FINANCIAL LITERACY AND YOUTH EMPOWERMENT FOR SUSTAINABLE INDIA 2047: A ROADMAP UNDER SUMMIT 2047

Abstract

India’s vision of becoming a developed, inclusive and sustainable nation by 2047 depends critically on its young population. To convert this demographic potential into a true demographic dividend, youth must be not only educated and skilled, but also financially literate and empowered to make informed economic decisions. This paper examines the relationship between financial literacy and youth empowerment in the context of Sustainable India 2047 and the broader agenda of Summit 2047 Sustainable Growth and Innovation. It con-ceptualises financial literacy as a multidimensional construct comprising knowledge, attitudes and behavior related to money management, and youth empowerment as a combination of economic, psychological and social agency. Based on a proposed survey of youth aged 18-30 years, the study develops a Financial Literacy Index (FLI) and a Youth Empowerment Index (YEI) and analyses their association using correlation and regression techniques. Illustrative results suggest that higher financial literacy is significantly associated with better saving and budgeting habits, responsible borrowing, higher confidence in dealing with formal financial institutions and greater participation in education, entrepreneurship and community decision-making. The paper concludes with recommendations for integrating financial education into school and higher education curricula, digital platforms and community initiatives to build a financially capable generation for Sustainable India 2047.