With the rapid growth in our economy and greater number of people having a disposable income that can be invested in various avenues like the capital markets; financial literacy is the need of the hour.

We need to have a well chalked out plan to spread financial literacy and implement it across the nation addressing all strata of society. We need to coordinate with all agencies like the government, financial institutions and educational institutes to make it happen.

Not only must we take greater charge of our current financial well-being, but we need to forecast future financial needs, navigate increasingly complex financial markets and manage risk, both during and after our working years. At the same time, financial products, including loans and products used for saving and investing, have become more numerous and more complicated, requiring individuals to make choices on an array of options.

There need to be a well chalked out plan to spread financial literacy and implement it across the nation addressing all strata of society. We need to coordinate with all agencies like the government, financial institutions and educational institutes to make it happen.

Already there are efforts at financial literacy being taken up by banks, financial institutes, and government agencies nationally. The national strategy to improve financial literacy should be founded upon the following core principles:

  • Inclusiveness—reaching all Indians, particularly those most in need and future generations of consumers and investors;

  • Engagement—helping all Indians appreciate the importance of financial literacy and small things done regularly make a real difference;

  • Diversity—delivering learning that recognizes the different ways people learn and allows all Indians to participate;

  • Improving outcomes—recognizing that information alone is not always enough and using additional mechanisms to achieve better outcomes;

  • Partnerships—mapping and building on existing foundations to fill gaps and ensure all sectors and agencies work cooperatively;

  • Measurement—evaluating our work to know what is and is not effective, and learning from and sharing these evaluations.




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