an individual. Also discipline of study, parent’s occupation and source of income significantly associated with the financial behaviour of an individual.

(Kedia, March,2018) The author states that the overall financial knowledge of the students is affected by their demographic, educational and personality characteristics. The Study further identified income, gender ,university affiliation, part time engagement and behaviour of students as determinants of financial knowledge.Financial literacy is unaffected by age, course of study, university affiliation, financial behaviour and influence.

HYPOTHESIS

Null Hypothesis (H0): There is no significant association between type of job and a person’s financial planning knowledge
Alternative Hypothesis (H1): There is a significant association between type of job and a person’s financial planning knowledge

RESEARCH METHODOLOGY

It is based on primary data. Primary data is collected from college students who are attending Night College and are employed during the day. A structured questionnaire will be used to collect data. The target audience are 100 respondents, who will be basically night college students in Mumbai Region.

Secondary data will be collected from various national and international research journals related to financial literacy.

Statistical tools used will be like percentage analysis, graphs , Chi square test etc. Elementary statistical tools are used and Graphical presentation is done for better visual understanding.

SIGNIFICANCE OF STUDY

It is significant for the financial companies who are investing time in promoting their financial products should cater to the needs of the night college students.

It is significant for the union govt policy makers to understand the need for a mass scale financial literacy awareness programme for proper savings and investment in the region.

It is significant for the educational institutions to start a literacy training programme after gauging the requirement and knowledge of the students.

It is significant for the student community as they have to understand the need of family financial advisors similar on the lines of the family doctor.

It is significant for the local financial advisors to start a financial orientation of their clients before advising them on the financial product requirement.

Findings:The findings drawn from the study are as follows

50% of the students have to work to support their family and they are mostly engaged in part time job earning less than 10,000. 53% Students have job in the same sector as the course they are enrolled it. Only 10% students have a job experience of more than 3 years.The number of students who have accepted that financial literacy training is necessary is close to 70% .The students with bank account are close to 81% .The knowledge about financial products or related thing is less. Only 10 to 15% students have a working knowledge of investment, insurance and income tax. Their source of knowledge about financial literacy is from friends or parents.

Conclusions

The educational institutions should start a financial literacy training programme after gauging the requirement and knowledge of the students. The student community should be made aware about the need of family financial advisors similar on the lines of the family doctor. They should also be made aware about the pitfalls and scams prevalent in the financial market. The local financial advisors should first start with the financial orientation of their clients before advising them on the financial product requirement.

There is a need to organise a comprehensive financial literacy programmes for Night college students by the college administration. There can be a topic in the syllabus based on the importance of financial planning. Practical Analysis of investment avenues should be done for students on a regular basis.

BIBLIOGRAPHY

Das, S. C. (Oct 2016). Financial Literacy among Indian Millennials generation and their reflection on financial behaviour and attitude:An Explanatory Research. www.researchgate.net/publications/320009228 .
Dhawan, M. M. (Jan 2017). A study of financial literacy among college students in Delhi NCR. XVIII Annual International Conference proceedings , 455-460.
Gupta, S. (Jan 2017). To measure the level of Financial literacy among individuals of Delhi. PARIPEX-Indian Journal of Research , 833-837.
Kedia, V. (March,2018). Financial Literacy in Mumbai:An Analysis of college students in Mumbai Region. Zenith International Journal of Business economics and management research. , 21-42.
Mahammad Rizwan, M. S. (Sept 2015). A study on financial literacy among the college students with special reference to Inana Jyothi financial literacy trust. 2nd International Conference on Science,technology and management , ISBN 978-81-931039-6-8.
Ms Priyanka Agarwal, R. C. (2017). A study on future plan for increasing financial literacy among people. Global Journal of finance and Management , 29-38.
Saraswathi, D. S. (2017). A Comparative study of financial literacy among arts and science college students. International Journal of Advanced Research and Innovative Ideas in education , 92-96.

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