About 50% govt staff has avg financial literacy: PFRDA survey

Among the state government officials, 40-60 per cent of the participants fell under the 'average financial literacy' bracket

About 50 per cent of government employees have an "average financial literacy" level, as per a survey that was conducted by the pension fund regulator, PFRDA.

"48 per cent of government subscribers, who participated in the survey, have an 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 employees from the central government (CG) and central autonomous bodies (CAB) and 5,036 employees from the state government (SG) and state autonomous bodies (SAB) participated.

The survey said financial literacy is the highest for CAB subscribers followed by CG and SAB subscribers with the SG
staff faring the the worst amog the participants.

It further said that 29 per cent of male subscribers and 19 per cent of female subscribers participating in the survey showed high financial literacy. On the other hand, 30 per cent of female participants and 23 per cent male had low financial literacy.

"Financial literacy is higher for the participating employees with high contribution level," PFRDA said.

Among the state government officials, 40-60 per cent of the employees of the apricipants fell under the 'average financial literacy' bracket.

Gujarat, Himachal Pradesh, Uttaranchal and Punjab are among the states with highest financial literacy, whlie north-eastern states like Arunachal Pradesh, Manipur, Meghalaya, and Nagaland figured among sates with a low financial literacy.

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.