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Research Paper | Commerce and Economic Studies | India | Volume 9 Issue 5, May 2020 | Popularity: 6.2 / 10

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Importance of Financial Literacy in Rural Areas

Melbha.D

Abstract: Financial Literacy is the ability to understand basic financial concepts and the possession of knowledge and skills required to make informed and effective financial planning, decisions using the available financial resources. It is about knowing how to generate, spend, invest and save money. It is the ability to manage your finances well by making the optimum use of the available financial products and resources to give you maximum benefit. This concept Financial Literacy has become one of the top priorities for most of the world today as it is directly proportional to the economic growth of a country. It is alarming to know that the financial literacy rate in India is way behind other countries. According to a global survey, India is home to almost 20% of the world's population; however, 76% of its adult population is not even aware of the basic financial concepts. The survey reports that Financial Literacy in India has been signification poor compared to the rest of the world. So the financial awareness education and program conduct by government. . So this study conduct how to improve awareness of financial literacy in rural areas.

Keywords: financial literacy, investment, rate of return, risk, hedge

Edition: Volume 9 Issue 5, May 2020

Pages: 1746 - 1747

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