RBI’s financial literacy week 2023: The RBI’s “Financial Literacy Week” began on February 13 and runs through February 17, 2023. Since 2016, the Reserve Bank of India (RBI) has held this event annually to spread information on financial education to the general people throughout the country. Last year, RBI observed ‘financial literacy week’ from February 14 to February 18, 2022. The central bank held an event to propagate financial education messages on the theme of “Go Digital Go Secure”.
February 2023 Current Affairs Quiz
RBI’s financial literacy week 2023: Theme
Financial Literacy Week’s (FLW) chosen theme for the current year is “Good Financial Behaviour – Your Saviour.” The theme aligns with the overall strategic objectives of the National Strategy for Financial Education: 2020-2025 which aims at building financial resilience and well-being while creating awareness among members of public. Focus will be on creating awareness about savings, planning and budgeting, and prudent use of digital financial services.
About financial literacy
The capacity to comprehend and utilise a variety of financial skills is known as financial literacy. The key steps to improve financial literacy include learning the skills to create a budget, track expenses, and learn the strategies to pay off debt.
Today, we are in an era where the average age of India’s population is 29 years, making it one of the youngest countries in the world. It is anticipated that these young, employed, digital natives with a penchant for disruptive technologies, manufacturing automation, and internet-based services would play a key role in accelerating economic growth. In such an environment, financial literacy becomes one of the youth’s most significant attributes.
Need for the Financial Literacy Week
Financial literacy is completely different from literacy. Though the literacy levels of the country are increasing; there is no significant increase in the financial literacy levels. Understanding financial concepts and using the money earned efficiently is financial literacy. This includes budgeting, managing credit, investing, etc. Many literates are unaware of the basic principles of stock markets, equity funds or mutual funds. Such knowledge is essential to invest in the right place. This will help in the overall economic growth of the country.