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India lags in financial literacy: Research

Last Updated: Wednesday, June 13, 2012 - 19:24

Mumbai: Many people in India have set aside 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 Visa`s 2012 Global Financial Literacy Barometer.

The results of the Barometer, which assessed and ranked the financial literacy levels of people in 28 markets, were released today, in which India emerged 23rd in the overall ranking and is just ahead of Morocco, South Africa and Vietnam.

The survey 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.

According to the Barometer, 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.


First Published: Wednesday, June 13, 2012 - 19:24

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