Energy-related financial literacy and energy consumption: a study of residential households in West Bengal, India
International Journal of Energy Sector Management
ISSN: 1750-6220
Article publication date: 14 December 2023
Issue publication date: 18 November 2024
Abstract
Purpose
Energy-related financial literacy (ERFL) which consists of energy literacy, financial literacy and lifecycle cost literacy, can play an instrumental role in addressing climate change by ensuring efficient energy consumption (macro level benefit) and promoting financial well-being (micro level benefit) of households. This study aims to highlight the ERFL level and its effect on the energy consumption of the sample households in the state of West Bengal, India.
Design/methodology/approach
The study used primary data on 155 sample households from the two districts, i.e. Hooghly and North 24 Parganas in West Bengal, India, surveyed from September 2022 to November 2022 using a structured questionnaire. The study used the conceptual framework suggested by Blasch et al. (2018) to measure the ERFL. Pertinent statistical techniques and the ordinary least square regression method were used to attain the objectives of the study.
Findings
The outcome of the study showed that the average ERFL score was found to be moderate (63%). The findings of the study also indicated that the ERFL exerts a positive influence on reducing energy consumption among the sample households in India.
Originality/value
There is a dearth of research studies on the topic of ERFL around the globe. The very few studies so far conducted are mostly in the context of European economies and Nepal. Perhaps, to the best of the our knowledge, this is the first study on the issue of ERFL in the Indian context. Therefore, the present study will make an original contribution to the small but growing scholarship on ERFL.
Keywords
Acknowledgements
The authors would like to thank the esteemed editor of the journal and the honorable reviewers of the article for their thought provoking comments and suggestions to enrich the quality of the article. In addition, the authors would also like to thank Prof. Arindam Laha of Department of Commerce, The University of Burdwan for his valuable suggestions for revising the article.
Citation
Maji, S.K. and Chakraborty, P. (2024), "Energy-related financial literacy and energy consumption: a study of residential households in West Bengal, India", International Journal of Energy Sector Management, Vol. 18 No. 6, pp. 1489-1510. https://doi.org/10.1108/IJESM-06-2023-0009
Publisher
:Emerald Publishing Limited
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