Financial Literacy Training: The Role of RUDSETIs

A large section of people, in most of the developing countries, do not have access to financial services such as savings accounts, credit from the financial institutions and insurance policies. The very fact confirms that they require basic skills relating to earning, spending, budgeting, saving, and borrowing to understand the nature of financial services. Financial education, which pays way for people acquiring financial literacy, seeks to impart responsible attitude, financial competencies, risk assessment and confidence in them. Personal financial planning, the centre of the financial education, enables people have to assess their own financial situation by looking at their needs and wants, set their goals and plan to achieve the samethrough proper execution of the plans and monitoring the results. Thus, by enhancing the financial literacy of people in general and the poor in particular, through financial education programmes, the objectives of financial inclusion could be achieved. This paper not only makes an attempt to understand the meaning of financial literacy but also tries to identify the major players or the stakeholders in financial literacy education and their growing efforts in popularising the financial services among the poor. It also makes some suggestions to spread the financial literacy drive on large scale and the topics to be taught in one-time training programmestargeted at the needy people and offered by various agencies including the entrepreneurship promoting institutions such as RUDSETIs/RSETIs working in the development space.