Financial Literacy - A Tool to Bring New Beginning in Indian Financial System | Original Article

ABSTRACT:

The issue of financial wellbeing has progressively gained recognition as a vital and important life skill. Therefore, by and large the first decade of the twenty first century has seen a universal recognition for spreading financial literacy among people. Given the fact that India is having a large population, a fast growing economy with national focus on inclusive growth and an urgent need to develop a vibrant and stable financial system, it is all the more necessary to understand the importance of financial literacy in reaping rich benefits to individual, society, financial system and the nation as a whole. A financially literate and well informed public could be expected to have beneficial effects on soundness and efficiency of financial system. The present paper is an attempt to throw some light on how widespread financial literacy can significantly augment the soundness and efficiency of financial system.