Financial Literacy is A Liberating Tool!

Financial Literacy

Basanti Murmu is a 38 year old lady from Joyrambati, Kolkata, West Bengal. She is a homemaker and has two daughters. Basanti herself has never had any formal education but she is being able to ensure her daughters attend school. She is able to manage her house and expenses efficiently and is even able to save for her family’s future. All of this is possible because Basanti is financially literate. 

Most surveys show that financial literacy is poor in India and that over two thirds of the population is still not financially literate. Financial literacy for students is an important tool to improve the financial capability of our youth and communities. The need for financial literacy amongst women is even more in order for them to be financially independent. It is only then that they can confidently chalk out their personal and professional objectives without having to worry about any financial implications. 

Financial literacy focuses on the ability to manage personal finance matters in an efficient manner. It is a key life skill required for an individual’s personal and professional growth. It is important because it enables us to provide for ourselves and avoids situations of debt. There are five main components of financial literacy: Earning, Saving and Investing, Spending, Borrowing and Protecting. 

A financially literate person is one who knows the basics of banking and savings, practices wise borrowing, investments, knows about risk management and insurance and practices financial planning. 


Being Financially Literate can be empowering in more than one way. Good financial practices will result in: 


  • Better money management
  • One can reap the benefits of government financial programs
  • One can start planning for the future from initial years for both personal and family’s financial welfare
  • One can prepare better for any emergency or crisis


Where e–transaction is becoming a way of life, Financial Inclusion is necessary and only possible when people are financially literate. NIIT Foundation recognizes this need and therefore has created a platform for more women like Basanti Murmu to attend basic financial literacy programs which are being run in partnership with our corporate partners. The program is focused on spreading financial literacy education for all across several states in India. 

As we are well aware, the COVID-19 pandemic and the nationwide lockdown severely impacted the basic wages and led to several job losses overnight. As India recovers from a severe economic crisis, let us take a personal oath to include financial planning in our daily lives and spread financial literacy to help each and every individual to achieve financial stability and financial freedom. 

According to most sources, Lorum Ipsum can be traced back to a text composed by Cicero in 45 BC. Allegedly, a Latin scholar established the origin of the text by compiling all the instances of the unusual word ‘consectetur’ he could find and eventually recognized it as a passage from ‘De finibus bonorum et malorum’ (On the extremes of Good and Evil) by Cicero, a book that was very popular in the Middle Ages: “Neque porro quisquam est, qui dolorem ipsum, quia dolor sit, amet, consectetur, adipisci velit… ” (Approximately: “Nor is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain…”). A typical Lorem Ipsum text goes like this: “Lorem ipsum dolor sit amet, consectetur adipisici elit, sed eiusmod tempor incidunt ut labore et dolore magna aliqua. Ut enim ad minim …”.

It seems that only fragments of the original text remain in the Lorem Ipsum texts used today. One may speculate that over the course of time certain letters were added or deleted at various positions within the text. This might also explain why one can now find slightly different versions. Due to the age of the Lorem Ipsum text there are no copyright issues to contend with.

In the 1960s, the text suddenly became known beyond the professional circle of typesetters and layout designers when it was used for Letraset sheets (adhesive letters on transparent film, popular until the 1980s) Versions of the text were subsequently included in DTP programmes such as PageMaker etc.

The spread of computers and layout programmes thus made dummy text better known. While in earlier times several lines of the Lorem Ipsum text were repeated in the creation of dummy texts, today the full text of Cicero’s ‘De finibus’ serves as the basis for many dummy text or Lorem Ipsum generators. Based on ‘De finibus’, these generators automatically create longer sections of the Lorem Ipsum text or various other filler texts.

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