The Hindu Business Line : ‘Financial literacy is key to inclusive, sustainable growth’

Advocating the improvement of financial literacy levels among disadvantaged and low-income groups, experts on Thursday said financial inclusion will play a critical role in promoting sustainable economic development.

Policy-makers, practitioners and advocates who spoke at the two-day Citi-FT Financial Education Summit 2007, organised by Citi, the Pearson Foundation and the Financial Times explored the importance of multi-sector partnerships to ensure that financial education programmes have greater impact on local communities and at the national level. Experts from Asia Pacific, Europe, North America, and Central/Latin America will share the best practices in financial education programmes.

“Financial education is one of Citi’s highest priorities, and it is especially important for disadvantaged and low-income communities. Teaching people how to save, spend, invest, borrow and manage their finances wisely improves individual financial well-being and quality of life,” Mr Stephen Bird, CEO, Global Consumer Group, Citi Asia Pacific, said at the Summit.

Mr Sanjay Nayar, CEO, Citi India, said, “Over the last decade or so, we have worked closely with organisations in India to deliver the vehicles of inclusion – micro-credit and financial literacy – to the marginalised and the underserved.”

Mr P.S. Jayakumar, Country Business Manager, Global Consumer Group, Citi India, said, “The Summit comes to India at an opportune time when each of us must fulfil our role in synchronising the pace of reach of financial knowledge in the communities where we live and work .”

Mr Victor Mallet, Asia Editor of the Financial Times, said, “Advancing financial literacy is one of the most effective ways to bring people out of poverty.”