Financial literacy helps surmount economic distress: Himachal governor

The governor said being financially literate allows an individual to be better prepared for specific financial roadblocks, which, in turn, decreases the chances of personal economic distress

A state-level “All-India Quiz Competition on Financial Literacy” was organised at the historic Gaiety Theatre here on Wednesday under the aegis of Reserve Bank of India with governor Shiv Pratap Shukla as the chief guest.

Himachal Pradesh governor Shiv Pratap Shukla (File photo)

The governor said being financially literate allows an individual to be better prepared for specific financial roadblocks, which, in turn, decreases the chances of personal economic distress. Financial literacy is a key life skill as it lays a foundation for understanding the concepts of earning, saving, spending, investing and crediting which in turn leads to developing ability in sound decision-making about finances for overall financial well-being. He said financial literacy works to protect against online fraud through a secure banking system.

He said inculcating money-saving habits in children from a young age would help them grow into financially responsible adults.