Basic - Introduction

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Basic - Introduction

  1. 1. “Financial literacy is a prerequisite for effective financial inclusion, which will ensure that financial services reach the unreached and under-reached sections of the society. Financial markets now offer complex choices to consumers, but literacy is essential for consumers to make informed choices” Mr. Pranab Mukherjee, President of India. THE HINDU, CHENNAI, DECEMBER 28, 2012 | UPDATED 18:49 IST
  2. 2. “From thinking about the next agriculture season, farmers starts thinking about the next five years and then about their children‟s future and their own old age. But these are healthy concerns on which we must capitalize. This realization sensitized us and we will be failing in our mandate if we do not address the challenge and the opportunity of financial literacy head on”. Dr. D. Subbarao, Ex Governor, R.B.I. THE HINDU, CHENNAI, DECEMBER 28, 2012 | UPDATED 18:49 IST
  3. 3. Not only this, the President of India also asked for improving standards of higher education in India. THE HINDU, CHENNAI, DECEMBER 28, 2012 | UPDATED 18:49 IST
  4. 4. The views expressed by these two renowned personalities clearly points out the sad part of fact that even after 65 years of independence this great country failed to achieve satisfactory level of financial literacy. Average Indian citizens are far away from satisfactory level of financial literacy.
  5. 5. As a responsible citizen of this country, you will agree that: Indian Economy has potential become financial superpower in the world, to Government of India and various State Governments are spending crores of rupees on various schemes which are beneficial in the larger interest of the society,
  6. 6. In spite of this, the benefits of growth of the economy have not reached larger section of the society. Lots of debate is going on in the country about effective „financial inclusion‟, but the financial inclusion fails because of poor financial literacy level in the country.
  7. 7. Not only this, but now a day, there are lots of complaint about misselling of financial products by the financial companies to the average consumer. All these things indicate that if we really want to counter these problems, we need to improve the financial literacy level across the country.
  8. 8. The President of India also highlighted the same by asking for improving the standards of higher education in the country for the purpose.
  9. 9. The Ex Governor of The Reserve Bank of India also highlighted that we will be failing in our mandate if we do not address the challenge and the opportunity of financial literacy head on. We at Nectar Global Edutech sincerely Believe that we need to contribute to resolve this serious national issue. After lots of research, feed backs at Schools and Junior Colleges and inputs from the experts from the field of education, we have designed this program and named it as:
  10. 10. Financial Literacy Awareness Program
  11. 11. We also feel proud to dedicate this program to . The Common Man of this great country
  12. 12. Objective of Program The objective of this program is to make „India‟ a „Financially Literate‟ country.
  13. 13. Welcome to Nectar Global Edutech Pvt. Ltd. ‘BASIC’ module
  14. 14. This module consist following 8 sessions: 1 Introduction 2 Setting up Financial Goals 3 Budgeting : Income v/s Expenditure 4 Budgeting : Prioritizing the needs 5 Understanding Interesting concepts 6 Basics of Investment 7 Basics of Banking – Part I 8 Online Examination
  15. 15. You might feel embarrassed, shocked and totally demoralized. deeply You might lose interest in work and as a result, you might commit further mistakes. You might start thinking that even after completing education „Why I do not understand the basic things of finance‟?
  16. 16. Do not worry. Do not curse yourself. It is not your fault. It is problem of our present educational system. In our present educational system, except for the Commerce faculty, the basic operational level knowledge of finance which is required in day to day life by every individual is not at all taught.
  17. 17. The fact is, India produces very good Doctors, Engineers, Architects, Advocates, et c. who are „Best‟ in their respective field. However, after completing their education, when they enter in to practical world, they hesitate going in to the office of bank, insurance company, stock market, mutual fund, post office, intermediary firm, taxation authority, etc. The simple reason behind this is lack of confidence to deal with financial products.
  18. 18. We at Nectar Global Edutech wish to bridge this gap of our education system through this educational program named as ….. Financial Literacy Awareness Program
  19. 19. You are into the first chapter of Basic literacy level. Hence, let us prepare some positive background and positive mindset before the actual study. Honestly answer the following questions and note down the answers in your note book.
  20. 20. Are you willing to take financial responsibilities? Are you ready to take financial responsibilities? Are you able to take financial responsibilities? If the answer to all these questions is „Yes‟ then you are already in positive mindset and it is very good sign.
  21. 21. However, if the answer to any of these questions is ‘No’, then please relax and think, Why you have answered a particular question as „No‟ ? The reason could be hesitation which is outcome of lack of confidence. This lack of confidence is outcome of lack of knowledge of the subject.
  22. 22. Do not worry. As the program will proceed further your knowledge level will definitely improve and you will feel more confident.
  23. 23. The next question is: Are you ready to accept the responsibility for changing your financial situation? We are sure most of you will answer it as „Yes‟ because everyone in today‟s world need more and more money to spent.
  24. 24. The next question is: Do you believe that you can and will change the way you make financial decisions? If the answer to this is ‘Yes’ then it is very good. It indicates that you have necessary confidence and flexibility to reassess your own decisions.
  25. 25. However, if the answer to this question is ‘No’ then you need to change your mind set.
  26. 26. Always keep in your mind that financial decisions are subject to multiple variables. These variable keeps on changing in dynamic financial world hence you cannot adopt rigid approach. As the situation changes, the financial decisions also needs to be revisited, reconsidered and if required, changed.
  27. 27. The next question is: Can you identify at least one benefit you hope to gain by changing your present money management behaviour? If the answer to this is ‘Yes’ then it is very good. It indicates that you have necessary flexibility and understanding that there is always scope for improvement.
  28. 28. However, if the answer to this question is ‘No’ then you need to change your mind set.
  29. 29. Always keep in your mind that no one in this world can claim that financial decisions taken by him / her are always correct and the best. Financial markets are dynamic and keeps on changing at fast pace. Therefore, the financial decisions always needs to be revisited, reconsidered and if required, changed at frequent intervals.
  30. 30. There is always scope for improvement. Finance on income side always keeps on hunting for higher returns whereas finance on expenses side always keeps on hunting for lower costs.
  31. 31. I will communicate with my family about money matters so that we all will be working towards same goal. I will be aware of the effects of advertising on the financial decisions I make.
  32. 32. On this positive note, let us start marching on path of financial wellness. Start slowly marching on following important steps, understand the meaning and purpose of it. I will make informed financial decisions. I will communicate with my family about money matters so that we all will be working towards same goal. I will be aware of the effects of advertising on the financial decisions I make.
  33. 33. As far as possible, I will not get my financial decisions influenced by the advertisements. I will take care of my finances today by tracking expenses and creating budget that will be flexible and realistic. I will take care of my future financial needs by saving money today. I will honour all the credit obligations which I will be committing, on time and on agreed terms.
  34. 34. I will continue my personal education about financial health, budgeting, investment, credit, and personal debts. I will plan for my all expenses periodically. By setting good example, I will share importance of financial literacy with my next generation. If I am over obligated, I will not hesitate in taking necessary steps to seek assistance.
  35. 35. Take a break. Recollect what you have learned. If you have not understood any slide, revisit the same before you end the session.
  36. 36. THANK YOU

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