Hyderabad: According to the World Economic Forum report, every four Indians are literate financially and have an understanding of basic financial concepts such as investment, debt, budget and savings technology.
Telangana performed slightly above the national average, the report said. Although states such as Goa and Hima al stand out in financial literacy, states such as Assam, Bihar, Manipur, Nagarland and Uttar Pradesh are all at the bottom.
About 25% of the Indian population is aware of the basic financial concept, which is much lower than that of developed countries or emerging economies.
According to the report, only 4.2% of the Indian population has a deep understanding of the financial concept, while 20.8% have moderate financial knowledge. The population with basic financial knowledge was 42.8%, while 32.2% were financially illiterate.
In Telangana, urban areas show promising trends in understanding financial concepts and leveraging digital platforms, while challenges remain in rural areas and among disadvantaged groups.
A study conducted in Hyderabad and Sesendbad showed that more than 75%
WEF’s Financial Literacy Program aims to address the gap in financial education through interactive workshops using storytelling techniques. Although the initiative is focused primarily on Navi Mumbai to date, its emphasis on grassroots participation may be beneficial if extended to the semi-urban and rural areas of Telangana.
