Individuals cannot be financially literate and independent if they do not use the digital financial services available in the country. Digital financial literacy is an opportunity to make the economy stronger
The financial literacy rate of India is lower than that of other developed nations, and to overcome this, the New Education Policy (NEP) 2020 has identified financial literacy as one of the essential elements for student development and stated in favour of financial literacy being taught at all levels.
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What is more important, literacy or financial literacy? The Indian economy needs an answer to this question. In this dynamic, rapidly evolving, and unpredictable economy, acquiring adequate financial literacy is vital for every individual to succeed and grab new opportunities despite turbulence. As we head toward a developed economy, we must equip ourselves with financial knowledge, skills, attitudes, and behaviours to become financially literate. Financial literacy will not only empower an individual with their financial stability, future planning, financial decisions, and retirement planning, but it will empower and develop the whole economy because the development of an individual results in the development of the family, society, and the nation.
[This article has been published with permission from K J Somaiya Institute of Management.<a target="_blank" href="https://kjsim.somaiya.edu/en/></a>]