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National Finance Awareness Day falls on August 14 and is more or less just what it sounds like. This is a day on which people are encouraged to think about their own financial standing and how they might make responsible decisions to improve financial stability and security moving forward. Recently, there has been some news covering National Financial Awareness Day this year, which is likely a sign that the occasion will carry more weight moving forward.
History of National Finance Awareness Day
In India, the primary benefit of National Finance Awareness Day will be to educate young people about personal responsibility and future planning with money. Originating in the US, Finance Awareness Day saw its inaugural official observance in 2019.
Throughout modern history, children in India have gone without much in the way of formal economic education in school; indeed, it wasn’t until 2022 that the Reserve Bank of India suggested its own program aimed at educating young people in financial literacy. Without such a program, kids become young adults and start making money with little idea regarding specific strategies for saving that money – or, more importantly, investing it for the future.
Reasons to Celebrate National Finance Awareness Day:
- To foster the growth of financial knowledge and strategies.
- To promote investment methodologies and enable individuals to grow their wealth, minimize active work hours, and maximize leisure time.
- To simplify the finance world for the general population, making it a more accessible and uncomplicated concept.
Other Celebrations on August 14
August 14 is also celebrated as
How to Celebrate National Financial Awareness Day
The good news is that even without a widely recognized National Finance Awareness Day, there are some encouraging signs that India’s younger generations are taking economic planning more seriously on their own. Recent data has indicated specifically that members of these generations are beginning to invest their savings at a far greater rate than in years past. Since the outbreak of COVID-19, various online brokerage platforms have doubled their customer bases, with youth investment (specifically from those 30 and under) accounting for 70% of the gains.
These gains have the potential to drastically improve financial literacy throughout India in the coming years. For the time being, however, they are being chalked up to two primary factors. The first is COVID-19 itself, which drove young people to seek new ways of making and preserving income from home. The second is Gen Z and Millennial citizens’ comfort with apps and the online world.
The increases in investment that have been noted have taken place via online trade options that young people feel comfortable with. Today, one of the most popular online platforms is MetaTrader 4, which can be used from multiple devices, including laptops, tablets, and smartphones. Such options allow these young people to make accounts quickly, trade across markets of their choosing, and access a wealth of analytical tools that help them to make wise decisions. In short, conditions drove Millennials and Gen Z to explore investment, and online trading platforms made it easier for them to follow through on that exploration successfully.
If this is happening naturally, one can only wonder how far a National Finance Awareness Day might go toward improving economic mindfulness and financial literacy around India. Already, this occasion is being recognized by some in India; more widespread attention and specific initiatives connected to the occasion would tap into younger generations’ already-expanding interest in future financial planning.
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