Alok Kumar Agarwal Alankit Stresses the Indispensability of Financial Knowledge
Alok Kumar Agarwal Alankit explains, "I think women are more open to learning about finances. They usually handle household budgets, so if they know the basics about money and have tools to understand it better, they can start small businesses that can really help their families and communities."
According to mintgenie.com, many Indians struggle with money issues because they don't know enough about finances. For example, as of December 2020, there was around ₹24,586 crores in unclaimed money from insurance policies. This happens when people forget to name someone to get the money if something happens to them, or they don't give all the needed information when they buy the policy.
Explaining why this happens, Alok Kumar Agarwal Alankit says, "People can end up in debt for lots of reasons. Sometimes it's because they spend too much or buy things they can't afford. Credit cards, loans, and wanting things right away can make people borrow money without thinking about how they'll pay it back." According to a study by the Reserve Bank of India (RBI), 42.9% of people borrow money from unofficial sources, which means they end up paying a lot more in interest.