Category: Personal Finance

Personal finance is the terminology aligned with the art of savings and investing with a view to managing money at a personal level to accomplish personal goals at reduced risk. It is the most crucial concept for every income class people to manage money efficiently and to build long-term wealth. Understanding personal finance gives you the financial gateway to move around risks and uncertainties to achieve future goals. Personal finance will guide you about saving money and investing in the proper field by which your money can grow faster and you can hedge inflation. Without enhancing the financial literacy rate, it is quite difficult for a country to furnish capital formation and thus development. In the west, the financial literacy rate is quite larger than the developing and poor countries. On average, 55 percent of adults in the major advanced economies e.g., Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States are financially literate. This higher literacy rate at mass level helped those developed countries mobilizing savings and bigger financial markets which ultimately get the countries richer. Whereas in Southeast Asia the financial literacy is considerably far below the global average. Except for Singapore and Myanmar, all Southeast Asian countries indicated an average of 30% of their adult population who is financially literate.