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Why should financial literacy be a priority in the Union Budget 2025? What specific financial literacy initiatives should the government introduce in the budget? How can India learn from global best practices to improve financial literacy? The Union Budget is more than just a financial statement; i
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FAQ :
According to a SEBI study, only 27% of India's population is financially literate, with particularly low rates in rural areas and among marginalised groups.
Financial literacy is a priority because a financially aware population contributes to higher savings, responsible borrowing, and improved investment trends, strengthening the overall economy.
The budget should consider introducing a National Financial Literacy Mission, embedding financial literacy in school and college curricula, incentivising edu-fintech partnerships, and expanding outreach to women, small business owners, and rural populations.
India can adopt a hybrid model similar to countries like Canada, Australia, the UK, and Singapore, combining school education, workplace training, and digital learning for comprehensive financial education.
Financial illiteracy leads to poor investment decisions, lack of retirement planning, vulnerability to fraudulent schemes, increased informal borrowing, and debt traps.
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