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Financial literacy education for the Indian consumer: the road to economic development

Author

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  • Shalini Kalra Sahi

Abstract

The economic growth and the expansion of the financial markets, have given the Indian consumer a plethora of investment products to direct his/her income towards. However, the low levels of financial literacy prevent the individual from making a judicious choice with regard to his/her financial planning. Hence, in order to ensure effective financial decision-making, it is high time that India took the necessary steps in promoting financial literacy education to her citizens. In this article, the author highlights the case for the promotion of financial literacy education in India in the present times. The need for promoting financial education among Indians arises on account of various demographic, market driven (economic and financial), technological and social factors which are highlighted in the article. Further, a framework for the curriculum for ensuring the coverage of various aspects of financial literacy education is discussed and elaborated upon. Imparting financial literacy education is very important for the nation's economic growth and development and hence the successful implementation of the financial literacy programmes would lead to various benefits such as increase in financial confidence, better planning for future needs, consumer protection and financial inclusion which are also discussed.

Suggested Citation

  • Shalini Kalra Sahi, 2009. "Financial literacy education for the Indian consumer: the road to economic development," International Journal of Indian Culture and Business Management, Inderscience Enterprises Ltd, vol. 2(5), pages 493-518.
    • Handle: RePEc:ids:ijicbm:v:2:y:2009:i:5:p:493-518
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    Citations

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    Cited by:

    1. Jehangir Bharucha, 2016. "Taking Ownership of the Future: Developing Practical Money Skillsamong the Youth in Emerging Economies," International Journal of Business and Economic Affairs (IJBEA), Sana N. Maswadeh, vol. 1(1), pages 13-20.
    2. Kuldeep Singh & Madhvendra Misra, 2021. "Developing an agricultural entrepreneur inclination model for sustainable agriculture by integrating expert mining and ISM–MICMAC," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(4), pages 5122-5150, April.
    3. Kumar Saurabh & Tanuj Nandan, 2019. "Role of financial knowledge, financial socialisation and financial risk attitude in financial satisfaction of Indian individuals," International Journal of Indian Culture and Business Management, Inderscience Enterprises Ltd, vol. 18(1), pages 104-122.
    4. Isidore, Renu & Arun, C. Joe, 2023. "The Moderating Effect of Financial Literacy on the Relationship Between Decision-Making Tools and Equity Returns in the Indian Secondary Equity Market," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 15(1), pages 185-211, January.
    5. K. Senthil KUMAR & C. VIJAYABANU & R. AMUDHA, 2012. "A Case Study On Investors’ Financial Literacy In Indian Scenario," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 7(3(21)/ Fa), pages 262-269.

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