About 50 per cent of government employees have “average financial literacy” level, says a survey by pension fund regulator PFRDA.
“48 per cent of the government subscribers who participated in the survey, are having average financial literacy. 28 per cent have high financial literacy and 24 per cent have low financial literacy,” the survey said.
The Pension Fund Regulatory and Development Authority (PFRDA) surveyed 10,111 government employees to assess the level of financial literacy and awareness about NPS (National Pension System).
In the survey, 5,075 central government (CG)/ central autonomous bodies (CAB) employees and 5,036 state government (SG)/state autonomous bodies (SAB) employees participated.
The survey said financial literacy is the highest for CAB subscribers followed by CG subscribers, SAB subscribers and lowest for SG subscribers.
It further said that 29 per cent of male subscribers and 19 per cent of female subscribers who participated in the survey have high financial literacy. On the other hand, 30 per cent of female participants and 23 per cent male have low financial literacy.
“Financial literacy is higher for the participating employees with high contribution level,” PFRDA said.
In state governments, 40-60 per cent of the employees who participated in the survey fall in ‘average financial literate’ bracket.
Gujarat, Himachal Pradesh, Uttaranchal and Punjab are among the high financial literate states and North-Eastern states like Arunachal Pradesh, Manipur, Meghalaya, and Nagaland are among the low financial literate state.
In the various age groups, financial literacy is high for the participants in age group of 36-40, 41-45, 46-50 years and is lowest for 18-25 year age group.