Financial Literacy for Children

As the demographic dividend increases multifold, it is necessary to tool children with financial literacy. The 21st-century world has seen rapid growth in literacy. As per the definition provided by Organisation for Economic Co-operation and Development(OECD), financial literacy is a “combination of financial awareness, attitude, skills, knowledge, and behaviour that are necessary to make better financial decisions and achieve individual well-being.”

It is necessary that the curriculum for financial literacy is included in the school itself so that young children are receptive to managing their finances from an early age. It is one of the reasons why countries are told to add financial literacy as a course in today’s time. Especially with the economic and technological evolution that countries are witnessing, it is essential that children have know-how about everything present around them. This helps them for a better understanding of everything as soon as they start financial handling.

Children should be asked by parents to avoid borrowing or to live in a manner they cannot sustain. In this way, with a tight hand and control system inbuilt from a young age, they become better, responsible, and equitable. It is one of the needs of the current time that cannot be neglected.