India Launches Nationwide Financial Literacy Assessment

India is embarking on a nationwide survey designed to evaluate the overall state of financial literacy and financial inclusion throughout the country. Global management and development consultancy Mott MacDonald India has been appointed to develop, launch and manage the survey, which also will be overseen by the National Centre for Financial Education.

The financial literacy industry is buzzing over the comprehensive nature of the survey. First, the survey will include approximately 75,000 individuals throughout thirty-five states and union territories. Moreover, it also will produce benchmarks of key financial literacy and financial inclusion indicators at certain socio-economic sub-group levels, while measuring the rate of change on an ongoing basis to evaluate the efficacy of various financial literacy programs, services and initiatives.

The survey initially was prompted at the directive of the Technical Group of the Sub-Committee of the Financial Stability and Development Council on Financial Inclusion and Financial Literacy. It is widely anticipated that the study will be complete by the end of August 2014.