An Assessment of Financial Literacy and Financial Education in India

Abstract

Evidence from around the world presents alarming and widespread deficiencies in financial literacy. This evidence has led to the launch of financial literacy programs in many countries. The programs vary widely in their scope and approach across countries. In India the need for financial literacy is getting greater because of the low level of literacy and large section of population which remains out of the formal financial set up. The goal of this paper is to provide a snapshot of the current status of financial literacy in India with the help of various survey results and the various financial education programs initiated in India to improve the level of financial literacy in India. Some recommendations are also put forwarded to make our financial education programs more effective.