Examining the Impact of Financial Socialisation on Financial Preparedness in West Bengal

Authors

  • Moupiya Mallick Research Scholar (Ph.D), Faculty of Management JIS University, Kolkata, India
  • Sulagna Das Associate Professor, Faculty of Management, JIS University, Kolkata, India

DOI:

https://doi.org/10.58574/jaa.2024.v4.i1.02

Keywords:

Financial Preparedness, Financial Socialisation, Socialisation Agents, Hierarchical, Partial Least Squares

Abstract

The purpose of this article is to evaluate how financial socialisation impacts financial readiness in the region of West Bengal. This connection is depicted in a model based on their hierarchical order of significance. Information was gathered via the administration of questionnaires, and an analysis using a two-stage approach in partial least squares-structural equation modelling (PLS-SEM) was employed for assessing the suitability of hierarchical modelling. The results suggest that financial socialisation takes place through diverse socialisation agents like family, peers, and media, and it positively influences financial readiness. The conceptual attributes of Financial Preparedness align with the reflective-formative nature of the second-order hierarchical component within the models.

The research provides a comprehensive comprehension of the systematic factors necessary to improve financial preparedness in West Bengal. It provides guidance to both the public and the government regarding essential considerations for adequately preparing to meet future financial requirements. Additionally, it offers an alternative approach for researchers aiming to introduce a hierarchical component in Financial Preparedness within different geographical areas.

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Published

2025-06-16

How to Cite

Mallick , M., & Das, S. (2025). Examining the Impact of Financial Socialisation on Financial Preparedness in West Bengal. Journal of Academic Advancement, 4(01), 5–14. https://doi.org/10.58574/jaa.2024.v4.i1.02

Issue

Vol. 4 No. 01 (2025): Jan-Jun

Section

Research Articles

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Copyright (c) 2025 Moupiya Mallick , Sulagna Das

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