The importance of financial literacy amongst the millennials

The financial landscape in India is going through a disruptive change. Everything in the field of finance and banking, right from using cash as a medium of payment to online investment in dematerialized shares has witnessed product differentiation and disruption to a level never seen previously. Leading this change are the millennials of this country. The drive and motivation embodied in the younger generation have enabled this industry to push itself and create competitive products that may have an impact on an individual and help him better manage his finances.

Parallel to this everchanging landscape is the concept of financial literacy. Being financially literate is extremely important for every individual especially the GenZ. Unable in dealing with finances, personal or professional has been a major drawback amongst the younger generation. In the fast-moving world today where time is the most valuable commodity, individuals need to keep themselves well versed with the basics of their finances.

Financialisation of their savings and the basic principles of sustainable spending and creating a corpus must be ingrained into every individual. Research has shown that only 16 per cent of the teenagers in India are financially literate. As many as 45 per cent of students from a financial background or otherwise do not know how to create a budget and around 60 per cent of the students and teenagers are unaware of the methods or the concept of saving and investments.

The numbers in themselves are astonishing creating an urgent need for a change. Concepts like budgeting, saving, and spending must not only be taught but must be made available to every individual for a practical implementation of their finances. Today’s youth have the inclination to learn concepts with a practical approach. Hence it is extremely important to provide them with a platform that may help in creating a constructive approach toward financial literacy.

We at Galgal were enveloped with a similar thought. To provide a platform so that individuals may freely manoeuvre their finances and give the millennials a chance to make mistakes and learn from them. At Galgal, we aim to simplify your finances and help you emotionally feel good and connect with your money. We formulated an approach which could make money management as simple and easy as squeezing a lemon. Through our platform, individuals can appreciate the discipline required in managing their finances and inculcate the behaviour of budgeting all their expenses. So, join the waitlist by logging onto our website and come to experience your finances as a source of happiness and fulfilment for the many years ahead.