A Study on Awareness of Financial Literacy and Social Security Among Individuals in Davangere City

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@article{1719901,
      author = {Geethanjali P, Prof. Saroja S, Dr. Sujith Kumar S H},
      title = {A Study on Awareness of Financial Literacy and Social Security Among Individuals in Davangere City},
      journal = {Iconic Research And Engineering Journals},
      year = {2026},
      volume = {10},
      number = {1},
      pages = {1970-1977},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1719901.pdf},
      abstract = {Financial literacy — the ability to understand and apply knowledge of saving, investing, risk management, and social security — is a critical determinant of individual economic well-being. This study examines awareness of investment products and government-sponsored social security schemes among 95 respondents in Davangere city, Karnataka, using a structured questionnaire and descriptive research design. The study finds broadly similar awareness levels for investment (71.6%) and social security (78.9%), confirmed by a Chi-Square test (calculated value 1.384 against a table value of 3.841 at 5% significance), indicating no statistically significant difference between the two. Respondents overwhelmingly favour low-risk instruments such as bank deposits, cite lack of knowledge as the principal barrier to investing, and show strong demand (89.5%) for structured financial education. The paper concludes with recommendations for embedding financial literacy in education, simplifying scheme enrolment, and targeting rural and women's segments.},
      month = {July},
      doi = {https://doi.org/10.64388/IREV10I1-1719901}
  }