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Definition :Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.
Financial literacy is much needed aspect of our modern day to day life. In present context only to do investment is kind of financial literary in by young minds. Financial literacy is broader aspect of our daily life.
Today is different :-
Financial independence have grown widespread in today's world, thanks to a growing culture that values entrepreneurs and wealth producers. It is being promoted by young people who no longer consider employment as their only source of survival and development. Instead, an increasing number of people believe that their money should work for them.
Change in the way we look at investing :-
These youth understand that investing is crucial to wealth creation and are not afraid to try out different modes. A case in point is the huge interest generated by the IPO's of new age startups, the growing clamor for access to crypto currencies.
The Social Media pull -pros and cons.
A huge community of influencers who routinely discuss wealth creation and personal finance management is fuelling this interest. They use social media to share their wealth -building experiences, voice their views, and offer advice. They have steadily increased their clout.
Experts in personal finance are concerned about their recommendations because a big proportion of influencer lack professional skills required to give guidance. There is also the issue of entrenched interests in promoting a specific view -point. .Small time investors with insufficient knowledge are frequently forced to pay the prize for a decision that does not pan out in the market. They could be acting under the guise of counsel posing as knowledge.
Taking control of ones financial future.
As a result a growing percentage of young professionals recognize the need of financial literacy. This has resulted in an increasing trends, thanks in part to the ability to learn remotely. Many institutions and specialists have teamed up to give financial literacy and awareness courses that include content that is relevant to Indian customers, well - researched and objective. There are classes that are specifically designed for entrepreneur, small company owners, and women.
Getting the message across to non finance folk.
While financial literacy is a hot topic right now, organization's like the National Stock exchange have been offering such classes for over a decade. So far, they have primarily catered to major corporations. "Financial literary and management is a significant gap left in our education generally, says experts on the need to broaden understanding. It causes a complete lack of confidence in young professionals, making them vulnerable to fraud and poor financial judgments. Popular advice gained from the media or social media is frequently skewed or inaccurate. We have to rely on group which offer accurate, uptodate, objective, well researched and successful material.
People who used to find financial literacy seminars unintresting -because they found the topic scary and difficult to relate to-are now intrested in seeing 12 -minute long street dramas. Using an artistic medium to demystify such subject helps us catch the audience 's attention before a facitator begins serious discussions on theme such as savings, investments and other topics. Such measure contributes to a more favorable investment climate, encouraging young people to increase their participation in the economy while benefiting from overall growth.
