The modern-day definition of ‘money saved is money earned’
Aditya Birla Sun Life Mutual Fund (ABSLMF)
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In our increasingly digital world, financial literacy has become a cornerstone of economic stability and personal security. A recent report by the Indian Cybercrime Coordination Centre (I4C) revealed that digital financial frauds accounted for a staggering ₹1.25 lakh crore over the last three years. Digital payment frauds saw a more than fivefold jump to ₹1457 crore in the year ended March 2024 from the previous period, according to the Reserve Bank of India’s Annual Report. This comprises 29,082 card and digital payment fraud cases. When frauds below ₹ 1 lakh are taken into account, the total number of cases increases by 2.7 lakh, amounting to ₹ 653 crore.
These alarming statistics underscore the importance of sound financial knowledge and robust awareness programmes to empower individuals with the necessary information and skills to navigate the complexities of the modern financial world. By embracing financial knowledge, we can significantly counter online fraud, thereby safeguarding our assets. In today’s world, money saved is literally about saving your money from these traps.
Thirty years ago, understanding investments was a daunting task for many, with limited access to information and resources. Financial markets and investment opportunities seemed distant and inaccessible to the average person. The process was riddled with barriers: information was scarce, often requiring subscriptions to expensive journals or the struggle to find the right advisor. This inaccessibility made it difficult for individuals to independently form their investment strategies or make informed financial decisions.
Today, technology has dramatically transformed this landscape. The internet and digital platforms have democratized access to financial information and investment tools, making them available to anyone with a smartphone or computer. Online trading platforms, financial news websites, and investment apps have simplified the process of mutual funds and other financial products. Investors can now easily track market trends, read expert analyses, and execute their investments from the comfort of their homes.
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The views expressed in this article are for knowledge/information purpose only and is not a recommendation, offer or solicitation of business or to buy or sell any securities or to adopt any investment strategy. Aditya Birla Sun Life AMC Limited (“ABSLAMC”) /Aditya Birla Sun Life Mutual Fund (“the Fund”) is not guaranteeing/offering/communicating any indicative yield/returns on investments. The sector(s)/stock(s)/issuer(s) mentioned do not constitute any research report/recommendation of the same and the Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s).