Dinesha, P. T. (2018) Financial literacy and inclusive growth: A Study on marginalized sections of Karnataka. International Journal of Social and Economic Research, 8 (4). pp. 145-159. ISSN 2249-6270
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All individuals share the same goals-economic security for themselves, their families and future generations. However, the poor, the marginalized sections especially, Scheduled Caste (SC) and Scheduled tribes (ST) have lesser resources and economic opportunities to do so. Most of them live in high-risk and unpredictable environments. In this context, managing the little money that they have is vital. Astute money management is critical for meeting day-to-day needs, dealing with life cycle events and unexpected emergencies, taking advantage of opportunities when they present themselves and planning for the future. Building assets is important for these sections, because they provide the basis for economic security. Hence, sound financial management is critical to the process of accumulating all kinds of assets and preserving them. However, financial conditions of these sections are very pathetic and one of the main reasons is the lesser knowledge in managing financial matters and it leads to financial exclusion. Studies also reveal that despite making significant improvements in all the areas relating to financial viability, profitability and competitiveness, there are concerns that Indian formal financial institutions have not been able to include vast segment of the population, especially the underprivileged sections of the society, into the fold of basic banking services. An ICRIER study by Mandira Sarma (Sarma 2009) placed India at a low 29th rank (out of 55 countries) on an Index of Financial Inclusion with a value of 0.2. At this juncture, financial literacy or financial education campaign by the RBI doing well in bringing excluded population to the main stream of formal banking system on the one hand and maintaining financial stability of the country on the other hand. However, the status of marginalised sections is still not improved due to numerous reasons including lack of financial literacy.
| Item Type: | Article |
|---|---|
| Subjects: | A Arts and Humanities > Sociology |
| Divisions: | Department of > Centre for the study of Social Exclusion and Inculsive Policy |
| Depositing User: | Manjula P Library Assistant |
| Date Deposited: | 19 Jul 2019 09:43 |
| Last Modified: | 19 Jul 2019 09:43 |
| URI: | http://eprints.uni-mysore.ac.in/id/eprint/5378 |
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