FINANCIAL EDUCATION

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Financial Education

Financial literacy refers to the ability to effectively manage several financial skills, including personal finance management, budgeting and investing. Financial literacy builds the foundation of an individual's relationship with money. Experts often believe that education in the area of finances is a lifelong process, and it is better to start as early as possible. In recent times, financial investments and services have become standard amongst people with all kinds of economic statuses. Financially literate people are less vulnerable to falling prey to financial frauds.

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Though the literacy rate in India has risen to 78%, but the situation of Financial Literacy in India is very grim. Just 24% of Indian adults are financially literate, as reported by “Global Financial Literacy Excellence Center, USA” based on a global study conducted by them.

Another survey was conducted by PGIM mutual fund in Oct’20 to assess the preparedness of Indians for their retirement. The survey included people between the ages of 26 – 60 across 15 Indian cities. The survey presented a worrisome picture of the state of people’s preparedness for their retirement. Here are a few key findings:

  • 51% of urban Indians have not made any Retirement Plan.
  • 48% don’t know the corpus required.
  • Most Indians do not have a separate retirement fund.
  • 59% of the income is spent for current requirements.

These survey results warrant an urgent need for Financial Education for Indians. This inspired our partner & CEO CA Devendra Arora to start conducting educational sessions on various financial matters. He has been conducting offline and online sessions on topics related to personal finance and investments. These sessions are frequently conducted by us for our clients & associates. We also conduct such sessions for other organizations solely for their associates. Please be in touch with us if you want to hold any such session for your organization.