The Need for Financial Literacy
The Government of India has embarked on a mission to create financial literacy for over 500 Million citizens of the country. The objective of such an initiative is to create financial inclusion.
Learning about financial systems and avenues will help citizens to participate in the economy. Financial education thus forms the main pillar of this initiative.
The Financial Literacy initiative is driven and supported by all the national institutes like RBI, SEBI, IRDA, PFRDA and NISM. It is subsequently adopted by Banks, stock exchanges and similar BFSI companies in India.
The current efforts are focused on citizens who are already a part of the system (those who are earning). There is a lot of focus also being paid to make financial education a part of the primary and secondary education in the country.
Brainsalt through its flagship offering Finance Fundas and initiatives like the Junior Finance Wiz is contributing to this objective.
Parents & Educators
Financial Literacy should be a part of the school curriculumRaghuram Rajan
We interviewed some parents and educators on the need for financial literacy. Here is what they had to say:
Can be included in the school syllabus from the age of 12 so that the children are aware of financial educationRadhika Naik
Financial planning should be covered at higher secondary educationAditya Malgaonkar
I strongly believe the home environment matters more in the Financial education than the formal school financial education. Having said, it should be there formally in school too.Abhijeet Chandak
Topics like finance and savings, even tax for that matter are something that would really be useful in the future and are not a burden.Shruti Ashok
Financial Education is a Must
More than 95% parents and educators surveyed by us say that Financial Education should be a part of the growing up years. It helps in creating a strong foundation for a brighter future