Divergent Media Channels for Expediting Financial Literacy Outreach

Abstract

Financial inclusion is imperative for the development and growth of any economy which eventually materializes only through financial literacy. Financial literacy is the understanding about financial products/services and individual’s ability and confidence, to make informed choices based on risk and opportunities to improve financial wellbeing. Although the financial literacy movement has gained momentum but still there remains a question about whether financial literacy campaigns and programs really meet the desired outcomes as set. There are evidences that individuals under-save, lack to understand the financial products/services, fail to invest wisely resulting indebtedness. Customers everywhere would benefit from having greater financial knowledge and is relevant for all regardless of wealth and income. The research aims to study the role of media in stimulating financial literacy and in what way effective usage of different channels of media can facilitate in achieving higher financial literacy rate in India.