Financial Enlightenment: The lack of awareness about financial investment in the country.
Budgeting, Diverse portfolio, Equites, Financial Awareness, Financial Independence, Investment Strategies, Mutual Funds, Net worth, Retirement Planning.
The financial potential of one individual has a potential to make their money work and bring out more money. But how many individuals are aware about this! For e.g. in USA one out of 100 people become rich and four out of 100 people become financially independent, which when compared with India the ratio goes down. In India more than 76% of the population is financially illiterate, i.e., either they hire third party or a CA to handle their monetary transactions and portfolio which does not give any exposure and transparency. This creates problems in maintaining proper financial strength, proper future planning and being able to deal with any emergency situations. Even the higher salaried fall victim and then they get into the vicious cycle of debt, EMIs and loans. After studying several cases studies, going through financial expert’s videos and research papers, it has been found that it is important to spread awareness about financial management, the different ways to use full potential of the portfolios and tricks to make one’s money work. As the financial education is not introduced in schools in early days, most people face challenges in its management too. The enlightenment about financial education like how one can achieve financial independence, what is better whether buying or renting a house, how to pick mutual funds, how much emergency funds to create, picking the right medical, car, house insurance, etc. can give idea how it works, how one can enhance the performance of the portfolio and create awareness among the people through short videos, explanation with short and easy examples, etc.
"Financial Enlightenment: The lack of awareness about financial investment in the country.", JNRID - JOURNAL OF NOVEL RESEARCH AND INNOVATIVE DEVELOPMENT (www.JNRID.org), ISSN:2984-8687, Vol.2, Issue 5, page no.a174-a178, May-2024, Available :https://tijer.org/JNRID/papers/JNRID2405020.pdf
Volume 2
Issue 5,
May-2024
Pages : a174-a178
Paper Reg. ID: JNRID_700304
Published Paper Id: JNRID2405020
Downloads: 000267
Research Area: Social Science All
Country: Mumbai, Maharashtra, India
ISSN: 2984-8687 | IMPACT FACTOR: 9.57 Calculated By Google Scholar | ESTD YEAR: 2023
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 9.57 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Publisher: JNRID (IJ Publication) Janvi Wave
