On Exploration of Challenges Faced by Financial Literacy as Well as Digital Financial Literacy and Further Studying the Inter-relationship amongst them

Abstract

Only 27% of Indian adults – and 24% of women – meet the minimum level of financial literacy as defined by the Reserve Bank of India. Key aspects to financial literacy include knowing how to create a budget, plan for retirement, manage debt, and track personal spending. Financial literacy can be obtained through reading books, listening to podcasts, subscribing to financial content, or talking to a financial professional. Present research work discusses various aspects of financial education /financial literacy and digital financial literacy as well as the challenges faced by them based on creating matrices as per VAXO technique of ISM methodology.