India is celebrating the National Education Day today (November 11) to honour Maulana Abul Kalam Azad, India's first education minister, who was born on this day. The visionary leader was instrumental in the establishment of key institutions such University Grants Commission (UGC), the first IIT at Kharagpur and All India Council for Technical Education (AICTE) among others. In the decades since independence, India has made significance progress in the education sector, including in financial literacy.
Basic financial skills such as budgeting, saving, managing debt and investing are essential for leading a secure and prosperous life. However, as per a SEBI study, only 27 per cent of India's population is financially literate.
In today's world, marked by rising prices, job uncertainties and rampant consumerism, it has become more critical than ever for students to learn how to save, grow and manage their finances wisely. Financial skills are vital to addressing these challenges and ensuring long-term stability and success.
Introducing financial management education in schools can provide students with a strong foundation in money management from an early age. This empowers them to make informed decisions.
"Schools and colleges must integrate experiential learning modules focusing on investments, compounding interest, and risk management, facilitated by interactions with industry experts. While the existing curriculum prepares students to earn a living, expanding it to cover financial management and investment strategies will better equip them to tackle real-world financial challenges," said Ajay Lakhotia, Founder & CEO of StockGro.
Financial education equips students with the knowledge and skills to navigate real-world financial situations, ultimately promoting long-term stability and a secure future.
Recently, with the aim of empowering and educating women by making them financially literate, Vidhi Miglani, a Class 12 student at DPS Kaithal, Haryana, had also created DhanSarthi-a digital platform providing financial knowledge to women.
