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Business Standard
a day ago
- Business
- Business Standard
Beyond clicks and scrolls: Digital financial education for Viksit Bharat
In this age of digital transformation, the proliferation of apps, online courses, and gamified learning tools has brought financial education to our fingertips. But the question remains: are we truly learning, or merely consuming content in a digital haze? Traditionally, financial education in India was sporadic and limited—confined to formal schooling or isolated workshops. However, the economic shocks of the global financial crisis and, more recently, the Covid-19 pandemic revealed a glaring need: widespread, scalable financial literacy for every Indian, regardless of age or income. This urgency accelerated the move toward digital financial education. Digital tools now play a crucial role in disseminating financial knowledge. Online courses, mobile applications, and gamified learning experiences provide users with flexible, self-paced education. Platforms such as Coursera and edX offer courses from top universities, while mobile apps like Mint and YNAB (You Need a Budget) help individuals manage their personal finances interactively. These resources have broadened access to financial education, reaching audiences that traditional methods often failed to engage. Indian institutions followed suit—Sebi launched its investor education app Saa₹thi, while the RBI's Financial Literacy Week focused on themes like digital banking and cyber safety. Digital tools undeniably have improved outreach. They break socio-economic and geographical barriers, enabling underserved communities to access financial knowledge. The variety of formats—videos, podcasts, quizzes, simulations—caters to different learning styles. Many mobile apps now integrate behavioural nudges and progress tracking to keep users engaged. This represents a significant shift from the one-size-fits-all model of traditional financial education to a more focused, target-oriented learning style. Yet this democratization of financial information comes with caveats. The sheer volume of online information risks overwhelming users. People often skim through content without internalizing or applying it. The spread of misinformation—especially through social media influencers, biased advisers, or non-verified blogs—compounds the problem. Add to this the digital divide: rural populations, elderly citizens, and economically disadvantaged groups either lack reliable internet access or digital confidence. The financial education materials available online require re-orientation with an emphasis on the targeted groups' needs. Generic modules often fail to consider individual financial circumstances—something only personalized guidance or human intervention can address. As behavioural economists point out, cognitive biases like procrastination, overconfidence, and loss aversion can limit the impact of even the best online tools if not designed with user behaviour in mind. Importantly, digital literacy without adequate awareness of fraud prevention and grievance redress mechanisms can lead to devastating outcomes. While India has witnessed an exponential rise in UPI and digital payment adoption—with around 172 billion transactions in 2024, marking a 46% increase from 117.64 billion in 2023—this surge has also been accompanied by an alarming rise in scams, phishing attacks, and payment frauds. Victims often lack knowledge about where and how to report such incidents or even recognize that they've been defrauded. Without a robust understanding of safe digital practices and redress pathways—like the RBI's Digital Ombudsman or the Cyber Crime Portal—users remain largely vulnerable and under-confident, especially in semi-urban and rural areas where digital trust is still forming. Despite several initiatives already in place, India still struggles with translating the availability of digital financial literacy into active public engagement. Regulators and academic institutions like SEBI, NCFE, and NISM have developed accessible e-learning platforms and certification programs—such as the Saa₹thi app, NCFE's targeted modules, and NISM's Investor Awareness Web Modules. These offer structured, credible, and even gamified financial education, covering topics like mutual funds, stock markets, savings, and fraud prevention. Yet, awareness of these resources remains alarmingly low. Even among digitally literate individuals, the uptake is limited—either due to lack of trust, interest, or simply the overwhelming nature of financial jargon. For large sections of the population, especially in semi-urban and rural areas, these platforms remain out of reach due to digital exclusion, language barriers, or lack of localized relevance. The gap between resource availability and user participation reveals that creating content is not enough; we must also create demand, trust, and usability, apart from access. Several countries offer strong examples of how digital financial literacy can be structured, integrated, and sustained. In the United Kingdom, the government-backed Money and Pensions Service (MaPS), along with its MoneyHelper platform, provides a centralized digital hub offering free and impartial financial guidance. It brings together budgeting tools, scam awareness content, and debt advice in one place, while also collaborating with schools to incorporate financial capability into curriculum-based learning. The result is a comprehensive, life-stage approach to financial literacy, supported by both digital access and offline