International Science Community Association Research Journal of Management Sciences 2319 - 1171 5 9 2016 09 6 A Study on Financial Literacy and Financial Education: An Overview of Scenario in India 51 57 EN Tiwari Shefali 1 Shri Raojibhai Gokalbhai Patel Gujarati Professional Institute of Management, Indore, MP, India Nair Sandeep 1 Rani Channamma University, Belagavi, Karnataka, India Joshi* Sushant T. 2 Rani Channamma University, Belagavi, Karnataka, India Thyagaraja C.M. 3 Kuvempu University, Shivamogga, Karnataka, India Chatpalli Vishnukant S. 4 Rani Channamma University, Belagavi, Karnataka, India Gill Mandip 1 Maharaja Ranjit Singh College of Professional Sciences, Indore, MP, India Saluja H.S. 1 Maharaja Ranjit Singh College of Professional Sciences, Indore, MP, India Totala* N.K. 2 Institute of Management Studies, Devi Ahilya Vishwavidyalaya, Indore, MP, India Jha Dilip Kumar 1 Department of Economics, Guru Ghasidas Vishwavidyalaya (A Central University), Koni, Bilaspur, Chhattisgarh-495009, India Singhai* Manisha 1 Prestige Institute of Management and Research, Indore, MP, India Hyde Anukool 2 Prestige Institute of Management and Research, Indore, MP, India Godbole Neha 3 Prestige Institute of Management and Research, Indore, MP, India Ubeja Satnam Kour 4 Prestige Institute of Management and Research, Indore, MP, India Hyde* Anukool Manish 1 Prestige Institute of Management and Research, Indore, MP, Indore, MP, India Jharia Manisha 2 Prestige Institute of Management and Research, Indore, MP, Indore, MP, India Kemkar* Mayura 1 Department of Management Studies, SGSITS, Indore, MP, India Sharma Jyoti 2 IIPS, DAVV, Indore, MP, India Bhargava Neha Ramnani 1 IBMR, IPS Academy, DAVV, Indore, MP, India > Review Paper 2016 8 19 2016 09 6 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. Copyright@ International Science Community Association