Financial literacy for students is a vital tool for improving our youth’s and communities’ financial capability. This will assist in lessening the economic burden of the long-term recession that is currently affecting many communities around the world. Money education has a major effect on a child’s future.
According to a study by the Global Financial Literacy Excellence Center, just 24% of the adult population in India is financially literate. In contrast to other major emerging economies, India has the lowest financial literacy rate.
Financial literacy purpose:
Financial literacy is about more than just knowing how to make money. The real aim is to be able to use your money to do the things you want to do with it, such as retiring with dignity, spending free time with family, and giving to others and worthy causes.
Financial Literacy in the Classroom:
There is no question that all students in Indian schools should receive financial education.
Many of PFDRA’s financial education initiatives, the Insurance Regulatory Development Authority’s initiatives, SEBI’s initiatives, and the RBI’s initiatives have been on paper. As a result, financial education must begin at the grassroots level, with students and graduates. There is a need for teachers to receive standardized financial education training. Finances can be easily demonstrated to students as they are taught using real-life examples. Financial illiteracy can be bridged with practical experience and the proper targeting of financial education programs.
Early childhood inclusion has several advantages:
The implementation of financial education at a young age would also assist students in determining whether or not they want to pursue the same career path in the future. Currently, they can only make this choice while they are in the process of graduating.
The importance of financial education would have a long-term effect on a population of 1.3 billion people. Spending on financial education by the government would yield better results. Financial literacy is the key to developing productive human capital. Financial skills can contribute to the overall growth and help to increase the standard of living.