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A Study on Financial Literacy and Financial Education: An Overview of Scenario in India

Author Affiliations

  • 1IBMR, IPS Academy, DAVV, Indore, MP, India

Res. J. Management Sci., Volume 5, Issue (9), Pages 51-57, September,6 (2016)

Abstract

Various government agencies, enterprises, corporates, conglomerates, educationists, Non Governmental Organisations etc need to emphasis more and more on Financial Literacy and Financial Education. There is a dire need to deal with policy reforms concerning financial literacy at national level. It is imminent for any country to increase financial literacy as its benefits society at macro level. There is plethora of investment alternatives for channelizing income to investments present in today’s financial market. Low level of financial literacy hampers financial decision making, so it is high time to take necessary steps to promote financial education to the masses.. The contextual study undertaken incorporates various dimensions of financial literacy, its need and importance in today’s era. It discusses various channels through which financial literacy education can be penetrated into the masses. Further the role of various regulatory bodies is elaborate upon. Defining a crystal clear mechanism for promoting financial awareness is quintessential for successful implementation of financial literacy programs. Effective financial literacy can be instrumental in dealing with future needs as well as contingencies.

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