Financial literacy is the ability to understand and effectively use various financial skills.
The world flows monetarily and understanding this management is extremely indispensable for making financial decisions in the right manner in one's life. Banking, budgeting, saving, and managing credits along with investments are the basis of strengthening most of our financial decisions.
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What is financial literacy?
Financial literacy is the ability to understand and effectively use various financial skills. The key steps to improve financial literacy include: - Learning the skills to create a budget - Ability to track expenses - Learning the strategies to pay off debt - Planning for retirement effectively
How to achieve it?
Even our country requires a well thoughtful annual budget to regulate. The same fashion is followed at the minute level for an individual too. Financial literacy demands comprehending certain financial principles and concepts like planning expenses and ways to gain a rise in monetary value.
According to economist Sanjay Jaswani, financial independence is only possible if one is able to make accurate decisions in the stock market. In nominal GDP list, India consolidate in its 5th place but when it comes to stock market only 1.5-3 percent of the population of India is directly or indirectly investing stock market because of not having much knowledge in it.
"The sound mastery over the knowledge of directing money in institutions can lead to a secured and safeguarded future for a person and a family to be carried on, is what economists around the globe claim," he said.
Being a prominent economist and the founder of online and offline Institute Target Accounts, Jaswani has helped the masses in this field.
Known as 'The Thursday king' among people, he states that there must be days, weeks, and months celebrating financial literacy as any other festival.
The tagline itself seems to visualize the very idea saying, "Happy Financial Independence" making us ponder over this form of independency that finances can bring.
(Edited by : Anshul)
First Published: IST