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Financial Literacy Week (FLW) 2023

Reserve Bank of India (RBI) is observing financial literacy week from February 13 to 17, 2023.

Financial Literacy and Financial Education

Organization for Economic Co-operation & Development (OECD) defines ‘financial literacy’ as a combination of financial awareness, knowledge, skills, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial well-being. 

OECD defines ‘financial education’ as the process by which financial consumers / investors improve their understanding of financial products, concepts and risks and through information, instruction and / or objective advice, develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help and to take other effective actions to improve their financial well-being.

Financial Literacy Week (FLW)

Reserve Bank of India (RBI) has been conducting Financial Literacy Week (FLW) every year since 2016 to propagate financial education messages on a particular theme among members of public across the country.

Financial Literacy Week (FLW) 2023

The theme for Financial Literacy Week (FLW) 2023 is “Good Financial Behaviour - Your Saviour” which is observed between February 13 and 17, 2023. 

Focus is on creating awareness about –

  • Savings
  • Planning and budgeting
  • Prudent use of digital financial services

The theme aligns with the overall strategic objectives of the National Strategy for Financial Education: 2020-2025 which aims at building financial resilience and well-being while creating awareness among members of public. 

National Strategy for Financial Education: 2020-2025

National Strategy for Financial Education: 2020-2025 recommends adoption of ‘5 C’ approach for financial education –

  1. Content – Development of relevant Content (including Curriculum in schools, colleges and training establishments)
  2. Capacity – Developing Capacity among the intermediaries involved in providing financial services
  3. Community – Leveraging on positive effect of Community led model for financial literacy 
  4. Communication – Adopting appropriate Communication Strategy
  5. Collaboration – Enhancing Collaboration among various stakeholders

National Centre for Financial Education (NCFE) is entrusted with the responsibility to implement the recommendations laid down in NSFE 2020-25. 

Progress made towards implementation is monitored by Technical Group on Financial Inclusion and Financial Literacy (TGFIFL – Chair – Deputy Governor, RBI) under the aegis of Sub-Committee of Financial Stability and Development Council (FSDC-SC – Chair – Finance Minister).

Previous Financial Literacy Weeks (FLWs)

Year Theme Focus Area
2022 Go Digital, Go Secure Creating awareness about –
  • Convenience of digital transactions
  • Security of digital transactions
  • Protection of customers
2021 Credit Discipline and Credit from Formal Institutions Creating awareness about –
  • Responsible borrowing
  • Borrowing from formal institutions
  • Timely repayments
2020 Micro, Small and Medium Enterprises (MSMEs) Creating awareness about aspects relating to
  • Formalisation
  • Collateral free loan
  • Discounting of receivables
  • Rehabilitation of stressed units
  • Timely repayment


References

Reserve Bank of India. (2020, February 06). 'Financial Literacy Week 2020'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49349

Reserve Bank of India. (2020, August 20). 'National Strategy for Financial Education: 2020-2025'. Retrieved from https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/NSFE202020251BD2A32E39F74D328239740D4C93980D.PDF

Reserve Bank of India. (2021, February 08). 'Financial Literacy Week 2021'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51089

Reserve Bank of India. (2022, February 11). 'Financial Literacy Week 2022'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53260

Reserve Bank of India. (2023, February 13). 'Financial Literacy Week 2023'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=55208


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