reinforcement. Similarly, Australia has developed an inclusive model through the Moneysmart platform, operated by the Australian Securities and Investments Commission (ASIC). This portal offers financial education tailored to specific age groups and life stages—from schoolchildren to retirees. Its resources include interactive calculators, goal-based planners, and fraud alert systems—all designed in simple, accessible language. The emphasis is on clarity, safety, and user engagement, with financial decision-making contextualized through real-life scenarios. India can draw valuable lessons from these global models. A unified, government-backed platform—consolidating digital learning resources, grievance redressal portals, helplines, and verified financial tools—can serve as a trusted source amid the current flood of unregulated content. Embedding financial education within formal schooling and higher education, especially using regional languages and culturally relevant examples, can build early awareness and long-term habits. It is equally important that the content reflects real-time risks—updating users on evolving scams, digital payment innovations, and policy shifts. Finally, encouraging deeper collaboration between fintech firms, educators, and regulators can ensure that digital platforms are not just technologically advanced, but also behaviourally intelligent—equipped with built-in nudges, fraud warnings, and default safety mechanisms. To make digital financial education truly effective, we need to move from passive consumption to active engagement. Hybrid models—blending digital tools with in-person mentorship, community coaching, or AI-driven personalization—can bridge this gap. Schools, colleges, fintech firms, and regulators must co-create programs that combine real-world simulations with culturally relevant case studies and feedback mechanisms. Financial literacy should not be an occasional campaign or an app feature—it must be an ongoing, evolving journey. Digital tools are powerful, but only when paired with critical thinking, trust in verified knowledge, and the ability to act on it. If we want citizens to make informed economic decisions, we must ensure that our approach to promoting financial education is not just limited to making it accessible, but also authentic, actionable, and inclusive—with grievance redress and fraud awareness forming its core. For broad-based financial sector participation, we need to move beyond clicks and scrolls, develop true understanding and nuances of financial markets, and help in building a sound and meaningful digital economy. As India envisions a Viksit Bharat—a developed and self-reliant nation by 2047—financial empowerment through digitalized financial education is central to that goal.
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Business Standard
2 days ago
- Business
- Business Standard
Beyond clicks: Rethinking digital financial education for 'Viksit Bharat'
In this age of digital transformation, the proliferation of apps, online courses, and gamified learning tools has brought financial education to our fingertips. But the question remains: are we truly learning, or merely consuming content in a digital haze? Traditionally, financial education in India was sporadic and limited — confined to formal schooling or isolated workshops. However, the economic shocks of the global financial crisis and, more recently, the Covid-19 pandemic, revealed a glaring need: widespread, scalable financial literacy for every Indian, regardless of age or income. This urgency accelerated the move toward digital financial education. Digital tools now play a crucial role in disseminating financial knowledge. Online courses, mobile applications, and gamified learning experiences provide users with flexible, self-paced education. Platforms such as Coursera and edX offer courses from top universities, while mobile apps like Mint and YNAB (You Need a Budget) help individuals manage their personal finances interactively. These resources have broadened access to financial education, reaching audiences that traditional methods often failed to engage. Indian institutions followed suit — Sebi launched its investor education app Saa₹thi, while the RBI's Financial Literacy Week focused on themes like digital banking and cyber safety. Digital tools undeniably have improved outreach. They break socio-economic and geographical barriers, enabling underserved communities to access financial knowledge. The variety of formats — videos, podcasts, quizzes, simulations — caters to different learning styles. Many mobile apps now integrate behavioral nudges and progress tracking to keep users engaged. This represents a significant shift from the one-size-fits-all model of traditional financial education to a more focused target-oriented learning style. Yet this democratisation of financial information comes with caveats. The sheer volume of online information risks overwhelming users. People often skim through content without internalizing or applying it. The spread of misinformation — especially through social media influencers, biased advisors or non-verified blogs — compounds the problem. Add to this, the digital divide: rural populace, elderly citizens, and economically disadvantaged groups either lack reliable internet access or digital confidence. The financial education materials available online requires re-orientation with emphasis on the targeted groups' needs. Generic modules often fail to consider individual financial circumstances — something only personalised guidance or human intervention can