Financial literacy is the knowledge and skill about finance which facilitates the investors to remain one step forward for financial decision making as a part of their personal financial planning.
Introduction: Financial literacy is the knowledge and skill about finance which facilitates the investors to remain one step forward for financial decision making as a part of their personal financial planning. Financial literacy is the ability to understand how money works in the world, how someone earns it, how that person manages it and how he/she invests it for getting higher return. So it is clear that financial literacy is the pillar for making a sound financial plan and planning of personal finances is essential for every individual who may be a potential investor or regular investor.
Thus, financial planning and financial literacy both are important for potential investors like school children, college students; or existing investors like- middle income group, office executives etc. Here lies the significance of Investors' Awareness Programmes which enrich the investors' knowledge and skill for making a proper plan of their personal finance. At present these Investors' Awareness Programmes (IAP) and Financial Education Workshops (FEWs) are organised by different professional and regulatory bodies which are very popular in many countries including India.
Investors' education or awareness programmes are such an initiative which is taken to secure a better financial future for the investors, enhance the financial knowledge, spread financial awareness, reduce the financial risk, identify the utilities and characteristics of different financial products before investment and improve money management skills and financial behaviour of a person.
This story is from the August 2018 edition of BANKING FINANCE.
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This story is from the August 2018 edition of BANKING FINANCE.
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