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Manish Misra makes a few points through his blog post Financial Literacy should be made mandatory to the questions posed on my post at “Setting Up Financial Literacy Policy in India”
Manish Misra has pointed out that workshops and roadshows can provide an important tool for this.
While agreeing with Manish, I would pose two questions for the successful organization of workshops/roadshows. One, the costs involved and two, the authority of the Trainer/Speaker.
Another big hurdle in spreading financial literacy is the understanding that which programs are useful. I mean, there is little research to point out the efficacy of general financial training programmes.
One study (in the US, ofcourse) found that specific knowledge of financial topics had little effect on the behaviors of consumers and that confidence and a broad understanding provided greater financial success.
The study also found that consumers appeared to benefit frompractical and applied learning, such as a difficult financial experience; however, teaching financial literacy in the abstract tended to be ineffective.
So I will take out “Roadshows” from my scheme of things.
It seems that those who choose to participate in these programs generally succeed in reaching their goals. Teaching financial literacy to a person who has no immediate, direct application may not be an effective method.
For the financial literacy programme to take wings, the markets will have a big role to play. Apart from the Government which has weak implementation mechanisms. (As Ajay Shah pointed out in my post)
But the market for financial literacy programs is still not defined/ developed in India. That is why, I have a feeling that my financial literacy plans are a bit ahead of time. And this fills me with more energy! 
I edit Personal Finance Online Resources, nurture Financial Literacy Foundation, deliver Financial Awareness Workshops and have built a desktop RupeeManager.
Invite me for a talk. Email me on ranjan@ranjanvarma.com or Call me on +919867755615
Hi Ranjan,
While reading various blogs on Personal Finance management, I came across your blog which is very interesting.
I am already using a software called “VAULT”.
This product is empowering individuals in managing their own finances.
The software is deployed on a pen drive which enables the user to carry around his data with him starting from scanned document copies to a Will.
It also connects to the net for autodownload of last closing rates of shares, MFs, Gold and Silver.
The product is interesting and their website has more details.
@Pallavi The software looks interesting. But what has been the adoption experience?
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