Bareilly: Mahatma Jyotiba Phule Rohilkhand University (MJPRU), Bareilly, has awarded a PhD degree to research scholar Raghvendra of the Department of Business Administration for his doctoral research titled “The Impact of Financial Literacy on Household Wealth Accumulation with Reference to Selected Residents of Uttar Pradesh.”
The research makes a significant academic contribution to understanding the role of financial literacy in strengthening the economic well-being of households, particularly in rural and semi-urban regions of Uttar Pradesh. The study highlights how improved financial awareness can contribute to long-term wealth creation, financial security and economic empowerment.
Raghvendra completed the research under the guidance of Prof. (Dr.) Tulika Saxena, Head of the Department and Dean of the Faculty. The study was conducted under Enrollment Number 21003952 and RMS ID 22PHD0365.
Key Findings of the Research
The study was based on primary data collected from 593 households across urban, semi-urban and rural areas of Uttar Pradesh. The findings revealed a strong positive relationship between financial literacy and household wealth accumulation.
Among the major observations:
- A significant positive correlation was established between financial literacy and household wealth accumulation (ρ = 0.303, p < 0.001).
- Households with higher levels of financial literacy demonstrated better saving habits, investment practices and risk management capabilities.
- Only 34.1 percent of respondents were categorized as highly financially literate, while 25.1 percent fell into the low financial literacy category.
- Financial awareness was found to be particularly low among rural women, elderly citizens and less-educated groups.
- Income emerged as the strongest determinant of household wealth (ρ = 0.631), followed by education and financial literacy.
- Employment sector, whether government or private, did not show any statistically significant impact on household wealth accumulation.
Scholar’s Academic Background
A native of Marthara Devkishan village in Etah district, Uttar Pradesh, Raghvendra holds an MBA in Finance and Risk Management from the Banaras Hindu University and has also qualified the UGC-NET examination.
Reflecting on the significance of his work, the scholar stated that financial literacy is not merely knowledge of money management but a powerful tool that enables families to achieve economic independence and social security. He dedicated the research to millions of families striving for a more secure financial future.
University officials noted that the study is expected to serve as a valuable resource for researchers, policymakers, financial institutions and development agencies working toward financial inclusion and economic empowerment. The findings could help shape future initiatives aimed at improving financial literacy and strengthening household financial resilience across the state.
Report by Akhilesh Chandra Saxena, Bareilly.
