Financial literacy is an issue of global concern and a major challenge faced by all countries. In today’s world, where varied types of products are on offer, financial literacy becomes unavoidable. In the case of India which enjoys ‘demographic dividend’, the government has realized its importance and has been adopting measures to increase the spread of financial literacy among the masses. Thus, strategies are being rightly taken in the right direction and more so because of their importance which are as follows:
i) It will help the population to gain access to a variety of financial products and services which range from basic to complex categories.
ii) The increase in financial literacy levels will give people the confidence to try and take advantage of such financially engineered products which have been on offer in the Indian markets after the financial sector deregulation.
iii) It will equip an individual with the capability to make better decisions after a thorough understanding of all aspects of the product.
iv) It also empowers individuals to make use of varied information that are available to the public today.
Hence, financial literacy is a tool that has the potential to change the life of an individual, family, and the entire household.
For citing this article use:
- Debabrata J. Financial Literacy and Access to Financial Services in the Unorganized Sector in West Bengal A Study of Purba Medinipur and Paschim Medinipur Districts.
