Abstract:
Basic literacy involves developing fundamental skills in reading, writing, and simple arithmetic, completing job applications and general life skills and financial literacy is the ability to comprehend and utilise a variety of financial skills, including investing, budgeting, and personal financial management as well as the value of these skills and the fundamentals of personal finance has to do with managing money as well as saving and investing, including financial planning, banking, insurance and mortgages. This positional paper explains the above concepts in details and also attempts a spiral strategy of the concepts as it relates to the rural dwellers in the rural communities. Such understanding can help acquaints one with the fact that financial literacy is important to the rural dwellers as it can make them less susceptible to financial deception, having a strong foundation in financial literacy may assist a variety of different life goals, such as saving for children education, appropriately managing deb, and running a farming related business. the paper ends with suggestions of some practical recommendations.
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