Whatever the specific goal, the payoff from financial literacy is an improved standard of living and a sense of confidence about the future. Financially literate individuals are more likely to engage in sound financial planning early in their lives. This enables them to plan for retirement, fund the education of their children, and accumulate more assets. From a national perspective, the payoff is large.
Which is the target group? Everyone in the system, be it the users or the providers of financial products/services, need to be financially literate. In the Indian context, the users are broadly categorized as the financially excluded resource-poor, the lower and middle income groups and the high net worth individuals.