There is no denying that in the last few years, India has proved its potential in the world market. We are, right now, one of the fastest-growing markets globally. Once more of our citizens learn about financing and banking facilities, the situation will become better for sure. Lack of financial literacy is the focal point behind our issues.
In this blog, we will talk about the current situation, areas where we can improve, how to make better financial decisions, and more. As an aware citizen, we must know about the right use of loans, credit cards, investment opportunities, and more. Talk to an expert who can help you learn the DSA full form and other major sections.
What is the Current Situation Around Financial Awareness in India?
The Indian government is trying hard to make India a financially inclusive country. The rate of financial literacy was historically low in this country. If you go by data, you will find that only slightly over 27% of Indian people are financially aware. Most people are not familiar with the basics like interest, inflation rates, risk management, and more. Here are some of the burning issues we are facing right now-
Very Few Opportunities for Financial Education
It is a fact that in a vast country like India, there are very few schools that provide true financial knowledge. Proper education will make you learn about personal financing, investment plans and use of credit options.
Lack of Balance Between Urban and Rural Areas
The situation in rural and urban India is different. Rural areas are facing much difficulty with respect to urban areas. Any person must have some basic access to banks and other financial institutions.
Gender Inequality
The condition of women is far more difficult than men. A low level of financial literacy could be the main culprit behind this problem. People working at the grassroots level can help you learn about the situation better.
Some of the Areas Where We Can Improve
After understanding the whole situation, we have made a list of areas where we can improve-
Every School and College Need to Provide the Necessary Education
Is there any school and college where you will learn about necessary financial knowledge? This shouldn’t be like that. Every student who is graduating must have a clear understanding of financing. Start financial literacy right from the schools. Create a curriculum where they can learn budgets, savings and other valuable tools.
Focus on Rural Areas
Experts need to focus more on the rural areas. We need to set up more financial offices there along with other resources. The government is already trying to raise awareness through various programs and applications.
Help Women to Learn About Financing
Traditional education has neglected women somehow. This gender gap shouldn’t be reduced in the coming years. We should help these women to gain financial independence and more.
Use of Financial Tools
The use of digital media and other advanced tools created some prominent changes in the system. Now, it has become easy for an ordinary person to use online banking facilities, UPI, and more. Those who are not familiar with these services need to get some training. Only then can we have the results we are looking for?
Learn About Managing Loans and Credit Cards
Finally, customers need to understand the various uses of loans and credit cards. It will help them avoid debt traps and create a better financial situation for their families. Start borrowing responsibly and make schedules by getting proper debt management training. Check a DSA partner app for detailed information.
Your Future Action Plans
So, the following plan of action will be an effective part of tackling financial issues in India-
- Government initiatives like Jan Dhan Yojana and NSFE schemes are specifically focusing on the financial literacy of India.
- Public schools are getting incentives to promote financial knowledge.
- Villages have self-help groups and communities.
- More banking institutions are going to open in the next few years.
- Social media, apps, and payment gateways have become prominent.
Advantages of Being Financially Aware
- Start managing your money in a better way.
- Keep debt traps away.
- Take better investment plans.
If you are facing any issues, don’t forget to talk to an expert.
