Financial awareness is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resource
Financial literacy is the ability to understand how money works: how someone makes, manages and invests it, and also expends it (especially when one donates to charity) to help others.Financial education can benefit consumers of all ages and income levels. For young adults just beginning their working lives, it can provide basic tools for budgeting and saving so that expenses and debt can be kept controlled. Financial education can help families acquire the discipline to save for their own home and/or for their children’s education. It can help older workers ensure that they have enough savings for a comfortable retirement by providing them with the information and skills to make wise investment choices with their individual pension and savings plans. Financial education can help low-income people make the most of what they are able to save and help them avoid the high cost charged for financial transactions by non-financial institutions.
Financial literacy enables people to understand what is needed to achieve a lifestyle that is financially balanced, sustainable, ethical and responsible. It also helps entrepreneurs leverage other people’s money for business to generate sales and profits.
We at Wealth Bees(brand of Cadence Finserve Private Limited) try to enhance our financial awareness by meeting people, conducting financial workshops on weekly/ fortnightly basis wherein we help people of all ages to know the basics of budgeting ( creating and maintaining ) , the impact of interest, how to stay savvy by saving and so on and so forth.