The groups studied were young working adults, retired and students and were drawn from all the over the country. It also largely represents urban groups from the largest cities. Nearly a third of the employed adults surveyed were unable to perform simple arithmetic like division.

Some of the information uncovered was,

1) Young employees rely more on the internet for information and investment.

2) 40 percent of the retired had not attempted to financially plan their retirement.

3) 83 percent of the young did not understand the impact of inflation on the rate of return.

4) Interestingly, rural students seemed to perform marginally better than urban students.

The informal advice that helped the older generations in their financial decisions is not as favorable in an environment of increasing financial complexity.

The study recommends a nationwide and comprehensive research on financial literacy and its related aspects and an urgent need for government policy measures to improve financial literacy.

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