The 2012 edition of Visa Global Financial Literacy Barometer survey released here today has ranked India at 23rd in a list of 28 countries on the financial literacy front, just ahead of Morocco, South Africa and Vietnam.

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"Many people in India have set aside savings to weather a financial rainy day, but the lack of money management discussions in the family may set the stage for their children to struggle with finances," the 2012 edition of Visa Global Financial Literacy Barometer said.

Indian parents do not talk to their children on money management as frequently as they should, and the country averaged 10 days versus the global average of 19 days per year when it comes to discussion on budgeting, savings and responsible spending between parents and their wards.

Similarly, the survey which had 923 respondents between the age of 18 and 64 also found that Indians are under-invested when it comes to saving for emergencies.

The average savings set aside for an emergency among Indian respondents is 1.9 months versus China's 3.9 months and Taiwan's 3.7 months, it says.

On the gender front, the survey found 34 percent of Indian women do not have a saving at all as compared to 29 percent for men.