Why Financial literacy?

Ever since India’s independence in 1947, the biggest priority for the nation has been its economic growth, education for all and financial inclusion for the vast population of the country. While India has made some noteworthy progress in the past six decades and more, but on the aspect of financial inclusion, progress has not been adequate.

The need for financial literacy and its importance for financial inclusion have been acknowledged by all possible stakeholders – policymakers, bankers, practitioners, researchers and academics – across the globe. In contemporary periods, it has been observed by all stakeholders that financial literacy can play a pivotal role in making our country economically prosperous.

With less than half of India’s 1.2 billion populations having access to organized financial services, financial literacy is the need of hour.

Financial literacy should be pre-requisite for government of India flagship project Pradhan mantra Jan Dhan Yojana (PMJDY) as the push of financial inclusion activities (increasing availability o f financial services infrastructure) alone is not enough to bring more people under the fold. Financial literacy programs need to go hand-in-hand with financial inclusion initiatives to create the pull for accessing formal channels of finance.

Various financial literacy programs have thus been implemented by many institutions, with a different delivery mechanism that suits best to target audiences.

We delivery customized financial literacy that suit the requirements of students, microfinance clients, slum dwellers, bank clients etc. Some programs have a particular focus such as a specific financial product, developing saving habit among target group, customer protection, business management, and so on, rather than general and deal with money management skills, advocating healthy financial practices etc.

Varied techniques such as videos, stories, activities, comic books etc. are used, along with traditional methods of training. We can have also begin setting up ‘financial literacy and credit counseling centers’ that people can go to for gathering requisite information.

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