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According to the report conducted by the Global Financial Literacy Excellence Center, only 24% of the Indian adult population is financially literate.
In comparison to other major emerging economies, the financial literacy rate of India is the lowest.
Kredit aims to change that.
The goal was to identify a problem in the ‘education and learning’ areas and come up with a solution that not only solves the problem but creates an impact on the people affected by it during these tough times pertaining to COVID-19.
The rise of the global COVID-19 pandemic has caused economic repercussions around the world. Efforts to contain it have resulted in layoffs across a variety of industries. Financial and physical wellness are directly linked. Financial stress, now aggravated by COVID-19, is the leading cause of lost productivity, unplanned absences, lower performance and other distractions.
In India, more than 70% of the people in the low-income group still avail informal arrangements such as chit funds and cash to park their savings. The key reasons for this are lack of awareness, tech intimidation and accessibility challenges of formal financial systems.
Research and various surveys have revealed that more than 55% young adults and students from these groups are keen to save more to manage COVID-19 like situations in the future, but don’t know how to go about it.
I designed kredit as an attempt to simplify and promote financial education.