Clipped from: https://www.financialexpress.com/education-2/importance-of-introducing-financial-literacy-programme-in-school-education/2961145/
Financial literacy is a term that is often used to describe the knowledge and skills needed to make responsible financial decisions.
inancial education is seldom taught in high school, and many parents do not have time to teach important money skills to their children.
By Prasad Pardeshi
Many students graduate high school without a basic understanding of personal finance management and their future careers. College is usually students’ first exposure to the real-world skills needed to manage money so they must develop good money habits early. Providing college students with a handle on money can actively solve a lot of problems that they will encounter in their adult lives, helping them lead happier lives without having financial worries. It is entirely possible for lessons learned about finances in school to stick with students for years, right up until they need it.
Financial literacy is a term that is often used to describe the knowledge and skills needed to make responsible financial decisions. It includes understanding how to make informed choices about money, debt, credit, savings, and investments.
For some students, a lesson they learned in school about budgeting or savings might be the only financial education they have ever received. Financial education is seldom taught in high school, and many parents do not have time to teach important money skills to their children as they enter adolescence. In order to improve financial literacy among students, it is important that they are aware of their finances and the consequences of their actions. Financial education should be a priority in schools as it will help students become more educated consumers, productive employees, and better prepared for retirement.
Personal finance education in middle school provides students with the knowledge and skills to effectively manage financial resources for a life of financial well-being. By offering personal finance education in schools, states can equip children to make wise financial decisions when it matters the most. Financial literacy is important for everyone. It’s important to understand and be able to manage your finances. Financial literacy programmes are often targeted at adults, but it’s also important that children learn about money management at an early age. This will help them develop good financial habits, which they can carry with them throughout their lives.
The way we teach kids about money matters a lot. They should learn the importance of saving, budgeting, and spending wisely from an early age. Providing personalized financial lessons to middle school students is one way to introduce financial education into their life. The earlier this process begins, the greater the impact that it can have.
The introduction of financial education in high school is a great step towards making our youth financially aware and ready to take on future challenges. While it can be a tough task for the students to grasp some complex topics, the schools can teach them using different fun ways like through mini-lessons ranging from storytelling approaches to interactive games. Schools across the country have welcomed RBI’s step towards financially educating young learners and have started implementing various activities, games, and lessons for their learners. India is known as the youngest country and when our youth is aware of managing their finances, this will help our economy in the longer run.
The author of this article is dean, RBK Educational Institutions. Views expressed are personal.