giggle finance

giggle finance

The Importance of Financial Literacy

1. Introduction

Nowadays, people are living in fast and highly integrated lifestyles. There are few people who can spend time on researching information of complex financial products or issues, although many individuals now have deep expectations to manage personal finance effectively and make wise financial decisions. Additionally, each time they decide to purchase their financial product, they always find they are slammed with endless options and jargon. Without enough important information, they are unable to make wise financial decisions effectively. This situation makes the public become increasingly underserved and under-saved. Moreover, because people have such complex and challenging financial needs, they easily become victims of deceptive marketing.

Recently, concerns over household financial decisions have become more and more important. It has been widely acknowledged that inadequate financial literacy and lack of enough information regarding financial issues are the main hurdles in the way of wise financial decision-making. More simple, clear, and sound financial literacy analysis and advice should be provided to the public in order to help them grasp the key knowledge of financial products safely and avoid deceptive marketing. Firstly, the essay argues the importance of financial literacy for the public; then it quotes several basic financial concepts and the situation of the public financial literacy to explore the importance of providing primary analysis and advice of complex simply and clearly.

2. Understanding Giggle Finance

Giggle Finance actualizes a belief in making the complex incredibly simple through the shoes of those who understand simplicity probably better than anyone else out there, namely, the bottom line. We make finance and business education come to life in extremely simplified and, in some cases, somewhat parodic ways. We have no qualms about saying that we love, love our business model. Giggle Finance is what everyday people, specifically our customers, come to us about. It makes us proud and confirms the very reason for our existence. It has been that way from the beginning in November. It’s highly concentrated financial education for people on the go. Our site, courses, and everything we stand for is for people who hassle, no balls, and take no bleep. Smart, get things done, and move on. Get in and get the done. Consumers do not want to become experts in finance or business within a day, and they sure as hell don’t need PowerPoint slides to tell them what to do. The longer ago Steve Jobs said “Simplicity is ultimately the highest form of sophistication. This course resonated quite a lot with him, so simplifying and making finance incredibly easy.

Giggle Finance is why we prefer pockets to desks. They know customer demands better than anyone else, and where the functionalities could be improved. And where our nifty little button called the Academy could teach or in more Buzz Lightyear terms: “Educate.” With Giggle Finance, the tailor doesn’t need to pay for or worry about expensive programs that don’t suit his business model, nor does he need to waste time trying to figure out for himself all the wonders that finance can do for him and his business. He sure as heck doesn’t have time for that, and neither do we. Giggle Finance is all about that. Buy now, aced in 5 min: survival rate = 100%.

3. The Benefits of Financial Education

In schools, we are taught a wide range of subjects that include the development of students’ citizenship. This training provides everything from learning about national history to how young people can contribute to it. Yet, while other critical life skills such as civics, reading and mathematics are being taught in learning centres across the country, it is rare to find a program that teaches about responsibility. Financial today, it has been six years since the National Financial Capability Strategy was formally presented. This was proposed by the US Treasury Department and was co-created with the US Department of Education in order to increase a financial culture and thus reduce the financial insecurity of the American public. Understand that in the United States, only 54% of low-income citizens can become financially stable, plan for the future, and protect themselves from going bankrupt, while still able to maintain a healthy and current knowledge of financial services. ongoing. The NFCS created a range of financial variables to measure the nation’s financial literacy and financial stability. Not surprisingly, when measured, we calculate that young people under the age of 30 are particularly poorly versed in financial matters—as are ethnic minorities and women.

Financial literacy is important for everyone. It is not necessary to set (or exceed) financial goals to be able to efficiently manage your bank cards. In many households today, the person with the highest income has the final say on how to allocate family resources, and sometimes that person’s understanding of personal finance is quite limited. This can be a big problem if that person is one day unable to do his job, and it can be a bigger problem if that person expires unexpectedly. This makes financial literacy even more important, not just in our financial health, but the fiscal health of our families at all times.

4. Strategies for Improving Financial Literacy

Economic agents often exhibit some form of cognitive incompetence. As the number of financial products increases, understanding the products becomes more difficult. Financial literacy equips the individual with the understanding to critically evaluate varied options when making financial decisions and choose the ones that maximize their net benefits. Thus, they will only participate in transactions that meet their objectives. It is of the utmost importance that financial regulatory authorities determine that the retail sector that engages in transactions and agreements are financially aware. This will help ensure that customers won’t make choices or make savings that harm their long-term interests and are an original factor in the adequate management of existential hazards.

Research on financial literacy suggests that it can be improved through traditional literacy courses, budgeting classes, in-depth financial education, and better advice. Policy recommendations for dealing with a lack of financial literacy among various segments of the U.S. population focus on requiring more financial literacy training and being responsible for financial literacy. As firms, consumers, and investors become more sophisticated, financial decision making becomes increasingly important. How informed people are about money and financial information can heavily affect their decisions and the likelihood of these decisions being considered more beneficial, both in the short and long term. As such, promoting consultation by all sections of the population serves as a useful tool for public policy formation.

5. Conclusion

Based on the findings and results of the present study, it is suggested that financial institutions, mainly the banking sector, should redefine their approach to financial inclusion and rural banking services. Bundling of financial services may be of great advantage, where service providers should educate the poor and rural population about programs like Pradhan Mantri Jhan Dhan Yojana, linking these accounts with social security schemes, rather than developing complete policies and schemes about financial education. Furthermore, both financial institutions and the government should facilitate or initiate a robust platform for concerned people to understand the nitty-gritty of finance and help the poor and rural population align with the national financial services movement, which in turn will play a vital role in the progress of the Indian economy. The research also provides a blossoming avenue for researchers and practitioners interested in the area of financial literacy.

The present study aims to assess the financial literacy levels of Indian people, with a special focus on people living in urban and rural areas, and analyze the factors affecting financial literacy in general. The study follows a descriptive research design to provide a picture of the financial literacy levels of Indian people. A nonprobabilistic convenience sampling method is used to collect data from 500 respondents. Simple statistical tools like percentage analysis, chi-square test, and stepwise multiple regression analysis are used for analysis purposes. The outcomes of the analysis indicate that people living in urban areas are better informed about various aspects of finance than people living in rural areas. Higher educational qualifications with a commerce and economics background, regular reading of finance-related newspapers, period of investment, lack of money for investment, finance-related discussions with known people, and age are influencing factors of financial literacy. The findings also have good policy implications, such as designing financial inclusion strategies by banks and promoting financial literacy on different platforms to enable household investors to make prudent investment decisions.