The Effects of Financial Literacy on Financial Well-Being: A Case of Working Class in Islamabad

Abstract

The research is mainly intended to evaluate the impact of financial literacy on financial wellbeing in working class of Islamabad. Furthermore, to get an idea that which variables and processes are more important for this study. For this research the dependent variable is financial wellbeing and independent variable is financial literacy including determinants (financial knowledge, financial skills and financial attitude). Quantitative research approach used for this study and collect information with the help of questionnaire design. The questionnaire has been divided into 5 sections. Convenience sampling technique was used and all the respondents were the working class of Islamabad Total 250 respondents were contacted. Analysing has been done with the statistical methods though SPSS software. Tables and their analysis were used in descriptive analysis and regression method has been used in inferential analysis so that hypothesis can be tested easily. This research finds the impact of financial literacy on financial wellbeing in working class of Islamabad. The outcome of this study can be helpful for the general public, industry sector and employment. It elaborates which factors of financial literacy should be focused more