Basic needs for our survival are food, shelter, and clothing but with the changing times, financial literacy has emerged as another basic requirement for our survival. With a growing population and struggle to survive, a basic understanding of financial management plays a paramount role in equipping an individual to face unfavourable circumstances.
But the question arises as to what qualifies financial literacy as the elementary need? What does it provide us? How is it beneficial? The questions are endless and every question has an answer. Let us imagine our life as a computer system and financial literacy as it's software which is designed to be multitasking. Whereas, the malware is unwanted expenses, mismanaged funds, unawareness, vulnerability to various financial frauds, etc. So, once the malware enters into the system, the software enables the system to fight by enabling processes like awareness regarding various benefits of the banking system, government schemes. It also commands the shield against various money related frauds, and various steps that can be taken to streamline the funds.
In the current scenario, where everyone around the world is facing difficult times due to the pandemic of COVID-19, financial literacy holds far more importance than it does in normal times. As a basic need, financial literacy empowers a person to make sound financial decisions, which will not only be effective but also smoothen the life, especially in difficult times.
Owing to the present times and increasing competition to sustain oneself, it won't be overstating to consider financial literacy as a mandatory discipline in our education system. As the need of the hour is to provide a sustainable livelihood to everyone which is impossible without financial education.