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Financial Literacy saving life

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"I cannot bear this turmoil anymore. I tried my level best but I failed. I could not find any solution but this." Words may differ but the mental status remains the same through the cases of suicide. Suicide is one of the major issues that many countries are currently facing. In India, particularly, suicide has emerged as a key concern. According to national data, the total number of 1,39, 123 cases of suicide were recorded in 2019.

Although numerous factors drive people to take this extreme step, such as, personal issues, domestic violence, illness but one of the major yet least addressed is financial crunches. Farmer’s suicide in particular is one of the heated topics that has not only been discussed nationally but abled to gain international attention.

Financial crunches may occur due to any reason like crop failure, job loss, business loss, which consequently affects one mental health and over time, it piles up and pushes the individual to suicide.

But is there any way that can resolve it or have been there any step taken to address this issue? These are the various questions that one can find striking in the head while reading any such article or news piece.

The answer is yes. There are ways, which have already been proven to be effective in minimizing suicide rates i.e. financial literacy. So, what financial literacy do? To commence with; It helps in managing our money wisely, it helps us to make informed and sound decisions, it protects us from frauds, it tells us about various government welfare policies, all of which eventually build trust, confidence and bring mental peace to us. To exemplify, imagine a farmer living in an area that is prone to natural calamities such as cyclone or flood and is unaware of government policies like Pradhan Mantri Fasal Bima Yojana will not only be vulnerable to suffer loss but also mental health. Whereas, awareness will protect him from loss and ensure cut down any financial crunches.

It can be said that awareness, confidence, and mental health are inter-related and often one gave birth to another. For instance, if I am unaware of the basic concepts of saving and generally suffer cash crunches consequently I will be having low confidence and over a span of time, it will affect my mental health. It might sound illogical but in the case of a suicide, this chain reaction shows a severe impact. On the other hand, if I am financially literate, I will be aware of using money wisely, which will give me the confidence to face unfavorable times and protect my mental health from a trauma.

Much has been spoken about suicide and its prevention. However, the practicality of speeches reflects when the words take up the form of application. Gradually but eventually people are understanding the need of the hour and taking the step to protect the delicate link of financial literacy and the well-being of society. The impact might be slow but certainly effective. As we say, charity begins at home, we must ensure that sensitization regarding suicide and its prevention through financial literacy start from the grass-roots level to secure the future of our nation.

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