Despite efforts from experts and institutions, financial literacy remains lacking, with a small portion of India’s population investing in financial assets compared to property and gold. Analysts see low asset penetration as an opportunity for market growth. Financial literacy extends beyond basic knowledge, encompassing behavior and attitude towards finance. Research shows varying levels of literacy, with most at elementary or moderate stages. However, there’s a call for a comprehensive overhaul of financial education, with a focus on measurable outcomes and inclusion of diverse populations. The government must lead in this integrated approach to improve financial literacy nationwide.
Challenges and Solutions in Financial Literacy
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