Significant Impact And Value Orientation On Importance Of Financial Education And Financial Literacy In Present Context

The effect of personal finance education on financial knowledge, attitudes, and behavior is a hot topic of discussion, especially in light of more recent research. Financial literacy is low in developed nations, which contributes to the widening wealth gap. Better debt management and more efficient retirement savings are two advantages of raising financial literacy. However, acquiring financial literacy comes at a significant time and financial cost, suggesting that the population's perception of the value of doing so varies. This may make it challenging to plan effective interventions. People have, of course, always been in charge of managing their own finances on a day-to-day basis — deciding how much to set aside for a child's education or to give them a good start in life; how much to spend on a vacation or save for new furniture — but recent developments have made financial education and awareness increasingly crucial for financial well-being. The present research paper highlights the importance of financial education and literacy in present context.