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This is a late comment, but better late than never. The researcher has put a great degree of information in a short space and presented a lot of perspective. I do not wish to be critical but the basic question is how much of the information is valuable? In the quest to discover new information we seem to disregard valuable existing information. The objective of any financial literacy program is make people aware of various financial products and services and increase savings rates. Researchers tend to ignore this aspect and concentrate more on new information. Hence they develop new theories which seem less useful. Regardless of the age of customers products, their uses, features, and benefits remain the same. If you look from a practical point of view no training program can incorporate all the learning from the various research projects used for presenting this article. The cognitive ability of trainees will always differ, their ages may differ, but the challenge is to develop a module which can be delivered with the greatest impact in all circumstances because the basic and fundamental information does not change. In my humble opinion financial literacy which includes basic information such as bank accounts, regular savings, long term approach should not be complicated by trying to put too much effort on understanding the psychology of the trainee. The chances are the responses may get biased as the trainees would focus more on quality of training, their failure to understand, perceived lack of money. No trainer would be able to answer these questions and by asking questions about psychology further doubts may be raised in the trainees mind affecting the impact of the program. It is more useful to begin with the understanding that there are obstacles to increasing savings, financial literacy, both mental and physical. The focus should to implement a program intensively, motivate trainees to try and use the products and practices and insist that these are for their own benefits. In practice we encourage a more diversified approach whereas in research we try and generalize. This is a very serious dichotomy here, at least for financial literacy. Instead of saying "one size does not fit all" we should try and discover a size that does fit all because the general trend lies in that direction. More focus should go on the content of training program, development of universal financial literacy modules based on the types of financial services products available in the region, and collaboration between providers of financial products and services and researchers. After all if providers of financial products and services make an attempt to reach customers the chances of success are much higher. I wish to congratulate the author for her very complete perspective on financial literacy based on the life cycle of the individual but I hope she takes her inquiry further by using this information to come up with more practical solutions for designing and delivering training and modules on financial literacy. Even the findings on psychological understanding and development should be explained more clearly in relation to actual financial practices. They seem too abstract to me for greater practical application.

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28/03/2015 10:44:21

Very good article throwing light on the need for financial literacy and to choose ways for preparation of appropriate programmes.

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