In India, over 76% people struggle to manage their personal finances. Complex Financial Products, Changing forms of Money and Rising Domestic expenses make money management all the more difficult. India has one of the LOWEST Financial Literacy rates in the World.
International Organisations like OECD and World Economic Forum have been recommending Financial Education as a must for 21st Century. American, European and even African Countries are driving dedicated Financial Literacy programs in their schools and colleges. The concerted efforts of various governing bodies, charitable institutions, NGOs and education bodies is driving a huge change in these countries.
In India too, the Government embarked on a mission to educate over 500 million citizens on Financial Literacy a few years ago. Governing bodies like RBI, SEBI, IRDA and PFRDA came together along with the Ministry of Finance to create the National Strategies on Financial Education. This was a detailed agenda on how India will implement Financial Literacy and Financial Inclusion for its billion plus population.
One of the core agendas of the National Strategies was to make Financial Education a part of the school system. To read the excerpts click on this link.
Academicians, Experts and Leaders from Various Fields have shown their support to begin Financial Education from an early age.
The dynamic former Governor of Reserve Bank of India, Mr Raghuram Rajan created headlines when we batted for inclusion of #FinancialLiteracy in school education.
Several thought pieces have been written about how Financial Literacy can equip the young to make Wise Money Decisions. World renowned author and financial advisor, Suze Orman says: “A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life”
Just think about the first few years of your working life. Had you not committed the terrible money mistakes in those critical years, your financial life would have been very different now. Should we allow our children to repeat our mistakes? Parents and educators must recognise the importance of imparting financial literacy among children at an early age. Today’s kids need financial tools much earlier than our generation did. They must know how to use cards carefully when conducting online transaction (Ref: Economic Times)
We have compiled a series of articles and thought pieces written about “NEED FOR FINANCIAL LITERACY ” in various Media. We believe a collective effort towards building a strong foundation of Financial Knowledge will go a long way in creating a brighter future for our next generations.
Browse through these articles, Create a Strong resolve and take first steps towards Financial Literacy!
This article has been compiled to help decision makers like Educators, Principals, Parents and Teachers!