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Countries like USA and UK have realized the benefits of making their students financially literate right from the primary school.
Financial acumen in young adults has been identified as an important competency for success. The right time to build these habits and sensibilities is early on, around 12 years of age.
Internationally, the Organisation for Economic Co-operation and Development (OECD) have recommended inclusion of financial education in school curricula.
From International to National Media, Governments to Influential People, all have emphasized the need of financial literacy in school going children. Former RBI Governor, Raghuram Rajan has been keen with his views, “Financial Literacy needs to be introduced in School Curriculum”.
With India lagging in overall national literacy in a recently concluded survey, it makes complete sense for us as a nation to adopt financial literacy as an essential curriculum in Indian education.
We surveyed 10,316 parents with children in the age group of 6 to 18, college students, just married couples & just started working individuals. The results of the survey worked as an eye opener, emphasizing the need of financial literacy in India.
97% of the surveyed parents have shown interest in providing financial awareness to their children. The Parents major concern remains, “When will our children learn the value of money?”
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