Role of Commercial Banks in Financial Literacy

Financial literacy is the knowledge, ability and skill to understand, control and use one's financial resources wisely, ultimately leading to the well-being and economic security of oneself, one's family and the economy as a whole. In today's world financial literacy is important to every individual who wishes to select the best way to carry out payments and take care of banking issues.Financially literate consumers create competitive pressures on financial institutions to offer more appropriately priced and transparent services, by comparing options, asking the right questions and negotiating more effectively. The current paper examines the role of commercial banks in financial literacy.