Finance is a term broadly described as the management of money which includes activities like investing, borrowing, lending, budgeting, saving and forecasting. Furthermore, Financial Literacy is the knowledge of finance and skills to use this knowledge in decision making regarding savings and investments. Financial Literacy is the basic of finance, which everyone must possess because without financial literacy it is not possible to attain the objective of financial inclusion. Financial Literacy programs must be implemented from the school level to every possible level of implementation. Financial Literacy is the key factor for socioeconomic growth of our country. Every person must be taught about savings, investment, return on investment, financial planning, inflation, power of compounding etc. Additionally Government should take initiative to curve the ponzi schemes by providing financial awareness programs.
In the basic level topic like money, debt, interest, deposits, compound interest, capital etc. should be covered. In the advance level, financial management skills, effective financial planning, retirement planning, time value for money, human life value, risk management, investment planning etc. matters should be taught in financial literacy programs. There should be financial literacy programs for women to empower them, to make them independent. Finance should be a common and regular topic of discussion among people, someone should not feel uncomfortable while talking about finance.
