Financial education as tool to achieve financial literacy

Around 150 million new consumers of financial services join the global economy every year. With huge developments in the financial sector- new products, innovative services, technological advancements, the financial services market has become a complex, sophisticated and fast changing place. There is a need to develop the skills, attitudes, knowledge and understanding of consumers, as a way to avoid their exploitation and to equip them to be able to take informed decisions. This is where Financial Education and Financial Literacy become relevant. This paper explores the meaning of financial literacy and financial education. It discusses the need and importance of financial education in context of today's financial landscape and further lists down challenges to it. The paper also explores challenges to financial education and suggests some possible measures to help promote financial education.