By: Ashish Tiwari, Chief Marketing Officer, Home Credit India
Financial literacy is the cornerstone of sound personal finance management, empowering individuals to make informed decisions about money matters. In a country like India, where economic empowerment is intertwined with social progress, the importance of financial literacy cannot be overstated. It not only enables individuals to manage their finances effectively but also plays a crucial role in fostering economic stability and growth at both individual and societal levels.
According to several reports, 27% of India's population is financially literate, which is lower than other developed economies like the US, Germany, Canada, and the United Kingdom. Recognising this, Home Credit India integrated financial literacy as one of the primary pillars of its Environmental, Social, and Governance (ESG) initiatives. As a responsible participant in the financial ecosystem, Home Credit India is committed to promoting a culture of responsible borrowing and financial awareness in the wider society.
Their annual financial literacy initiative, ‘Saksham’ epitomises this commitment. Under this initiative, Home Credit India has been imparting financial education to thousands of women across the country through physical workshops. The curriculum covers financial topics like budgeting, savings, creditworthiness, investment planning, among others. Last year, the initiative reached 30,000 young girls and women across the country, and this year, the initiative is underway with a goal of reaching a minimum of 20,000 women.
One of the participants of the initiative is Anita, a self-employed woman running a small cosmetic shop in New Ashok Nagar, Delhi. Through Saksham, she learned about digital literacy, enabling her to utilise digital modes of payment securely and protect herself from phone fraud. Now, she efficiently manages her payments using online digital platforms, enhancing her financial inclusion and security. Anita's story mirrors countless others who have found newfound confidence and security through Home Credit India's initiatives.
Additionally, Home Credit India has leveraged digital platforms to reach a wider audience. Through its 'Paise Ki Paathshala' microsite and social media campaigns, Home Credit India has engaged with over 3 million people. Interestingly, individuals aged 25-34 from Tier 1 cities constitute a significant portion of the audience, indicating a growing interest in financial literacy among urban youth.
Understanding financial products and services empowers individuals to make educated choices, plan their finances efficiently, manage debt prudently, build financial stability, and alleviate financial stress. Ultimately, financial literacy is foundational to achieving lasting financial stability and prosperity, enabling individuals to establish a secure and prosperous future.
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