The Reserve Bank of India (RBI) has launched its annual “Financial Literacy Week” from February 26 to March 1, 2024. This year’s theme is “Make a Right Start–Become Financially Smart”, primarily targeting young adults. One of the campaign’s highlights this year is the “Financial Literacy Ideathon” contest, with a prize of up to Rs 1 lakh for students.

RBI has been organizing Financial Literacy Week since 2016 to increase people’s awareness about various financial concepts, like budgeting, compounding, banking, etc., and instill monetary discipline from a young age.

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Senior citizens can also immensely benefit from the campaign. By equipping themselves with knowledge and discipline, they can handle financial ups and downs well and manage risks. Financial literacy is about understanding budgeting, saving, investing, managing debt, etc., or properly handling money and making sound financial decisions.

Here are eight ways senior citizens can improve their financial knowledge.

Use Digital Tools For Financial Awareness: With the internet today, it is easy to stay informed on various subjects, be it finance, medicine, education, technology, or any other field. So, prioritize financial literacy and look for new information on the internet, like podcasts, YouTube, websites, etc., to boost your knowledge.

Read More: Senior citizens are more likely to have a fondness for books, magazines, and digital content. So read more to understand the financial concepts and stay alert against fraud.

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Attend Seminars And Workshops: Attend seminars and workshops organized by financial institutions to gain knowledge and clarity on various financial concepts, products, and policies.

Seek Advice From Experts: Seek advice from financial planners, Securities and Exchange Board of India (Sebi)-registered investment advisors, insurance consultants, bankers, etc., to clarify doubts or improve your knowledge regarding finances.

File Tax Yourself: Start filing your income tax returns yourself. If in doubt, consult an expert, like a chartered accountant. It will give you an idea of how income and taxation works.

Understand Bank Products: Banks offer various products and benefits to senior citizens, like doorstep banking, verification of life certificates, deposits and withdrawals, etc. So keep abreast of these services and products to take the maximum advantage.

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Take Free Online Classes: If you want to go the extra mile, enroll in online financial classes to increase your knowledge.

Ask Questions And Discuss In Your Groups: If you are unfamiliar with a financial product, ask friends and acquaintances to broaden your knowledge or consult an expert.

Financial literacy is the foundation of your financial freedom, so don’t ignore it!