Financial literacy means having the skills and knowledge to make informed decisions about managing your money. Understanding basic financial concepts lets people know how to navigate the financial system. People with financial literacy skills make better financial decisions and manage money better than those without these skills.
Financial Literary in India
- 24% Indian are financially literate
- 3 out of 10 Indian understand the concept of compound interest
- 4 out of 10 Indian are financially broken
- According to a survey conducted by Standard & Poor’s Financial Services, less than 25 percent of South Asian countries’ adult population is financially literate.
- India is home to 17.5% of the world’s population but nearly 76% of its adult population does not understand even the basic financial concepts.