address. As behavioral economists point out, cognitive biases like procrastination, overconfidence, and loss aversion can limit the impact of even the best online tools if not designed with user behavior in mind. Importantly, digital literacy without adequate awareness of fraud prevention and grievance redress mechanisms can lead to devastating outcomes. While India has witnessed an exponential rise in UPI and digital payment adoption — with around 172 billion transactions in 2024, marking a 46 per cent increase from 117.64 billion in 2023 — this surge has also been accompanied by an alarming rise in scams, phishing attacks, and payment frauds. Victims often lack knowledge about where and how to report such incidents or even recognize that they've been defrauded. Without a robust understanding of safe digital practices and redress pathways—like the RBI's Digital Ombudsman or the Cyber Crime Portal, users remain largely vulnerable and under confident, especially in semi-urban and rural areas where digital trust is still forming. Despite several initiatives already in place, India still struggles with translating the availability of digital financial literacy into active public engagement. Regulators and academic institutions like SEBI, NCFE and NISM have developed accessible e-learning platforms and certification programs—such as the Saa₹thi app, NCFE's targeted modules and the NISM's Investor Awareness Web Modules. These offer structured, credible, and even gamified financial education, covering topics like mutual funds, stock markets, savings, and fraud prevention. Yet, awareness of these resources remains alarmingly low. Even among digitally literate individuals, the uptake is limited—either due to lack of trust, interest, or simply the overwhelming nature of financial jargons. For large sections of the population, especially in semi-urban and rural areas, these platforms remain out of reach due to digital exclusion, language barriers, or lack of localised relevance. The gap between resource availability and user participation reveals that creating content is not enough; we must also create demand, trust, and usability, apart from access. Several countries offer strong examples of how digital financial literacy can be structured, integrated, and sustained. In the United Kingdom, the government-backed Money and Pensions Service (MaPS), along with its MoneyHelper platform, provides a centralized digital hub offering free and impartial financial guidance. It brings together budgeting tools, scam awareness content, and debt advice in one place, while also collaborating with schools to incorporate financial capability into curriculum-based learning. The result is a comprehensive, life-stage approach to financial literacy, supported by both digital access and offline reinforcement. Similarly, Australia has developed an inclusive model through the Moneysmart platform, operated by the Australian Securities and Investments Commission (ASIC). This portal offers financial education tailored to specific age groups and life stages — from schoolchildren to retirees. Its resources include interactive calculators, goal-based planners, and fraud alert systems — all designed in simple, accessible language. The emphasis is on clarity, safety, and user engagement, with financial decision-making contextualized through real-life scenarios. India can draw valuable lessons from these global models. A unified, government-backed platform — consolidating digital learning resources, grievance redressal portals, helplines, and verified financial tools — can serve as a trusted source amid the current flood of unregulated content. Embedding financial education within formal schooling and higher education, especially using regional languages and culturally relevant examples, can build early awareness and long-term habits. It is equally important that the content reflects real-time risks — updating users on evolving scams, digital payment innovations, and policy shifts. Finally, encouraging deeper collaboration between fintech firms, educators, and regulators can ensure that digital platforms are not just technologically advanced, but also behaviorally intelligent — equipped with built-in nudges, fraud warnings, and default safety mechanisms. To make digital financial education truly effective, we need to move from passive consumption to active engagement. Hybrid models — blending digital tools with in-person mentorship, community coaching, or AI-driven personalisation — can bridge this gap. Schools, colleges, fintech firms, and regulators must co-create programs that combine real-world simulations with culturally relevant case studies and feedback mechanisms. Financial literacy should not be an occasional campaign or an app feature — it must be an ongoing, evolving journey. Digital tools are powerful, but only when paired with critical thinking, trust in verified knowledge, and the ability to act on it. If we want citizens to make informed economic decisions, we must ensure that our approach to promote financial education is not just limited to making it accessible, but also authentic, actionable, and inclusive — with grievance redress and fraud awareness forming its core. For broad basing financial sector participation, we need to move beyond clicks and scrolls, develop true understanding and nuances of financial markets which will help in building a sound and meaningful digital economy. As India envisions a Viksit Bharat — a developed and self-reliant nation by 2047 — financial empowerment through digitalised financial education is central to that goal.
