To honor Financial Literacy Month in April 2012, Visa released a survey of international financial literacy that tallied answers from more than 25,000 participants in 28 countries. Respondents were asked five questions relating to money management, and received an overall score based on a 0 to 100 scale. The survey revealed that Brazil topped the chart as the most financially literate country, with a score of 50.4 out of 100.
Few key findings from the survey:
- 68% of respondents have fewer than three months’ worth of emergency savings.
- 25% of high income respondents had less than three months of savings.
- More than half of the countries believed that their young do not understand finances.
- Wealthier nations spent the least time talking to their children about money.
- Worldwide the youngest and oldest are the least prepared for financial setbacks.
What can Indian’s do to increase financial awareness among children’s? One solution is to make them independent at a very early age. Parents should teach their children’s on how to spend money, not only that but also how to earn it.
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