( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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FINANCIAL LITERACY AND ITS APPLICATION AMONGST UNIVERSITY STUDENTS IN DELHI (NCR)

    2 Author(s):  VINIT SIKKA,DR. ANUDEEP RAWAL

Vol -  10, Issue- 9 ,         Page(s) : 339 - 349  (2019 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

Financial Literacy is basic understanding of finance related matters and to gain the ability to understand how money works: how someone makes, manages and invests it, and also expands it. Due to poor financial knowledge, income stability and lack of skills in money management young adults found to be “financially unstable”. As you see today’s youth struggles with their finances and dig themselves into monetary holes and falls into financial traps which affect their entire lives. The lack of financial literacy may lead the students/young adults the future labor force contributors, to become involved in a higher level of consumption in present leading to financial problems during future life, which has a significant effect on their present and future family, and professional life. Financial illiteralte people find it difficult to take decisions regarding personal finance issues confidently and often make mistakes and on the other hand financially literate individuals can make effective use of financial products and services and will not get cheated by people selling financial products not suited for them. India is a developing economy and a lot of improvement in financial knowledge of individuals is necessary. Such improvisation is possible with appropriate financial education programs and that too targeted at right people at right time. Increasing financial courses in university education will produce positive results for students’ awareness on financial matters and sustainable development for general economy.

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