Forbes
03-06-2025
- Business
- Forbes
3 Smart Money Moves To Build Wealth During Uncertain Times
Building wealth can be a challenging task, especially in challenging economic times. Recent economic uncertainties —including concerns about job security, rising tariffs, ant the significant increase in the cost of everyday food items like eggs, meat and fish —highlight the urgency of reassessing our financial habits. The current economic climate demands that we become more intentional about how we plan and manage our money to secure a better future and build wealth. While most people would love to have solid finances and secure their long- term financial future, the reality is very different at the moment with 57% of Americans living to paycheck according to a recent MarketWatch report. And, according to a recent Gallop survey, 53% of Americans are now concerned about their financial future, - the highest level recorded since Gallop began tracking this data in 2001. Here are three things that you can implement if you're looking to get a stronger hold on your finances and build wealth despite these challenging times. Young family with cute little baby boy going over finances at home Tracking your spending over the next 30 days can improve your financial health. It can also allow you to pinpoint areas where expenses can be reduced. Common budget drains include unused subscriptions, avoidable fees and charges such credit card interest, overpaying on utilities, cable, phone plans. Apps like Rocket Money and Trim can help you identify and manage unused subscriptions and negotiate bills. Additionally, apps like Empower, You Need a Budget (YNAB), and Monarch can help you take a close look at your expenses and identify where you can reduce your expenses and redirect those savings towards your wealth building goals. You can even take it a step further and budget every dollar to minimize unintentional spending and increase savings. While aggressively paying off debt can contribute to your peace of mind, there are times when a dual approach— paying off debt while also investing in your future— makes better financial sense. If your debt carries an interest rate below 7%, it may be wiser to make regular required payments towards your debt while investing the difference. Historically, the stock market has returned between 7 and 10 % annually and provides a way to build significant wealth over the long-term rather than simply being debt-free or having a zero net worth. Also, prioritizing having an emergency fund of at least six months of living expenses can provide a financial cushion that is crucial in these challenging times. And passing up opportunities such as an employer 401K match or investment opportunities during market downturns to solely focus on getting out of debt can be detrimental to your financial future. Additionally, it's important to start investing by using tax-advantages accounts like 401Ks, 403bs, IRAs to ensure that you are minimizing your tax burden, which will in turn give you more money to invest and provide a bigger opportunity to build wealth. In many cases, investing the difference between your required low interest debt payments and any remaining funds can make a huge difference in your long-term wealth. A couple of young businessmen are astounded by the profits coming in. The S&P 500 dropped by 4.84% on April 3rd, 2025, and by another 5.97% on April 4th, 2025, This year, we witnessed the sharpest declines in the S&P 500 and NASDQ since the COVID-19 crash. Yet by mid-May 2025, the market had rebounded and had regained all its April losses. This pattern shows why it is important to continue to invest even during market downturns, when the market can provide opportunities to buy quality investments at lower prices. This year, we are likely to see more volatility in the market, but that doesn't mean you should step back. It's extremely difficult to time the market. That's why it's wise to dollar cost average into good companies, it will pay off in the long run. Asset allocation dividing an investment portfolio among different asset categories. Diversifying your investments is important in any economic environment, but it's even more important during periods of high market volatility like what we've experienced so far in 2025. For instance, if all your money was invested in Nvidia prior to March 31st, your portfolio would have experienced a drop of 14.7% during those same two highly volatile days of April 2025. In contrast, if your money was spread across a total market ETF like VTI or a VOO, your portfolio would have temporarily declined — by 10.3 and 10.7%, a less severe drop. Diversifying your investments and including low-cost index funds as part of your investment strategy is always wise. If a recession were to hit, no one could predict which stock will thrive 15 years from now —but 100 year of history shows that the broader market tends to recover and grow over time by 7 to 10 % every year on average. By spreading your investments across the market, and into alternative assets like real estate, you can reduce risk, manage volatility, and build a solid path to long-term wealth. Regardless of your current situation is, it's beneficial to closely examine your spending to reduce waste, implement a debt repayment strategy that also optimizes wealth building, and review your investment approach to put enough emphasis on diversification.
