Financial literacy plays a pivotal role in shaping the economic well-being of individuals and communities. Recognizing its significance, the Reserve Bank of India (RBI) has been consistently observing Financial Literacy Week (FLW) since 2016. The theme for FLW 2024, "Make a Right Start – Become Financially Smart," focuses on imparting financial wisdom to young adults, particularly students. As part of the celebration, an enlightening webinar titled "Awareness Session on Financial Literacy for Young Adults" was conducted by the Centre for Corporate, Competition, and Insolvency Law (CCCIL), one of the research centres of Faculty of Law, SRMUH. This report provides insights into the webinar, detailing its purpose, speakers, key topics covered, and the valuable participation of over 100 attendees.

Purpose of the Webinar:

The primary objective of the webinar was to raise awareness about the importance of financial discipline from an early age, emphasizing concepts such as saving, budgeting, and the power of compounding in postgraduate students. The intention was to equip young adult students and participants with the necessary knowledge and skills to make informed financial decisions, promoting a financially secure future.

Event Details:

The webinar took place on March 1, 2024, from 2:30 to 3:30 PM and was hosted on the Google Meet platform. Dr. Vijay Kumar Singh, Professor and Dean of the Faculty of Law, served as the expert speaker, offering valuable insights into smart goals, risk and return, inflation, and budgeting. Dr. Rashi Malik, Associate Professor, skilfully moderated the session, ensuring a smooth flow of information and interaction.

Session Highlights:

Smart Goal Setting: Dr. Vijay Kumar Singh delved into the importance of setting specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. This practical approach enables individuals, especially young adults, to plan and achieve their financial objectives effectively.

Risk and Return:

The session shed light on the fundamental concept of risk and return in financial decision-making. Understanding the correlation between risk and potential returns is crucial for making informed investment choices, contributing to financial literacy.

Inflation and Budgeting:

Participants gained insights into the impact of inflation on purchasing power and the significance of budgeting to manage finances effectively. Dr. Vijay Kumar Singh provided practical tips for creating and sticking to a budget, fostering responsible financial habits.

Online Paper Submission on Financial Literacy:

An essential aspect of the session was guidance on submitting papers related to financial literacy on RBI's sites. Dr. Vijay Kumar Singh encouraged students to actively participate in contributing to the growing body of knowledge in this field.

Participation and Engagement:

The webinar attracted an enthusiastic audience of more than 100 participants, mainly comprised of students eager to enhance their financial literacy. The interactive nature of the session allowed participants to ask questions, seek clarifications, and actively engage with the expert speaker, fostering a dynamic learning environment.

Vote of Thanks:

The session concluded with a heartfelt vote of thanks delivered by Dr. Sandeep, Head of the Faculty of Law. He expressed gratitude to the distinguished speakers, participants, and the organizing team for their collective effort in making the webinar a success. Dr. Sandeep highlighted the importance of such initiatives in promoting financial education and encouraged attendees to apply the knowledge gained in their personal and professional lives.

Conclusion:

The "Awareness Session on Financial Literacy for Young Adults" proved to be a valuable contribution to the celebration of Financial Literacy Week 2024. The insights shared by Dr. Vijay Kumar Singh and the interactive nature of the session left a lasting impact on the participants, empowering them with essential financial knowledge. As we strive towards a financially literate society, initiatives like these play a crucial role in shaping the financial well-being of the younger generation. The collaborative efforts of the Reserve Bank of India, CCIL, and the participants contribute to the broader goal of fostering financial literacy across communities