Financial education at Top MBA College in Delhi NCR teaches us money management skills and helps us to decide where to meet money. In numerous studies it has been found that most of the Indians are lagging behind in the field of financial literacy.
Accounting focuses on the collection and analysis of financial information where as finance deals with various many management strategies. An accountant seeks a to analysis financial data to produce a report where as financial experts would be more concerned to produce the data that generate an actionable proposal.
Why Financial Education is Important ?
Below are some of the key findings on India’s Financial Literacy.
=> In India 14% adults are aware of Financial Risk, where 51% have knowledge of Compound Interest and 56% are aware of inflation.
=>39% adults, who are having formal loan are financially educated, where 27% are not financially educated.
=> In India 14% adults are having savings in formal institution.
=> If we talk about financial literacy in India among men and women, so 73% of men
and 80% of women are not financially literate.
=> If we diversify on the basis of financial status in India among the 60% of the richest
households only 26% of the adults are financially educated where among the remaining 40% of the poorest household only 20% are financially educated.
The survey on Global Financial Literacy on 2012 conducted by VISA tells that only 35% of Indians were financially literate and India was among the least financially educated countries.
Survey of “Financial Literacy among students, young employees and the retired in India” conducted by IIM-A supported by CITI foundation that exposes that financial is not extensive among Indians where only less than a quarter population have adequate knowledge on financial matters. Basically in India there is a lack of knowledge about the basic principles of money and household Finance, like compound interest impact of inflation on the rate of interest & return and prices and the role of diversification in investments.
Growth in Financial sector
When we talk about the growth in financial sector, there are a lot of options available
like:
- General and operations manager
- Financial manager (predicted growth: 19%)
- Budget analyst (predicted growth: 7%)
- Credit analyst
- Financial analyst (predicted growth: 11%)
- Personal financial advisor (predicted growth: 15%)
- Loan officer (predicted growth: 11%)
Not only the Indian researchers have shown these growth projections but also in U.S.A the Bureau of Labor Statistics which is a government agency has researched, analyzed, and published the same growth projection on the U.S.A labor market. While the BLS doesn’t make projections for all the roles listed above, it has predicted that employment of business and financial operations occupations in general will grow 10% from 2016 to 2026, adding about 773,800 new jobs to the U.S. economy.
You may check one of the best engineering college in North India
Growing number of opportunities in a various corporate, nonprofit, and government settings make finance an stimulating and satisfying career. When you combine that with the noticeable advantage to your everyday financial decision-making skills, a finance degree could be a smart decision for those seeking a career in business.
