Financial Knowledge among Police and Defence Personnel of Haryana

Abstract

Financial knowledge becomes the essence for financial management of an individual. Every person has to manage its finance in such a way so that they can get benefit in future. Management of money is not so easy that everyone can easily tackle with its issues rather than, it needs proper planning and education. Financial knowledge is one of the basic required for money management. This paper presents the level of financial knowledge among Police and Defence personnel of Haryana where data were collected from the different administrative division of Haryana i.e. Ambala, Faridabad, Gurugram, Hisar, Rohtak and Karnal. A sample of 651 Police and Defence personnel is taken where collection of data is done with the help of a structured questionnaire through personal contact with the respondents. Analysis of data is done with the help of EFA, CFA, ANOVA and T-test. This paper presents the significant differences in the level of financial knowledge on the basis of demographic variables like: age, gender, marital status, education qualification, type of family, working status and income. It was observed that married women at the age of 25 are more financial knowledgeable than the other Police and Defence Personnel. But, there are no significant differences on the basis of family type and working status of the force.