International E-publication: Publish Projects, Dissertation, Theses, Books, Souvenir, Conference Proceeding with ISBN.  International E-Bulletin: Information/News regarding: Academics and Research

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)


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.


  1. OECD (2015)., Measuring Financial and Financial Inclusion., Organisation for Economic Co-operative and Development
  2. K. Sobhesh Agarwalla, Barua Samir K., Joshy Jacob and Jayanth R. Varma (2013)., Financial Literacy Among Working Young In Urban., Indian Institute of Management, Ahmadabad, W.P. No. 2013-10-02.
  3. Bhushan Punit and Medury Yejulla et. al. (2013)., Financial Literacy and its determinants., International Journal of engineering, Business and enterprise application, 4(2), 155-160.
  4. Mukherjee Pranab (2012)., National Strategy for Financial Education., Ideas.
  5. Jason W. (2012)., Financial Literacy Education And Behaviour Unhinged: Combating bias and poor product design., International Journal of Consumer Studies, 36(5), 523-530.
  6. Taylor. M. (2011)., Measuring Financial Capability and Its Determinants using survey data., Social Indicators Research, 102(2), 297-314.
  7. Lusardi A. and Mitchell L. O.(2009)., Financial Literacy: Evidence and implications for financial education., Trends and issues, 1-10.
  8. Lusardi and Mitechell (2007)., Financial literacy and Retirement Planning: New Evidence from the rand American Life Panel., MRRC Working Paper 2007-15.
  9. Hastings J. S. and Ashton Tejdeda L. (2008)., Financial Literacy Information and Demand Elasticity: Survey and Experimental Evidence from Mexico., NBER Working Paper 14538.
  10. Tullio J. (2009)., Financial Literacy., Discussion Paper.
  11. Live Mint (2016)., S & P survey: More than 70% Indians fare badly in financial literacy., E – Paper, live mint, India, Retrieved 16 August 2016, from
  12. MHA (2011), Census 2011: Financial Literacy and Education., Retrieved August, 2016, from Ministry of Home Affairs, Government of India, India Census_And_You/literacy_and_ level_of_education.aspx.
  13. OECD (2010)., Guidelines on Financial Education At School And Guidelines on Learning Framework., Organisation for Economic Co-operative and Development, India.
  14. CBSE (2012)., Quarterly Bulletin: Community Outreach., Central Board of Secondary Education, Delhi, 5, 2.
  15. Deepti K.C. and Tiwari Mudita (2016)., Innovative & integrative ways to improve financial capability and savings of women., 1-26.
  16. Attarwala D.A. (2014)., Role of Sebi in Financial Literacy., Research in Management and Technology, 3(3), 52-56.
  17. Saxena N.C. (2010)., PMGSY vs MGNREGS., Inclusion Mainstreaming the Marginalised, Delhi, India, Retrieved August Tuesday, 2016, from