A Study on Financial Awareness among Slum Dwellers in Bangalore City

Abstract

Financial inclusion is the priority of any government for inclusive and sustainable development of economy. Financial inclusion and financial literacy are the two faces of the same coin. Financial inclusion and poverty alleviation cannot become successful unless financial literacy is achieved. Financial education or financial literacy has assumed greater importance in the recent years because of the development of economy and financial markets. Researches have shown that levels of financial literacy worldwide are unacceptably low. Developing countries have very less financially literate population as compared to developed countries. People find it difficult to take decisions regarding personal finance issues confidently and often make mistakes. In India also the levels of financial literacy are very low. With this background in the present study, an attempt is made to assess the general financial awareness of slum dwellers in Bangalore city.