You’ve undoubtedly relied on your parents for years to handle your financial affairs, and you might only be familiar with a few fundamentals of personal finance. After graduating from college, you are suddenly in charge of all kinds of significant financial choices. It takes conquering four significant obstacles to become financially literate. However, just because these duties could be difficult doesn’t imply you can’t handle them.
Financial Illiteracy – Lack of Financial Knowledge
Financial Illeteracy is the knowledge gap in understanding and effectively using various financial skills, including personal financial management,and investing. The meaning of financial literacy is the foundation of your relationship with money, and it is a lifelong journey of learning. The earlier you start, the better off you will be because education is the key to success when it comes to money. The major problem why people are not financially literate is because these knowledge are not imparted in primary schools and education institutions’
Repayment of Student Debts
Education loans are a very common phenomenon in India. Parents try their level best to get their wards enrolled into private institution although it may cost a huge amount. More the student loans are sanctioned , higher are the interest rates and also the time of repayment of loans keep on increasing . Thus this is also a very common phenomenon , that results in improper financial management. This is because the students start payimg off their loans as soon as they get into the employment sector.
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