A Study of Consumer Education Methods with Reference to Financial Products

Abstract

It is said that, the next era will be known as knowledge era . The knowledge comes from two newlinesources namely; newline1. Training (which has short term objectivity) newline2. Education (which is for the long term or sustainable benefits). newlineThe long term or sustainable benefits of education can be described through a proverb that says, newlinedo not give a fish to a child but teach him or her how to catch a fish. Therefore, it is said that, a newlineconsumer shall receive real empowerment if he is educated well. newlineConsumer Education A Global Scenario newlineThe roots of consumer education can be found in the era, where consumers used to function in newlinethe domestic market only. In the current global scenario, the consumers are operating in an newlineincreasingly complex marketplace wherein they are flooded with loads of information and newlineincreased number of choices in terms of products and services. In such situations, it becomes newlinedifficult for a consumer to make a prudent purchase decision and safeguard their interests. newlineTherefore, it is necessary for all concerned stakeholders to work on the methods of educating the newlineconsumers in the current scenario. In other words, consumer education must move towards a newlineglobal perspective in its efforts. newlineIn the contemporary scenario, consumer education covers consumer rights and responsibilities, newlinepersonal finance, sustainable consumption etc. Such education is a long term and continuous newlineprocess that enables the consumers to make sound purchase decisions and protect them from any newlinefraudulent business practices or exploitation. newline