Question

Consumer literacy- can you explain and give an examples of this . Do you understand concepts in buying and using products?

Answer 1

The common definition of Literacy is the ability to read, write, listen and speak a language. However in the digital world the literacy meaning has changed significantly. Literacy has now a broader meaning when an individual is able to understand & use judiciously the information.

Consumer literacy is “the ability to choose and use consumer products effectively”. It is about enabling people to buy the right products and purchase the right bundles or get the best deals.

In the current digital economy & society, millions of consumers fall victim to deceptive unsolicited mailings, phone messages or emails from across the world. Internet has helped expand choice, create new markets and jobs but half of the world’s population is without access to the internet, or where there is access to internet the consumers’ lacks awareness about the consumer protections & rights.

Consumer Literacy is all about consumers choice in digital economy & society; being smart using digital devices for buying & selling products; and effectiveness of consumer products.

Examples of consumer Literacy are as follows:

1. Consumer Literacy in Banking Industry

2. Consumer Literacy in Healthcare

3. Consumer Literacy in FMCG sector