Helping Women and Students Focus on Financial Literacy

Bengaluru: One can find several books, podcasts and articles that talk about money management where topics like how to make money online, how to earn one lakh per month etc. are addressed. Yet, financial literacy is extremely low among Indians. According to a 2019 report by SEBI (Securities and Exchange Board of India), the financial literacy rate of young Indian adults is only 27% and a study by NCFE (Nation Center for Financial Education) shows that only 24% of the rural population who participated in the 2019 Financial Literacy and Inclusion Survey had financial literacy and the rate is even low among women at only 21%.

Founder and CEO of Indian Money and FFreedom (Financial Freedom) app, C. S Sudheer, says financial literacy is something that helps us lead a successful life. “It’s a subject that isn’t taught in schools, and families are often unwilling to discuss finances with young children as they get older. As a result, young adults, when they start their studies and start working, are often confused about money. And this often leads to hasty or even wrong decisions about money. We believe that this should be a priority and that there is no there’s no age to start learning about it,” he says.

“We are trying to provide the best livelihood skills as well as financial literacy skills to millions of people across India through the FFreedom app. People can choose their language as there are six languages ​​i.e. English, Hindi, Kannada, Telugu, Tamil, Malayalam Their area of ​​skill and interest (goals) can also be chosen where they are given a variety of introductory, intermediate and advanced courses to learn. Teaching in these courses is provided by expert mentors who have built successful farming and business stories with our in-house anchors who can provide the right nuggets of practical knowledge to help our learners.We have 3 course categories in a) Personal Finance, b) Small business, c) Agriculture and we further streamlined it by levels and goals.” he adds.

Financial literacy at a young age will help many investors understand risk, and financial management is likely a skill every child needs to learn from the start so that it is useful to them in the future. “We believe that a combination of financial planning skills and livelihood skills in different fields of business and agriculture can help millions of Indians first choose a livelihood in which they can develop their expertise and earn their money, then continue to grow there and manage their short and long term financial needs.We also continue to decode different aspects of savings and investment options through our personal finance courses as well than by providing a regular understanding of new topics and news in finance, such as understanding a new IPO (Initial Public Offer) or the implications of a repo rate increase, via our multiple YouTube channels.” he explains.

According to the survey, women have the lowest levels of financial literacy. “It’s unfortunate but true. The reasons could be many, from the low participation of women in the labor market to the lack of inclusion of women in the first financial decisions of families. We believe that women will play a key role in the times adding to a more skilled Bharat but also a more powerful Bharat,” he expresses.

Women who are financially conscious can take charge of their household finances, first and foremost. “As the success of the microfinance industry has shown, women make wise decisions about money, keeping household needs in mind, with a healthy balance of risk and return. “they are empowered to make financial decisions, whole livelihoods can benefit and prosper. There can also be a cascading effect at the community level where these practices are then incorporated by other women and who, together, help us build a stronger Bharat.Given the uncertainty we are emerging from after the past two years of COVID-19 and the growing momentum of change in the nature of formal jobs, early understanding of financial management can help women to plan for these known and unknown requirements,” he adds.

We firmly believe that this change begins with each individual, with each family. Today we have one of the largest populations of young people in the world. Although touted as a demographic dividend, the only way to bring out the power of young people is to help them gain the skills and knowledge to lead successful and independent lives. Over the past few years, we have seen India become one of the leading startup nations in the world and today we are home to over 100 unicorns. Even as we celebrate innovation, we must give equal, if not more, attention to the people who build their farms and small businesses in India’s small towns and cities. For us, they usher in a new era in our country, where more people can become job creators rather than job seekers,” he concludes.