Write an essay on financial literacy in india
Answers
MERELY OPENING PHYSICAL ACCOUNTS AS FLAG POSTS FOR A FINANCIAL IDENTITY WON’T HELP UNLESS THEY ARE ACTIVELY USED BY PEOPLE FOR MANAGING THEIR MONEY. FOR THIS, PEOPLE NEED TO BE MADE COGNIZANT OF HOW TO HANDLE THEIR BANK ACCOUNTS. THIS SKILL IS KNOWN AS FINANCIAL LITERACY. IT IS A COMBINATION OF FINANCIAL AWARENESS, KNOWLEDGE, SKILLS, ATTITUDE AND BEHAVIOURS NECESSARY TO MAKE SOUND FINANCIAL DECISIONS AND ACHIEVE INDIVIDUAL FINANCIAL WELLBEING. FINANCIAL LITERACY IS EXPECTED TO IMPART THE MEANS TO TRANSFORM ORDINARY INDIVIDUALS INTO INFORMED AND QUESTIONING USERS OF FINANCIAL SERVICES.
ACCORDING TO A GLOBAL SURVEY BY STANDARD & POOR’S FINANCIAL SERVICES LLC (S&P), LESS THAN 25% OF ADULTS ARE FINANCIALLY LITERATE IN SOUTH ASIAN COUNTRIES. FINANCIAL LITERACY IS YET TO BECOME A PRIORITY FOR AN AVERAGE INDIAN. INDIA IS HOME TO 17.5% OF THE WORLD’S POPULATION, BUT NEARLY 76% OF ITS ADULT POPULATION DOES NOT UNDERSTAND EVEN BASIC FINANCIAL CONCEPTS. FINANCIAL REGULATORS IN INDIA – THE RBI, THE SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI), THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI), AND THE PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PFRDA), HAVE CREATED A JOINT CHARTER CALLED THE ‘NATIONAL STRATEGY FOR FINANCIAL EDUCATION’. ITS GOAL IS TO CHANGE THE AVERAGE INDIAN’S PERSPECTIVE ON FINANCIAL MANAGEMENT.
Answer:
financial literacy in India is that their Finance Minister and letters Minister Who control the finance financial literacy and public are the main of this in our India
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