Financial Literacy

Financial Literacy means having the knowledge, skills, values and habits needed to successfully manage money at the personal and family level. It includes earning, spending, saving, borrowing and investing responsibly. If we are financially empowered and capable, we are better equipped to realize our full potential.

Financial Literacy enables us to make sensible financial choices, work confidently towards our financial goals, be aware of financial risks and opportunities, plan realistically for the future, respond to life events that affect our everyday financial decisions and know where to seek help from, on matters related to money.

Financial Literacy in Action The person will be able to

• Recognise the role of money in their lives and in the larger society.
• Demonstrate an ability to manage expenses from their weekly or monthly allowance and generate savings.
• Demonstrate the ability to plan and wait rather than giving into impulse buying.
• Lend and borrow money in responsible ways.
• Analyse investment plans by putting down short and long term benefits of a scheme.
• Define insurance and explain its purpose - personal as well as business.
• Generate awareness with respect to use and abuse of credit cards.