Regarding the financialization of household savings which of the following statements best reflect t...........

English Comprehension Reading Comprehension (C)

Read the following passage and answer the items that follow the passages. Your answers to these items should be based on the passages only.

Household finance in India is unique We have a tendency to invest heavily in physical assets such as gold and property Steps to encourage the financialization of savings are critical. A populace accustomed to traditional processes will not simply jump into financialization. Hurdles to change include onerous bureaucracy, a scepticism of organized financial institutions, a lack of basic information about which of the myriad services and providers is best for each family, and how (and even if one can make the transition between them if necessary

Regarding the financialization of household savings, which of the following statements best reflect the solutions that are implied by the passage?

1. A flexible environment is needed to develop solutions.

2. Households need customised solutions.

3. Innovations in financial technology are required.

Select the correct answer using the code given below:

This questions was previously asked in

Complete-Test, Previous year (2023)

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1 and 2 only

2 and 3 only

1 and 3 only

1, 2 and 3

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Explanation:

- Statement 1: A flexible environment is needed to develop solutions.

- The passage highlights the need for adapting processes to traditional mindsets. Flexibility is crucial to cater to diverse needs for financialization.

- Statement 2: Households need customized solutions.

- The passage mentions the lack of information regarding which services best fit each family. This indicates a requirement for tailored financial products to meet varied household needs.

- Statement 3: Innovations in financial technology are required.

- Although not directly mentioned, the passage implies the need for modern solutions to ease transitions and alleviate bureaucratic hurdles, pointing toward technological innovations.

- Option Analysis:

- Option 1: 1 and 2 only - Excludes the tech aspect discussed in the passage.

- Option 2: 2 and 3 only - Ignores the need for flexibility, which is necessary for change.

- Option 3: 1 and 3 only - Omits customization needs highlighted in the passage.

- Option 4: 1, 2 and 3 - Fits all implied solutions discussed.