Role of Financial Literacy in Empowering Youth
Featuring: Marc Despallieres, Chief Strategy & Trading Officer, Vantage
For any country, its youth is the biggest asset for the growth and development of economy. Young minds are the future sailors of progress. Ergo, it’s crucial to encourage and uplift these minds so that they can explore and learn about the various value-generating sectors of a nation. The term financial literacy has gained ample recognition during past some years. Yet, a massive part of our country is not financially literate. The prime reason is underestimating and failure to compute the real value of money which lies in our pockets.
Despite having a population of 1.3 billion, a 2019 survey by NCFE found that 76% of adults still need to develop their knowledge of basic financial concepts. India has the potential to rank among the nations with the highest financial literacy levels worldwide. Through financial education, 27.6% of participants in the 25–44 age range continue to participate in the financial inclusion programme. If the youth between the ages of 10 and 19 are also given sound financial awareness, this percentage can increase by more than 20% in the ensuing two decades.
Read the full article on Higher Education Digest.