Why Do We Need Financial Literacy in India?

What is Financial Literacy?

Financial literacy is generally defined as the ability to understand the value of money, manage one’s finances, and make sound financial decisions. In the United States, financial literacy is mandated by law. In India, financial literacy is still a relatively new concept and its implementation is in its early stages. Studies show that financial literacy does positively impact the overall financial health of a country.

Financial literacy is the ability of people to gain and use information and knowledge to manage their finances. A strong financial plan can help employees manage their finances better, protect themselves and their families in emergencies like COVID-19, plan ahead for retirement, and secure a better future for their families.

Saving money isn’t everything; it’s also about how to spend it wisely. It deals with the financial environment’s risks, opportunities, and challenges.

What are the Benefits of Financial Literacy?

Financial literacy is a type of education that helps one improve their ability to manage their finances. It provides education on topics such as saving, spending, investing, taxes, insurance, and consumer protection. Read the full article here: https://www.beyondthepunchlines.com/why-do-we-need-financial-literacy-in-india/ Let me know your thoughts on Financial Literacy in India!