TY  - JOUR
TI  - Financial awareness and financial planning among higher education faculty and their specific impact on the financial literacy of aspiring textile entrepreneurs
AU  - Anju, Vaswani
AU  - Anju, Motwani
AU  - Birau, Ramona
AU  - Popescu, Virgil
AU  - Mitroi, Adrian T.
AU  - Ciurlau, Loredana
AU  - Florea-Ianc, Maria-Mirabela
T2  - Industria Textila
AB  - Financial awareness among citizens is directly related to the economic growth of the country. With increasing investor
education programmes by financial regulators like the Reserve Bank of India (RBI) and the Securities and Exchange
Board of India (SEBI), financial literacy among Indian youth and adults has witnessed significant growth. Despite this,
still, only less than one-third of the nation can fulfil the minimum criteria of financial literacy as laid down by the RBI. So,
there is a need to understand different aspects of financial awareness and how it impacts different areas of financial
planning. This empirical study attempts to study the financial awareness and financial planning of higher education
faculty in Mumbai from India, with the thought that teachers have high influential power, and financially aware teachers
can produce financially responsible citizens who can contribute significantly to the economic growth and sustainable
development of the nation. Textile entrepreneurs require strong financial literacy to navigate business decisions and
ensure long-term success. Financially aware faculty can serve as role models and equip aspiring textile entrepreneurs
with the knowledge and skills needed to thrive. The results of the empirical analysis reveal that overall mean scores for
financial knowledge and retirement & estate planning are lower than other constructs. The output of ANOVA suggests
that there exists a significant difference in financial awareness and financial planning of teachers belonging to different
specialisation domains. Regression analysis shows that the financial awareness level significantly affects the financial
planning score of teachers.
DA  - 2025/06/30/
PY  - 2025
DO  - 10.35530/IT.076.03.2024135
DP  - DOI.org (Crossref)
VL  - 76
IS  - 03
SP  - 342
EP  - 350
SN  - 12225347
UR  - https://www.revistaindustriatextila.ro/images/2025/3/05%20VASWANI%20ANJU%20INDUSTRIA%20TEXTILA%20no.3_2025.pdf
Y2  - 2025/07/08/17:36:40
ER  -