The National Strategy recognises that financial literacy and financial education play a vital role in financial inclusion and inclusive growth and envisages ways towards creating awareness and educating consumers on access to financial services, availability of various types of products and their features; changing attitudes to translate knowledge into responsible financial behaviour; and making consumers of financial services understand their rights and obligations.
The National Strategy seeks to create a financially aware and empowered India. It aims at undertaking a massive Financial Education campaign to help people manage money more effectively to achieve financial well being by accessing appropriate financial products and services through regulated entities with fair and transparent machinery for consumer protection and grievance redressal.
The strategy also proposes to weave financial education into the school curriculum. The Curriculum includes investments, basic banking services, wise spending of money, financial planning and will even talk about scams, frauds and Ponzi schemes in the financial space.
Content is so designed that curriculum also focuses on educating illiterate, with imparting simple messages of financial prudence like importance of savings, borrowing within limits and using formal financial intermediaries.
The draft National Strategy has been prepared under the aegis of the Sub Committee of the Financial Stability and Development Council (FSDC) and is being simultaneously released for comments by all financial sector regulators.