October 31, 2013

India lags behind in financial literacy; Bazilians the best money managers

India ranks very low in financial education, especially with the women and young people lagging far behind, according to global study. The research discovers that Brazilians are the best money managers, having the highest level of financial literacy, while, surprisingly, the United States is pushed back to take the fourth slot.
Mumbai: Many people in India may have set aside some savings to weather a financial rainy day but the lack of money management discussions in the family may set the stage for their children to struggle with finances. According to a survey conducted by a global financial firm, India emerged 23rd in the overall ranking and is just ahead of Morocco, South Africa and Vietnam. The study also found that the average savings set aside for an emergency among Indian respondents is 1.9 months, close to the survey average of 2.0 months. Respondents from China were the best at saving for an emergency with 3.9 months, followed by Taiwan with 3.7 months, Hong Kong with 3.5 months, Japan with 3.3 months and Canada with 3.2 months. Visa's Global Financial Literacy Barometer finds, though Indian women may not be taking steps to protect themselves, but overall women, 34 percent, were more likely than men, 29 percent, of not to have any savings at all. "The Barometer clearly demonstrates that more needs to be done in advancing financial education in India especially among women and young people. To help them gain the necessary knowledge to make financial decisions, Visa is committed to providing the tools to equip people to become better money managers," Uttam Nayak, Group Country Manager, India and South Asia, Visa, was reported as saying. The research also found Brazil topping the Barometer findings, having the highest level of financial literacy, followed by Mexico, Australia, the United States and Canada. In Asia Pacific, Australia, New Zealand, Japan, Thailand and Malaysia make up the top five markets in this region.

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