Connectedness of Financial Literacy with Financial Resilience An Indian Prospective

Over the past two decades, the Indian economy has experienced a significant expansion in its financial market due to liberalization, privatization, and globalization, leading to a wide range of financial products and investment alternatives. However, it is crucial to note that having proper knowledge about financial behavior is essential. Limited financial literacy among individuals can hinder their ability to make informed financial decisions, underscoring the importance of improving financial literacy rates in India, particularly among women and young people, to enable them to manage their savings efficiently. The pandemic has highlighted the significance of financial literacy in times of global crises and high unemployment rates. This study aims to explore the relationship between financial literacy and financial resilience and determine the current level of financial literacy in India through a literature based study. Data were collected from various secondary sources such as research papers, articles, journals, and official websites. This paper emphasizes the need for comprehensive knowledge of financial literacy and other related concepts to manage even small finances and overcome financial difficulties, particularly during the ongoing pandemic. The authors highlight the low level of financial literacy in India and suggest that financial literacy education should be introduced at the school level, with the implementation of various national level programs through innovative initiatives to raise awareness about financial literacy. Dr. Amit Manglani | Mr. Suraj Patel | Ms. Disha Rani Yadav "Connectedness of Financial Literacy with Financial Resilience: An Indian Prospective" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-2 , April 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd56248.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/56248/connectedness-of-financial-literacy-with-financial-resilience-an-indian-prospective/dr-amit-manglani