Time Business News
28-05-2025
- Business
- Time Business News
How to Manage Money as a Student: Budget Tips for College Success
Managing money as a student isn't just about skipping lattes or buying used textbooks. It's about building smart habits that stick with you long after graduation. When you're balancing tuition, living expenses, and limited income, every dollar counts. And while budgeting may sound like a chore, it can actually give you more control and peace of mind. Here's a practical, step-by-step guide to help you get a handle on your finances during college—and set yourself up for long-term success. The first rule of money management is knowing what's coming in and what's going out. Start by listing all your sources of income—whether it's part-time work, a scholarship stipend, parental help, or financial aid. Then, break down your monthly expenses. This includes: Rent and utilities Groceries Transportation Phone and internet Tuition and fees (if not paid up front) Subscriptions and entertainment Categorize them into 'needs' and 'wants.' This doesn't mean you can't have fun. It just means you need to know where your money's going so you can make intentional choices. Apps like Mint and YNAB (You Need a Budget) make this easier by tracking spending and helping you set limits for each category. Once you have your budget mapped out, fund your essentials first. Rent, utilities, groceries, and tuition payments should always be covered before discretionary spending. A common budgeting rule is the 50/30/20 model: 50% of your income goes to needs of your income goes to needs 30% to wants to wants 20% to savings and debt repayment While this may not fit every student's situation perfectly, it's a solid starting point. Adjust the percentages based on your actual income and obligations, but don't let savings drop to zero. College students have access to a surprising number of perks—if they know where to look. From transportation and software to restaurants and streaming services, student discounts can significantly reduce everyday costs. Websites like UNiDAYS and Student Beans compile current offers and exclusive deals. Many major brands also offer educational pricing directly on their websites. For example, companies like Apple and Adobe have special pricing for students that can save you hundreds of dollars a year. Using student discounts wisely allows you to afford the things you enjoy without sacrificing your financial goals. Life is unpredictable. A sudden car repair or medical bill can derail your entire budget if you're not prepared. That's why even a small emergency fund matters. Start with a modest goal: $300 to $500. Keep it in a separate savings account, ideally one that earns a bit of interest. This buffer will help you avoid relying on credit cards or borrowing money when the unexpected happens. Remember, the point isn't to save thousands overnight. It's to develop the habit of saving consistently, even in small amounts. Credit cards are useful tools—if used correctly. They can help you build a credit history, which you'll need for future goals like renting an apartment or buying a car. But they can also be dangerous if you treat them like free money. Here's a smart approach: Use your card for small, planned purchases (like gas or groceries) Pay off the full balance each month Avoid using more than 30% of your credit limit And never take out a credit card just for the rewards. If you're not confident you can manage it, stick to cash or debit until you are. Between classes and assignments, your time is limited. But even a few extra hours of paid work each week can make a difference. Look for jobs that fit your schedule and skill set: On-campus jobs (library, tutoring, front desk) Freelance work (writing, design, coding) Part-time remote gigs (customer service, virtual assistant) Some students also explore work-study options, which are often more accommodating to academic responsibilities. Just be sure your job doesn't interfere with your grades. The return on your education is your top investment. Budgeting isn't something you do once and forget. Your expenses and income will fluctuate, especially in college. Check in at the end of each month and adjust your plan. Ask yourself: Did I overspend in any category? Are there recurring charges I can cut? Did I save as much as I planned? Over time, you'll get better at spotting trends and avoiding financial pitfalls before they happen. You don't need a finance degree to understand how to manage your money. But you do need to know the basics. Look up concepts like: Interest rates Student loan repayment options Budgeting strategies Credit scores Resources like Investopedia offer clear explanations and guides that are beginner-friendly. The more you know, the better decisions you'll make—and the fewer financial regrets you'll have later. Managing money as a student isn't about being perfect. It's about being proactive. Every meal you cook instead of ordering, every discount you claim, and every dollar you save adds up. These small steps create a mindset of responsibility and independence that will serve you well beyond college. It's not always easy, but it's always worth it. Start now, and you'll thank yourself later. TIME BUSINESS NEWS
Yahoo
30-04-2025
- Business
- Yahoo
Many couples struggle to keep track of their finances—this app offers the best solution yet
