AsnaSaleem
If you don’t understand the language of money, and you don’t have a bank account, then you’re just an economic slave
The Indian education system generates innumerable graduates each year in every corner of the country. However, while we celebrate this number, we may also question whether these countless students acquired the requisite skills necessary to face the challenges presented by the ever-changing labour environment.This is our workforce of the near future!
With the increasing interconnectedness of the world, NEP 2020 emphasises holistic and multidisciplinary learning aimed at shaping the students into global citizens. Within the framework, the NEP embraces Global Citizenship Education (GCED) that emphasises instilling an awareness of contemporary global challenges and equipping the learners with attitudes and skills to promote peaceful, tolerant, inclusive, secure, and sustainable societies. So, this is a vision we have to imagine clearly, but if we have to make this a reality then the most important building block is ‘financial literacy’
We talk a lot about sustainable societies, but if students don’t understand how their own finances should be managed, which sustainable world are we imagining? They should be taught how to manage their finances both personally and professionally. It is the foundational stone of personal and societal stability. Every individual, particularly in a rapidly evolving and dynamic world economy should be equipped to manage his domain and ensure a bright and clear path toward their wealth management and understand the nuisances of investment, debt issues, taxation, and inflation.
But in the Indian school curricula, financial literacy is not even given a thought. English, Math and Science have always been the hot favorites among educators, and the practical skills of finance and wealth remains untapped. This is the reason when these graduates enter the labor market, without understanding the ABC of financial instruments, it puts them in a vulnerable situation and so does the economy suffer! Aspiring entrepreneurs across India have immense passion but are often left without the financial knowledge necessary to bring their dreams to fruition.
Yes, sure, today everyone wants to be an entrepreneur to have the financial freedom but how many of them really understand how a business runs? A business doesn’t need a great idea only, it requires a solid business model, understanding of the market, investment plans, and so on..
Business schools is the answer? One might argue. They teach high-level concepts and fancy terminology but even they are disconnected from the practical financial skills that are required in the real world. Schools and universities across India need to address this gap by incorporating essential financial skills into their curriculum, such as budgeting and money management, investing in stock market, multiple revenue streams, managing and repaying of debts
The NEP’s vision of building inclusive, secure, and sustainable societies cannot be fully realised without ensuring that students have a grasp on personal finance. When we are able to ready a financial literate population, it ensures stability of families, economies and nations! This helps everyone avoid debts and bankruptcies and suicides! This is exactly how the middle class can become secure!
The time has come to rethink the role of financial literacy in education. It is no longer enough to produce graduates who excel in theoretical knowledge but lack the practical skills to manage their financial lives. India’s future entrepreneurs, workers, and citizens need to be financially literate to navigate the increasingly complex global economy.
If we are to build a sustainable and secure future, financial literacy must be at the heart of our education system.
