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International Journal of Trend in Scientific Research and International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

reveals that high financial literacy is not widespread reveals that high financial literacy is not widespread RECOMMENDATIONS
among Indians where only less than a quarter among Indians where only less than a quarter 1. The initiatives took by the government can only The initiatives took by the government can only
be successful if people get involved in the e successful if people get involved in the
population have adequate knowledge on financial population have adequate knowledge on financial b
matters. There is lack of understanding among Indians matters. There is lack of understanding among Indians t transformation. The Schools and Colleges can ransformation. The Schools and Colleges can
create awareness among the people of their reate awareness among the people of their
about the basic principles of money and householdabout the basic principles of money and household c
finance, such as compound interest, impact of finance, such as compound interest, impact of l locality about the initiatives and imparting ocality about the initiatives and imparting
inflation on rates of return and prices, and the role of inflation on rates of return and prices, and the role of knowledge to the people.
diversification in investments.”In some studies it is diversification in investments.”In some studies it is 2. For doing so they also need to have the knowledge oing so they also need to have the knowledge
revealed that financial literacy affects the financial revealed that financial literacy affects the financial
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about the program and how to use the facilities bout the program and how to use the facilities
behaviour of the people and thus through prbehaviour of the people and thus through proper
provided by the government. rovided by the government.
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education they will be motivated to take the right education they will be motivated to take the right
financial decisions, get to know about the financial financial decisions, get to know about the financial 3. Community centres can be formed were people Community centres can be formed were people
who are more literate about the issues can help the ho are more literate about the issues can help the
products and services available to them and also products and services available to them and also w
other people and experts can visit thether people and experts can visit them to give the
inculcates a habit of saving and protecting their inculcates a habit of saving and protecting their o
guidance from time to time. uidance from time to time.
money. g
4. Organizations can guide their employees and Organizations can guide their employees and
Digitalization has revolutionized the waDigitalization has revolutionized the way we used the m
make them literate regarding the financial aspects. ake them literate regarding the financial aspects.
banking services and with the technological banking services and with the technological
advancement and interconnectivity of the various advancement and interconnectivity of the various 5. RBI and SEBI have already taken many steps to RBI and SEBI have already taken many steps to
create awareness among the people about the reate awareness among the people about the
services with the services provided by the banking services with the services provided by the banking c
sector there is need to speed up our country’s literacy sector there is need to speed up our country’s literacy importance of financial literacy and also provided teracy and also provided
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rate, digital literacy rate and financial literacy rates as literacy rates as the online modules for financial literacy on their he online modules for financial literacy on their
they all together have an impact on the proper they all together have an impact on the proper websites.
utilization of the Digitalization. 6. People should be imparted with the knowledge of People should be imparted with the knowledge of
Financial literacy along with computer literacy is a Financial literacy along with computer literacy is a f factors which affect their savings and how they actors which affect their savings and how they
must to mobilize the savings in the economy and put must to mobilize the savings in the economy and put can maximise their saving or the facilities an maximise their saving or the facilities
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forth the growth of the economy and puts the forth the growth of the economy and puts the a
available for them to help thvailable for them to help them to do so.
society’s development on fast track. Many initiatives y’s development on fast track. Many initiatives
have started but their reach is narrowed or hampered have started but their reach is narrowed or hampered 7. People should also be made aware about the People should also be made aware about the
security of their personal information regarding ecurity of their personal information regarding
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by various factors. But to keep our pace of Digital by various factors. But to keep our pace of Digital
t their accounts and online frauds. heir accounts and online frauds.
transition with the world we also need to speed the transition with the world we also need to speed the
pace of digitalization along with these basic pace of digitalization along with these basic 8. The banking system must also be made robust as The banking system must also be made robust as
requirements or basic knowledge or skills which can rements or basic knowledge or skills which can people need to trust the system before they go eople need to trust the system before they go
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obstruct the overall transformation or held us back to obstruct the overall transformation or held us back to with the technological advancement. l advancement.
achieve this goal.
CONCLUSION:
Obstacles in the process of DigitalizationObstacles in the process of Digitalization: The digitalization brings innovation, ease of working, he digitalization brings innovation, ease of working,
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1. The resistance to change people show during The resistance to change people show during new job opportunities and growth in the economy. It new job opportunities and growth in the economy. It
emergence of new technology. h
helps to bring transparency in the system and more elps to bring transparency in the system and more
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transparent are the flow of funds in the economy less ransparent are the flow of funds in the economy less
2. Building trust among the people for change is mong the people for change is
is the problem of tax evasion, parallel economy etc. of tax evasion, parallel economy etc.
difficult.
But with all these benefits available it also makes it ut with all these benefits available it also makes it
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3. Lack of knowledge about its use and benefits. Lack of knowledge about its use and benefits. n
necessary for the people to have basic financial ecessary for the people to have basic financial
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4. Infrastructure Infrastructure requirements requirements and and their their knowledge and a push towards the importance of the nowledge and a push towards the importance of the
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unavailability also hamper the reaching of these unavailability also hamper the reaching of these financial literacy. With the help of which they can inancial literacy. With the help of which they can
basic facilities to the people. protect their money in situations like inflation, ir money in situations like inflation,
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depression, and know about different financial epression, and know about different financial
5. The basic hindrance is the lack of literacy andThe basic hindrance is the lack of literacy and products and services to save it for their better future. roducts and services to save it for their better future.
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literacy is not just to be able to write ones name literacy is not just to be able to write ones name Digitalisation can also play an important role in igitalisation can also play an important role in
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and do the signature but to have an understanding and do the signature but to have an understanding a
achievement this goal as it can have a greater reach to chievement this goal as it can have a greater reach to
of the changes going in the technology, society of the changes going in the technology, society
the people. By this we can reach on a conclusion that ople. By this we can reach on a conclusion that
and the country for their own betterment. and the country for their own betterment. the new technology needs to harnessed well and for he new technology needs to harnessed well and for
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@ IJTSRD | Available Online @ www.ijtsrd.comwww.ijtsrd.com | Conference Issue: ICDEBI-2018 | | Oct 2018 Page: 27