In recent times, the Central Board of Secondary Education (CBSE) and National Payments Corporation of India (NPCI) have joined hands to introduce a financial literacy curriculum for students. The Financial Literacy Textbook has been launched as part of a new elective ‘financial literacy’ subject that is expected to help students understand basic financial concepts at a preliminary stage of their education. Moreover, in the Budget Speech that was introduced in February, Union Minister of Finance Nirmala Sitharaman also announced the need to inculcate financial literacy among the young Indians. She also mentioned how financial sector regulators and organizations will be urged to provide age-appropriate reading materials. &nbsp;



Thus, highlighting the need of the hour, HT School organised this month’s HT Dialogues on the topic, ‘Financial Literacy as a Core Skill for School Students.’ The discussion revolved around the ability to save money, distinguish between wants and needs, manage a budget, and cybersecurity among other crucial topics. &nbsp;



The discussion started with Mukund Rao, Co-Founder, MUVIN who explained the concept of Financial Literacy. He expressed that knowledge, awareness and behaviour are the three cornerstones of understanding money management. According to SEBI, only 27% of the country’s citizens are financially educated, which is why children should be imbibed with financial education right at school level.&nbsp;&nbsp;



As for the role played by schools and parents in imparting and empowering youngsters with knowledge, to take charge of their finances, that in turn help them achieve self-reliance and independence in their lives, Abha Sadana who is the Principal of The Modern School, ECNCR suggested, “I believe when our children will acknowledge the importance of money and the ways to manage it, they will also be more passionate about their careers especially in the present times when the government is laying emphasis on entrepreneurship skills. They will emerge as confident, strong, independent entrepreneurs having rich skills which are needed for financial success.” &nbsp;



While talking about the collaboration of CBSE and NPCI, Dr. Jyoti Gupta, Director Principal of  KR Mangalam World School, GK II, enlightened that the textbook covers crucial topics starting from teamwork and basic financial concepts, to Banking, Security, and modes of Digital Payments such as UPI, Cards, Wallets, and more. It entails the origin of banking, the transition from coins to paper money, types of banks and major operations and services carried out by banks. She further added, “The objective of this textbook is to help the students develop a basic understanding of such concepts and it equips them with the right skills and knowledge to make an informed financial decision in their future.”  &nbsp;



Following the discussion, Mukund Rao also spoke about how gamification has become popular and a fun way to teach students about money education. Games like Monopoly, Business, PAY DAY, Money Bags etc. can effectively teach kids the concept of money and help them understand the cause and effect of making mistakes and getting rewards for their smart choices. &nbsp;



Teaching financial basics to children is not just the parents’ job. Education takes place in the home and in schools; therefore, schools and educational institutions should bear some responsibility for teaching financial literacy to empower students with skills and knowledge to thrive. &nbsp;



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