3rd component of financial literacy!

The third & last component of Financial Literacy is Financial Attitude. Financial Attitude is about your personal attitude towards life meaning are you focus about your future or reckless, do you like to spend more or save more, and are you prepared to risk some of your money when saving or making an investment. Here financial behavior & attitude are interlinked. Behavior is usually a result of your attitude. Surely, if your attitude towards finance is negative and reckless, your behavior should reflect that. You might know a lot about finance, but that doesn’t necessarily mean you have the right attitude towards managing your money. They say attitude is everything in life. So, developing right financial attitude is your own personal responsibility. Here again you can talk to experts or people with right financial acumen. The RBI survey on financial literacy showed that homemakers although have limited financial knowledge but they have positive financial attitudes & good financial behavior. So, mantra is read, learn & develop!