Most of India’s rural population is not tech-savvy or aware of India’s digital banking system. Recently, the “Financial Literacy and Inclusion Survey” conducted by the Reserve Bank of India (RBI) revealed that awareness about digital banking is at the same level among urban and rural populations across the country. The average for both segments is 11.7 on a scale of 21.
What is meant by financial education?
Understanding the use of various financial skills, such as investing, personal financial management, budgeting, and more, is called financial literacy.
What were the criteria to measure the country’s financial education?
The criteria used to estimate India’s financial literacy in the RBI survey were financial knowledge, attitude and behavior.
The average rural and urban scores were 11.7 on a scale of 1 to 21. This shows that both rural and urban areas, despite educational and informational disparities, share almost the same level of financial knowledge.
The average scores, by zone!
Both the rural and urban areas share the same score, 11.5 in the northern zone.
For the eastern zone, the scores were 12.1 for both the urban and rural areas.
For the middle zone, there was a slight disparity between the scores of rural and urban areas. Rural areas received a score of 12.1, while urban areas received a slightly higher score of 12.5.
Speaking of the west zone, the scores were almost identical. Rural areas received a score of 12.5, while urban regions received a score of 12.6.
Also in the southern zone there was a very slight difference between the scores. For rural areas, the score was 10.3, while for urban regions, the score was 11.2.
What do the scores suggest?
According to the RBI, there is very little variation between the scores of rural and urban regions of the country. This implies that a lot of work is required to improve the understanding of digital banking in all social strata of the country.
Why is financial education important?
Financial education is an essential aspect of life. Establishes a relationship between the individual and money. Simply making money is not enough; Understanding how money works and how money can be generated through various legal means is a crucial skill. The sooner you start building good relationships with finances, the greater your chances of success and quality of life.
Categories: Optical Illusion
Source: ptivs2.edu.vn