The present study was undertaken with the objectives: To study the degree of financial literacy among individuals. To study the relationship between degree of financial literacy and selected socio-demographic factors related to individuals. To study the effect of degree of financial literacy on financial attitude and behavior of individuals across socio-demographic cohorts. All three objectives were achieved by collecting primary data through a survey of 500 respondents held in Ludhiana Punjab. From the analysis of financial literacy questions, it is also found that the majority individuals are less financially literate on some of subjects of basic financial literacy and advanced financial literacy and even some of them do not understand the important concepts at all. As to statistic and financial profile of respondents and financial education, it was discovered that females have bring lower level of financial literacy, when contrasted with males.