Abstract:
This observation intends to examine the financial literacy level of professionals working in
the professions of Medicine (Doctors), Engineering (Engineers), Management (Managers),
Law (Lawyers) inclusive Aviation and Navigation (Captains and Pilots), and its
determinants. The methodology was a quantitative survey approach involving a sample of
300 respondents from the Colombo district. The analysis revealed that Basic and
Advanced financial literacy among professionals is at a medium level. However, the level
of financial literacy was not at a satisfactory level among non-management professionals,
particularly doctors and lawyers. The results of the Regression analysis revealed that
Economic and financial education, self-analytical skills, the field of employment, and
monthly income level as influential determinants of financial literacy. The professions with
less exposure to economic and financial education have low financial literacy. Findings
demonstrate the growing importance of implementing a national strategy to improve
financial and economic educational programmes, particularly for individuals who are not
working in the professions related to management.