In the 10 years I've written about personal finance, one of the most common questions I get is about the best way for couples to budget and manage their money together. There are plenty of tech-powered tools for individuals who want to get their finances in order, but fewer for couples. That's especially the case for younger people, who often want to track shared finances while preserving separate accounts. Now, Origin, a budgeting and personal finance platform, is rolling out an update that will allow users to link their partner's financial accounts to theirs, giving couples a more encompassing view of their finances than many other apps offer. After walking through the new features myself, it might be the most useful interface I've come across for couples looking for an easy to use but comprehensive budgeting solution, especially since Intuit shut down budgeting powerhouse Mint last year. I joined Origin in January, eager to find a budgeting app that would give me an overview of my spending and assets, and let me easily catalog expenses. You Need a Budget, a popular app with its own budgeting philosophy, proved a little too time-consuming for me (though others swear by it), and the Excel spreadsheet I created to track my net worth left much to be desired. Since using Origin, I haven't been disappointed. The app connects to most of my financial accounts (though I have some trouble with some smaller financial institutions), and adding and editing expenses is simple and intuitive. I appreciate the charts and graphs the app provides of my spending, net worth, and investments, and it's been especially helpful to track wedding-related expenses over the past few months. I even used Origin to file my tax returns this past year for free (granted I had an extremely simple tax situation and didn't need add-ons). The only thing the app was missing was a way for my fiancé to add his accounts and credit cards, so that we could use it as our joint budgeting and financial planning app. As we approach our wedding day, we've been looking for a simple way to get on the same page and have a better understanding of our household finances. Origin's newest update, available to users starting Wednesday, is a promising fix. Called Partner Mode, a user can invite their partner to join the app for free, and then each partner can connect and view all of their financial accounts in a single, shared dashboard. Users don't have to share everything—only the accounts they feel comfortable linking. Origin allows users to connect checking accounts, savings accounts, credit cards, loans, mortgage payments, retirement accounts, and other investments, meaning couples will be able to check their total net worth and track spending. Couples can also create shared budgets and establish spending goals. But the feature I'm most excited about is the personalized toggles, displayed in the upper lefthand corner of the photo above, for 'yours, theirs, and ours,' where each user can easily move between viewing their own individual finances, their partner's accounts, or a combined view. I'm primarily interested in my own spending patterns, but it's nice to be able to view our joint status with the touch of a finger. Origin can also run reports, analyzing spending patterns over months of use, for example, that can give you an idea of places to cut back if needed. And as both partners have access, it can start demystifying the household finances if one tends to be more hands-off. The features came out of Origin's team responding to what their users desired, Matt Watson, Origin's CEO, told me earlier this year. Though there are plenty of books, articles, and videos out there giving advice on how to budget as a couple, it's still something people struggle with, as every household's finances—and feelings about those finances—is different. No two couples will take exactly the same approach. But whether you merge all financial accounts or keep them separate—or take some other approach—Watson says it's important for each partner to have an idea of their shared financial picture, which is what Origin aims to offer. 'If you don't completely merge, I think it's helpful to understand where you sit as a family, what the spending looks like, what your goals are,' he says. 'Ultimately, those are all shared, even if every single detail of the finances aren't.' In practice, this means some couples will only share joint credit cards while keeping their personal cards off the app for privacy. Ultimately, each couple can decide on their own what their expectations are. But Watson says his goal is to help modern-day couples dealing with all of the complexities of finances in 2025: As couples get married later, each spouse is more likely to have multiple jobs with different retirement accounts, brokerage accounts, individual checking and savings, a mortgage, potentially rental income, and so on. Having everything linked in one place that each partner can easily review can give households peace of mind that they are making progress on their financial goals, whether that's saving for retirement, buying a home, or going on a trip. It can also open up conversations about spending and savings trends. Amazon is by far the most popular merchant for Origin users, says Watson, and it is easy to overspend on a retailer that has taken much of the friction out of making purchases. But couples can review how much they are spending at each retailer, have periodic check-ins with each other, and make adjustments as needed. 'There's just a lot of complexity, and this is the easiest way just to get a full picture of what's coming in and what's going out, and where's it going,' says Watson. 'Just getting on the same page and being aligned on achieving our goals as a family is, very, very helpful for us.' This story was originally featured on Sign in to access your portfolio
