Enumerating Challenges
Can't have one-size-fits-all approach for financial literacy - PFRDA head
This story was originally published at 13:55 IST on 17 January 2025
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MUMBAI – Pension Fund Regulatory and Development Authority Chairperson Deepak Mohanty said that a one-size-fits-all approach on financial literacy might not help scale up the pension ecosystem as desired. There is a need to improve digital literacy as well, he said.
"Additional challenge is also to improve the digital financial literacy of citizens as all of us are exposed to fintechs for delivery of financial services. It is important to be aware of one's responsibility in a digital financial environment which being cognisant of risk of digital cyber frauds. Considering our diverse population, a one-size-fits-all approach of financial literacy programme may not yield the desired results and customisation at different levels of geographies is warranted," Mohanty said at the Mint BFSI Summit and Awards on Friday.
He said that self-initiative savings by senior citizens is necessary, and even though the government provides social security assistance to underprivileged and low-income individuals, that might not be adequate without their own savings.
In December, Mohanty had said he expected the assets under management of pension schemes to touch INR 15 trillion by the end of the current financial year. As on Dec. 14, the assets under management were INR 13.80 trillion, up 27.3% on year. Of the total 80 million subscribers of the National Pension System and Atal Pension Yojana, 16 million are NPS subscribers and 64 million are Atal Pension Yojana subscribers. The lack of traction for NPS is due to lack of awareness among the youth, Mohanty said. End
Reported by Kshipra Petkar
Edited by Avishek Dutta
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