Description

Saving and Investment serve as crucial two pillars in the economic development of India. Banks as well as financial institutions mobilize people's savings as capital to potential investors that produce goods and services. They are intermediaries that bring savers and investors together. The development of the banking sector and the growth of saving and investment are positively co-related, the latter being largely dependent upon the power of people to save and on their will to save. There is a need to implement an extensive and systematic strategy to stimulate saving and banking habits in all segments. As India has the world's largest population of working people, it expects to gain a demographic dividend. However, it has a limited capacity to generate employment which is a serious challenge. Simultaneously, the eradication of poverty is important as well. To eradicate poverty, financial inclusion among youth should be stressed. Stating objectively, financial inclusion can hold key to India's economic development specifically by eradicating poverty and social upliftment of the deprived sections. The United Nations Population Fund's (UNFPA) State of the World's Population report 2014 states that India has the world's largest youth population with 356 million, compared to that China. According to UNFPA projections, India will continue to have one of the youngest populations in the world till 2030. There is a lot of potentials to be tapped into the economic and social advancement of the nation. But it all depends on how the issue related to youth is addressed and guides them to define the nation's common future. To guide youth in the right direction, it is important to understand their financial status and saving, banking, and investment habits