Paper on Principles of Financial Literacy
Added on - 19 Sep 2019
Financial Literacy Initiatives
This report is on "financial literacy initiatives". In this present paper, we will discuss the principles of financial literacy. Financial literacy is defined as the ability to understand the working of money in the world. It includes managing the income of an individual in order to generate higher returns within a particular period of time. The aim of the financial education principle is to improve the knowledge related to the financial products, risk, concept, information, and objective advice in order to improve the decision making of an individual which enables to enhance the financial wellbeing of people.
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Financial Literacy PDF
From the above report "financial literacy initiatives", we conclude that financial literacy plays an important role in order to secure the financial future and retirement of an individual. The personal financial literacy principles help to enhance the financial knowledge and wellbeing of people in order to secure their financial health of people. It directly impacts the financial health of the economy as well. The government has taken various initiatives in order to promote financial literacy among individuals. The principles of financial literacy include financial education, financial capacity building, and financial education program, regulatory and administrative framework, corrective measures, the role of financial institutions, and designing financial education plans. The aim of financial literacy principles is to enhance the financial knowledge and wellbeing of individuals which enables to take the effective financial decision to make secure investments. The principles of financial literacy include developing a financial plan, savings for a long period, investigation of investment, and avoidance of delays in cost which helps to take corrective financial decisions to secure the financial future.