Making India a Financially Literate Country

Our government already started a lot of programs for improving financial education in our country. But the fact is that nowadays financial market becomes more complex and it consists of variety of products that will create so much of confusion to customers. For example, nowadays our basic saving accounts are available with a variety of options which will create confusion among common man in choosing which will best suit their needs. Also information technology shows drastic developments these days, that has some influence on the product development of financial institutions. So they are now introducing vast variety of technology products which includes mobile banking, internet banking,etc.So today there is no need to visit a bank for transactions as we can do the same by simply sitting at home. The aforementioned technology products have not reached every common man as we lack in computer literacy which is an integral part for the propagation of these products. Thus we have to face a lot of challenges for developing and implementing financial education strategies.
             The first challenge we are facing while developing a national strategy for financial education is the fixation of target groups. The target group that we are fixing must cover all sections of the society from children to senior citizens. The next important thing is how we will reach them? We have to develop different strategies for different sections of society. The other challenge we are facing is the different literacy level, financial and socio economic background. For example, a young professional wants financial knowledge for his life planning which includes marriage , buying house etc. A government employee needs assistance for his retirement savings. A student needs awareness about education loan products, their interest and repayment periods etc. and housewife needs training for her family budgeting. So we have to develop different methods of education for each of them.