Literacy in Money Management - A Path to Sustainable Growth

  • Priyanka Urvish Acharya Department of General Management & Finance, Sheila Raheja School of Business Management & Research, Mumbai, Maharashtra
Keywords: Money management, Financial literacy, Sustainability, Human capital enrichment, Initiatives.

Abstract

Understanding the language of money is an integral part of the sustainable development of an economy. The world of financial markets plays a major role for transforming developing economies into global powers. If we look at the future, fancier market models may be developed; those even more accurate than what they are today. However, the incremental value addition in this model creation industry comprises of a hindrance in the form of lack of awareness and education of the Indian masses. Dynamism stimulates a sense of continual excitement and with the global environment becoming more complex; market participants seek a far more sophisticated education imparting mechanism to tackle fi nancial risks and achieve sustainable growth. The Indian financial markets hold immense potential for coming generations. However, we are driven by too much leverage and too little confidence as we lack the power of knowledge. To avoid ending up with an overleveraged economy further leading to credit bubbles and economic imbalances, the need to address knowledge dissemination concerns from a complex global perspective rises further. This research is mainly to set forth the path toward building a robust fi nancial literacy promotion mechanism to build a healthier and confident economy. The study mainly focuses on the initiatives in this area by eminent organizations and their contribution toward encouraging sustainability through literacy of managing money. The study would involve primary and secondary methods of data collection to analyze current trends and recommend improvisations in the same.

References

1. Eccles, R., Krzus, M., & Serafeim, G. (2011). Market Interest in Nonfi nancial Information. Eccles: Harvard Business School.

2. Cohen, M.N. (2011). A Step for Clients towards Financial Inclusion. 2011 Global Microcredit Summit. Valladolid, Spain. p34.

3. Punjabi, N.M. (2015). Review on Need for Developing a Curriculum for Financial Education. Mumbai, India: Academia. p11.
Published
2015-10-24
How to Cite
Acharya, P. (2015) “Literacy in Money Management - A Path to Sustainable Growth”, International Journal of Management, Innovation & Entrepreneurial Research, 1(2), pp. 43-47. doi: https://doi.org/10.18510/ijmier.2015.123.
Section
Original Research