Financial literacy is a growing concern in India, with only 24% of Indians being considered financiallyliterate according to a study by the National Institute of Securities Markets (NISM). This poses significant risksfor individuals and society as whole, as poor financial decisions can lead to long-term consequences such asdebt and loss of savings. To improve financial literacy in India, a comprehensive approach is needed. This caninclude education and outreach programs provided by the government and financial institutions. Financialeducation should cover basic concepts such as budgeting and saving, as well as more advanced topics such asinvesting and retirement planning. It is essential to provide access to financial services and products, which canempower individuals to take control of their financial well-being. Improving financial literacy in India can leadto better financial outcomes and increased economic stability, benefiting individuals and society as a whole.
Dr. Todkar Shivkanya Bansiappa (Sat,) studied this question.