The current global economic downturn can be attributed to the Covid-19 pandemic, which was followed by the Russia-Ukraine War. Nations with ample financial resources and astute economists can easily manage a downturn in the economy. Less developed countries, on the other hand, suffer massive losses and eventually go bankrupt. Sri Lanka is the most recent example of a country declaring bankruptcy due to a lack of an economic response strategy.

A single person who does not manage their finances properly will face numerous difficulties in life. Nobody can predict the future, so everyone must be aware of life’s unavoidable circumstances and learn to deal with them through good financial management.

National Financial Awareness Day is observed on April 25th, with the overarching message of achieving financial independence and sharing knowledge about wise money management. Financial independence is defined as having enough money to cover one’s entire living expenses from one’s assets.

Financial independence means no longer having to work for someone else, which opens up all possibilities. The main reason for commemorating this day is to encourage and support people who are pursuing financial independence.