Understanding India’s Financial Literacy Crisis: A Systematic Review and Proposal of FinEdu as a Web-Based Solution

India continues to face a significant financial literacy crisis, largely due to traditional teaching methods that fail to provide practical, accessible, and culturally relevant learning opportunities. Through a systematic analysis of available literature and existing digital learning platforms, this paper identifies the specific gaps that hinder the effective development of financial skills among Indian learners.

To address these limitations, this paper proposes FinEdu, a web-based financial education platform designed to transform theoretical learning into practical competence. The solution proposes interactive learning modules, a virtual environment to practice financial decision-making, mock tax filing practice, and simplified instructions on Indian financial policies and procedures. It has a bilingual interface that increases accessibility for diverse user groups, while the simulation-based system allows learners to experiment, understand consequences, and build confidence without actual financial risk. The platform’s integrated and practice-oriented design demonstrates how technology can bridge the financial literacy gap by delivering structured, engaging, and contextually relevant learning experiences.

Overall, this review highlights the need for practical, India-focused financial literacy tools and presents the early-stage framework of FinEdu as a relevant solution capable of fostering inclusive, skill-based financial education across varied demographic segments.