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.
Infographic (source)
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.
Check out the complete report here. Also do share your feedback and thoughts, comment!
I am a stock analyst and whenever I give stock advice to my customers, they feel totally blank on many stock market related terms . I always do a sound technical analysis of stocks but customers have no interest in those technicalities, they just want to know what shares to sell and which share to buy at what point of time, They have no interest in why. That is why I feel the same that India has a long way to go in financial literacy.
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