The Language of Money: Alok Kumar Agarwal Alankit talks about why grasping financial concepts is non-negotiable

livemint.com:

Alok Kumar Agarwal Alankit explains “I believe that women exhibit more receptiveness to outreach efforts. Traditionally they are entrusted with managing household budgets, if they are equipped with foundational knowledge, financial literacy tools, and opportunities for small-scale enterprises, women entrepreneurs have the potential to create a remarkable impact on their families and communities." According to mintgenie.com, the majority of Indians grapple with various financial difficulties, mainly stemming from a deficiency in financial knowledge and awareness.

As a case in point, the aggregate unclaimed funds of policyholders in both public and private sector insurance companies amounted to ₹24,586 crores as of December 2020. The primary contributing factors to this unclaimed wealth include the absence of designated nominees and incomplete submission of details at the time of policy purchase.

Imagine the amount of wealth that people have lost due to a simple lack of knowledge and basic understanding. Explaining the reasons, Alok Kumar Agarwal Alankit says, “People can fall into debt for a multitude of reasons, often stemming from a combination of financial, personal, and systemic factors.

One of the most common reasons is excessive spending and lifestyle choices beyond one's means. Credit cards, easy access to loans, and the allure of instant gratification can lead individuals to accumulate debts without a clear repayment plan." According to a study conducted by the Reserve Bank of India (RBI), 42.9% of the population resorts to borrowing from informal sources, resulting in higher interest payments.