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Financial literacy is the process of equipping oneself with knowledge and information on financial matters. Taking interest in financial literacy helps one to goals and protect oneself from frauds and debts traps. It aims inculate savings habits improve the understanding of financial products leading to effective use of financial services and thus helps better money management further financial literacy facilitates easy access to financial services. “Financial literacy is an important for consumer protection and financial stability”? Comment on it |
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Answer» Importance of Consumer protection and Financial literacy : 1. Ensure that financial markets are deep and serve the broad population. 2. Provide access to financial services for low income households and 3. Ensure long-term stability in the financial system. 4. Financial markets help to build consumer trust in financial institutions and ensure that financial institutions reach out to serve the needs of the population, including low income households that often lack access to basic financial services. |
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