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Financial literacy is the ability to understand how the money market works, how people earn or make money, how he invests money, how he manages money and how he donate it to others. Basically it involves all activities related to management of money .It involves skills and intelligence of a person to make more informed and effective decisions.
Prime Minister Narendra Modi’s maiden speech in the Lok Sabha vowed to empower the poor, and enable them to fight poverty in order to come out of it. In the Indian scenario, this imperative agenda can be met only by following the path of financial literacy — the foremost step towards financial inclusion.
The role played by governments and employers in managing investments on behalf of individuals has shrunk significantly in the recent past as a result of changes in the social support structures across the world. This has increased individuals’ responsibility in managing their own finances and securing their financial future. In an environment where the range and the complexity of financial products continue to increase, it is imperative that individuals develop nuanced understanding of the world of finance to be able to make choices that are most appropriate to their financial goals and needs.
Though India is developing but its youth is lacking behind in terms of financial literacy. They have financial knowledge but are unaware of its application. The need of the hour is to provide training to the youth and change there attitude and behavior towards this subject. The main focus of training must to impart proper financial skills among them. The training programme must also include weaker section of the society, like women and people from lower income group and caste. Financial literacy will for sure help in the economic development and uplifting the Indian society.Therefore government should focus on this topic and introduce schemes to create awareness about this topic.
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13 Comments. Leave new
Nice article
I appreciate that you state the importance of financial literacy. It would also be a good initiative if you could give us examples or describe what all is there when it comes to managing our money.
well written!
Good article! I feel like it can be better. You can include its importance and implication in the real world.
I think Financial Literacy is a whole subject in itself..It can’t be explained in an article. But still you have managed to cover almost all the aspects of it.. So Nicely done.
The way u have explained it and tried to provide as much as information regarding financial literacy is quite good.
Well written.
Amazing job.!
Well explained
There is a need for educational transformation in our country.
Unique topic.
Financial know how is one of the basics by which one can keep a check on the services they are making use of.
nice topic..