Financial literacy often remains neglected within Indian educational curricula despite its pivotal role in making informed financial decisions that greatly impact one's financial well-being.
Traditionally, the focus of the Indian education system has been on academic subjects like Math, Science and Language Arts. However, the growing realisation of the importance of financial literacy is shifting this perspective. Highlighting this, the National Education Policy (NEP) of 2020 advocates for the incorporation of financial literacy at all educational levels.
Several reasons underscore the importance of integrating financial literacy into the Indian education system.
Firstly, as a developing nation, India hosts a substantial population lacking financial literacy, leading to adverse consequences such as debt, poverty and financial exclusion. Secondly, the nation's economy is increasingly intricate, demanding individuals to grasp financial management skills. Thirdly, enhanced financial literacy empowers individuals to make prudent financial choices, subsequently contributing to improved financial well-being.
Multiple strategies can be employed to embed financial literacy into the Indian education system. One approach involves introducing dedicated financial literacy courses spanning from primary school to university levels. Alternatively, financial literacy could be seamlessly woven into existing subjects like Math, Science, and Language Arts. This integration would enable students to comprehend the relevance of financial literacy in their daily lives.
Incorporating financial literacy into the Indian education system marks a positive stride towards enhancing the financial prosperity of countless citizens. However, several challenges necessitate attention. These encompass the scarcity of trained educators and the limited availability of resources.
Despite these challenges, the pursuit of incorporating financial literacy within the Indian education system stands as a commendable endeavour. It signifies an investment in India's future and the well-being of its citizens.
