Bangalore: Financial Service giant Visa, recently came up with a survey which declared India as one of the least financially literate countries among 28 countries. According to the reports, the reasons that pushed India to such a low grade are lack of household budgets, financial education, and lack of discussions with family regarding money management and overall understanding of money management basics.

The survey was conducted between February and April 2012 where 25,500 respondents were interviewed across 28 countries including super powers like U.S.A., Australia and Canada. Brazil is said to have topped the charts with 50.4 out of 100, followed by Mexico with 47.8, Australia with 46.3, U.S.A with 44 and Canada with 43.8. Only 35 percent of Indian respondents can be termed as financially literate which pulled India down to 23rd position in the ranking.

When it comes to household budgets, Indian respondents are ranked 18th with a score of 39.3, well ahead of 10 other countries including Mexico (37.5), China (37) and Hong Kong(32.5); but in terms of savings, Indians are raked 14th with a score of 31.5. On an average, the Indian respondents had almost 2 months of savings in case of an emergency. 34 percent of Indian women said that they have no savings at all, while 29 percent of Indian men echoed the same.