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National Centre for Financial Education (NCFE) will be observing Financial Literacy Week 2022 (FLW 2022) from February 14, 2022 to February 18, 2022. Reserve Bank of India (RBI) has been observing Financial Literacy Week (FLW) every year since 2016 to propagate financial education messages on a particular theme across the country. The theme for the year 2022 is “Go Digital – Go Secure“.
The Financial Literacy Week is an initiative by RBI to promote awareness on key topics regarding financial products and services every year through a focused campaign. The aim of this initiative is to create awareness among the public regarding good financial practices, going digital and consumer protection.
What is Financial Literacy?
Financial literacy is the knowledge of financial matters like budgeting, investing, banking, and personal financial management, etc. This knowledge is essential for every individual to take action regarding their finances. Financial literacy helps a person to be responsible and achieve a balance in managing and making financial choices.
Financial Literacy Week 2022 Theme
The theme for the Financial Literacy Week of the year 2022 is “Go Digital – Go Secure“. The theme is aligned with one of the strategic objectives of the National Strategy for Financial Education: 2020-2025.
This year the focus of Financial Literacy Week will be on three topics :
- The convenience of digital transactions
- Security / feel secure and no fear for digital transactions
- Protection to customers
This is done with a view of ensuring safe and secure Digital Transactions. Banks have been advised to spread the information and create awareness about digital transactions among its customers and the general public.
Financial Literacy Week 2022
Every year the Reserve Bank of India comes up with various activities to observe the Financial Literacy Week. The activities are in accordance with the theme of the year. The following activities will be conducted as a part of the Financial Literary Week 2022:
1. National level Webinars involving Financial sector Regulators.
These webinars will be conducted daily from 14 February to 18 February.
| Date and Time | Topic | Speaker |
| 14 February
10.00 – 10:30 am |
Strengthening Digital Financial Literacy | Shri G P Garg
Executive Director – SEBI Chairman – NCFE |
| 15 February
11.00 – 11:30 am |
Digital Financial Literacy to boost Financial Inclusion- RBI’s Perspective | Smt. Sonali Sengupta
Chief General Manager – RBI Director – NCFE |
| 16 February
11.00 – 11:30 am |
Transforming India’s Pension System Through Digitization – Scope and way forward | Shri Ashish Kumar
Chief General Manager – PFRDA Director – NCFE |
| 17 February
11:00 – 11: 30 am |
Using Digital Technology for the growth of insurance sector | Smt. Yegnapriya Bharath
Chief General Manager – IRDAI Director – NCFE |
| 18 February | Leveraging Technology for enhancing Investor Education and Protection | Shri N Hariharan
Chief General Manager – SEBI Director – NCFE |
2. National Level financial literacy quiz for college students
The quiz is conducted to assess and improve the financial literacy among the college students in the country. The objective of this online quiz competition is to make college students aware of basic financial literacy and to increase financial education amongst the country’s youth with a vision of “A financially aware and empowered India”. The quiz will be conducted from 14 February to 18 February. Registration for the same can be done from 1 February until 18 February. The registration is free of cost. The prizes are worth Rs. 1.5 lakhs. Consolation prizes worth Rs. 1 lakh will be given for the top 50 participants. Participants can refer E-LMS of NCFE for preparing for the quiz. There is no participation fee.
The link for registration is https://apply.registernow.in/NCFE/Registration.
3. Digital financial services day
The Digital financial services day will be held on 18 February, 2022. The COVID-19 pandemic has magnified and highlighted the importance of digital finance. Consumers should be able to access financial services to manage their everyday lives. New technology innovations are enabling people to bank, pay, and invest more effectively and it is imperative to spread the information about digital financial services among the general public.
According to Alan Greenspan, former Chair of the Federal Reserve of the United States, “The number one problem in today’s generation and economy is the lack of financial literacy”. Every individual should work towards attaining financial literacy and inculcate saving habits in them. These are some of the ways to Financial Literacy:
- The first step is to learn how to budget.
- Maintain a credit report. This will make you aware of your financial situation.
- Try to have a debt free life.
- Save for your future and retirement. It’s never too early or too late to start saving.
- Reduce unwanted and unnecessary spending.
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