If you have spent time in conversations about financial awareness in Odisha, you have almost certainly encountered a statistic: that Odisha's financial literacy score was 11% in the National Centre for Financial Education's 2019 survey, compared to a national average of 27.18%.

This statistic has been cited frequently since that survey was published — in presentations, articles, policy discussions and awareness programmes. It has become a reference point for conversations about financial literacy in Odisha. That is, in one sense, appropriate: the data was real, the gap was significant, and the survey was conducted by a credible institution.

But there is an important question that does not always accompany the citation: that was 2019. What has changed since then?

What the 2019 Data Actually Said

The National Centre for Financial Education (NCFE), established under SEBI, conducted a National Financial Literacy Survey in 2019. The survey measured financial literacy across Indian states using a methodology that assessed financial knowledge, financial behaviour and financial attitudes.

Nationally, the survey found a financial literacy score of 27.18%. Odisha's score of 11% placed it among the lower-scoring states. The gap between Odisha and the national average was significant — approximately sixteen percentage points.

It is important to understand what the survey was measuring. Financial literacy surveys of this type measure a combination of financial knowledge (understanding of concepts), financial behaviour (actual financial practices) and financial attitudes (orientation toward financial planning). The composite score reflects all three. A low score may reflect gaps in knowledge, gaps in behaviour, gaps in attitude — or some combination of all three.

What Has Happened Since 2019

Since 2019, a significant amount has changed in Odisha's financial landscape that is relevant to financial literacy:

  • Investor participation has grown substantially. The number of registered investors, mutual fund investors and active investment accounts in Odisha has increased significantly over the period from 2019 to 2026.
  • Digital financial infrastructure has expanded. UPI adoption, mobile banking penetration and access to digital financial services have grown significantly across Odisha — including in semi-urban and rural areas.
  • Formal financial awareness programmes have increased. SEBI, AMFI, NSE, the Government of Odisha and various institutions have conducted investor awareness programmes across the state.
  • The Government of Odisha has signed a memorandum of understanding with NSE to promote financial literacy and youth skilling across the state — a significant institutional commitment.
  • Financial products and services have become more accessible, through app-based platforms, simplified onboarding processes and expanded physical distribution networks.

These changes suggest that the financial environment in Odisha has improved meaningfully since 2019. It is reasonable to suppose that financial literacy has improved along with broader participation and awareness activity.

What We Do Not Know

The honest answer to 'What has changed?' is: we do not have a comparable national financial literacy survey from 2023, 2024 or 2026 to tell us definitively.

As of the date of this article, a comprehensive national financial literacy survey comparable to the NCFE 2019 study — with state-level disaggregation that would allow a comparison for Odisha specifically — has not been published as publicly available data that OFAIF can reference.

A Note on Data Integrity

OFAIF does not manufacture financial literacy data for Odisha where reliable, current, publicly available data does not exist. Anyone citing a current Odisha financial literacy figure should be asked: What is the source? When was it measured? How was financial literacy defined and measured in that study? If these questions cannot be answered, the figure should be treated with caution.

This matters because the way a problem is framed shapes how it is addressed. If decisions about financial awareness programmes are based on seven-year-old data presented as current, those decisions may be less well-targeted than they should be.

Participation as Partial Evidence

In the absence of a current comprehensive financial literacy survey, participation data provides some partial evidence of changing conditions. The growth in mutual fund investors, the expansion of banking coverage and the take-up of digital payment platforms in Odisha all indicate greater engagement with the formal financial system.

However — and this connects to a theme that recurs in OFAIF's work — participation and literacy are not the same thing. A person who has invested in a mutual fund is not necessarily financially literate. A person who uses UPI for payments has not necessarily developed financial awareness about investment, insurance or retirement.

Participation is a necessary but not sufficient condition for financial literacy. The growth in participation is encouraging. What it does not tell us is whether the understanding that should accompany that participation is growing at a comparable rate.

What Has Changed — and What Has Not

What has clearly changed: the breadth of financial participation in Odisha, the accessibility of financial services, and the volume of financial awareness activity.

What remains uncertain: whether the depth of financial understanding has kept pace with the breadth of participation; whether the gains have been evenly distributed across urban, semi-urban and rural Odisha; whether specific population groups — women, rural communities, older adults — have seen comparable improvements.

What remains a gap: current, methodologically rigorous, publicly available data on financial literacy in Odisha that would allow a confident update to the 2019 baseline.

Why This Matters for OFAIF's Work

OFAIF's approach to financial awareness is grounded in the belief that awareness should be based on evidence. This means using data carefully — acknowledging its age, its source, its methodology and its limitations. It means not citing 2019 data as a 2026 reality. And it means acknowledging, openly, when the data we need does not exist.

The gap in current financial literacy data for Odisha is itself a finding worth naming. It points to the need for ongoing, rigorous measurement of financial literacy outcomes — not just participation metrics — so that awareness programmes can be better targeted and their effectiveness better assessed.

In the meantime, OFAIF will continue to do the work that the evidence supports: building financial awareness, promoting investor education, and creating a platform where Odisha's financial literacy conversation can be grounded in honest inquiry rather than recycled statistics.