Making India a Financially Literate Country

            Before thinking about the strategies for converting our country into a financially literate country, we must know about the actual meaning of financial literacy and why it is more important these days. Financial literacy is not just about increasing knowledge on money matters and financial products but helping and empowering people to take action to achieve greater financial well –being. In Sanskrit there is a saying "dhanam moolam idam jagat" which means money is the centre of the universe, so everyone must have a minimum knowledge about the way to manage it and financial literacy is one of the basics of individuals or households well-being which will lead to the economic stability of a country especially a developing country like India which constitutes larger number of low and middle income groups. Also the financial illiteracy is one of the main cause of financial crises, hence financial education enable individuals the effective use of financial products and services. Nowadays our government is planning for greater development in financial inclusion. Financial inclusion means providing access of financial services to peoples who are financially and socially excluded, disadvantaged and poor. Also social inclusion is made possible with financial inclusion. Recently developed "jan dhan yojana" is a great initiative for financial inclusion which ensure a bank account to each and every citizen of our country.Thus for achieving financial inclusion in our country we must improve the level of financial literacy. In that way financial literacy act as a tool for financial inclusion.
             Recent surveys shows that a majority of population in our country have limited knowledge about the financial systems and concepts. They are also facing difficulty in selecting products that are suitable for their needs. This will create negative impact not only on the individual's well-being but on the stability of our economic system.