Today’s modern lifestyle is all about finances. The happiest person in the present world is an expert in handling finances. In a vibrant demographic, the country India is moving towards rapid economic growth in the upcoming years. Based on these facts, financial education and entrepreneurship skills across all primary and secondary school level is a significant step in the right direction for India. In this write-up, we will discuss the importance of education in finances for the betterment of future generations.
Change in technology from the past 20 years
For the previous 20 years, the concept of change has taken on various means altogether owing to the fast-paced technological advancements. This environment has brought a generation of tech-savvy people who would constantly like to be on their toes according to the progressive trends. This techno-advancement in the global scenario has impacted the lives of people in different aspects.
People in mass are embracing the idea of financial independence and getting exposure to their own businesses. This demands a learning ecosystem that identifies with this pace of change and adapts accordingly. That’s why we see that even at the school, different engagements are made to introduce students to the concepts of entrepreneurship and financial literacy.
Going ahead with the description, let’s explore different approaches for integrating entrepreneurship skills and financial education in the school curriculum.
The standard of financial literacy in western countries
However, the journey of primary and secondary education is transforming across geographies, so many challenges are still to overcome in this space. This way, we can clearly come to the decision that such skills are a must for the outside world, therefore should be implemented at the primary education level.
Financial Education in Schools
A widely held research reveals when a child develops the learning of financial literacy at an early stage, he is can manage money better when they are adults. A continuous increase in the percentage of student debts proves the fact that students need guidance for better handling of finances.
Entrepreneurship skills in school
As initially stated, such skills are necessary in today’s world, and the students need to be taught these skills when they are stopping into formal education. Today’s fast-paced world has given birth to new industries with the click of a button. Digital payment industries are a practical life example of this. Developing these skills at their initial days of learning allows them to exercise their creativity and imagination which otherwise would die if not applied anywhere.
The education system in India–Challenges and Solutions
When it is the talk of the second largest populated country in the world, the major portion of the educated population of youth is also unemployed. To address this problem one needs to dig deep to the root of the problem that is the education in a proper direction.
This is the time where both Government and private sector organizations need to intervene and create a path for students which involves them learning financial literacy and entrepreneurship skills.
Big socially responsible ventures should work in partnership with NGO’s to provide quality education with consistency.
Slow and steady wins the race, this tough task can be done with patience with the joint collaboration of government, and non-governmental organizations.
I Hope, you get a clear idea of how financial education is important for a person since childhood.
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