Financial Decision-making and Well-being: The Role of Information Sources among Rural Households

Description

DOI: https://doi.org/10.5281/zenodo.21337887

Neha and Mohit Gupta (School of Business Studies, Punjab Agricultural University, Ludhiana, Punjab)

For financial decision-making, financial sources played an important role. The present study tried to comprehend the relative importance of various sources of information that rural households rely upon while making investment/financial decisions. The paper puts forth the specific significance of certain sources that might help understand the rural household’s psyche of the various financial decisions. Structured Questionnaire-based survey research was conducted and responses of 540 respondents were analysed using descriptive statistics and parametric tests. The study reveals that an important source of information for rural households is bankers, friends and relatives. The factor analysis depicted that articles, facilitators, social media, friends and peers, and mass media explain 68.98% of the total variance. There are differences in the usage of Social media and Mass Media between agricultural and non-agricultural households.