FINANCIAL LITERACY, FINANCIAL EDUCATION: A Road Map to Personal Financial Well-Being and Prosperity”, International Journal of Research in Finance and Economics

Journal Article

Kumaran, Dr Sunitha . 2013

• رقم العدد: Issue 108
• الصفحات: 132-143

مستخلص المنشور

Financial Literacy, Financial Education: A Road Map to Personal Financial Well-Being and Prosperity	132-143
Sunitha Kumaran
Abstract: Large changes in the structure of financial markets, labor markets, and demographics in developed countries have offered consumers a bewildering array of complex financial products – from reverse mortgages to annuities – to choose from, making saving decisions increasingly complex. While financial literacy has always been important, the need for financial education has assumed greater urgency in many countries as such an ever wider range of financial products and financial services have been marketed to consumers. Financial literacy is very much about empowering individuals so that they can master this complexity and take full advantage of the benefits that flow from financial innovation and new financial products. Recognizing the importance of knowledge about financial decisions, a number of public agencies, private foundations, school systems, and employers have begun to sponsor financial literacy programs. Policymakers around the world have been wrestling with the idea of how to foster a population that is knowledgeable about and comfortable with basic financial planning. Building on these reviews and other market research findings, the article emphasizes the need for financial literacy and its impact on personal well-being, financial system and economy. The work has been extended to suggest A Learner-Centered Approach to Financial Education to increase the impact of financial literacy & its measurement and also ways to deliver financial education program to the society. Keywords: Financial Education, Financial literacy, Financial Planning, Empowerment