Why is Money Management Skills important for kids and college students?

College/School Education is the most important investment everyone do in their lifetime. By managing your money how to spent on school/college education & how to spend on other stuff will keep students less worry about debt while choosing a career option at graduation level. School or college expenses include everything like tuition fee, books, transportation, Hobby classes, uniform, coaching, school trips & functions, etc. The cost of Education in India is increasing at a fast pace. Although Scholarship programmes reduce the burden to pay for schools but scholarships comes in different slots & usually have very strict criteria also remain unpaid several times.

According to research, children by age 12, develop economic understanding & can take all money related decisions. Now its prime responsibility of Parents to develop smart money management skills within children when they are teenagers. Teaching kids about money management will have a huge impact on their career & social status. Financial literacy directly impacts on student ability to take important financial decisions. About 90% of kids are not taught how to save money & many times end up by splurging money on junk foods, toys, stickers, fancy stationery, etc.

Schools are the ideal place to foster money management skills in kids. Embedding financial literacy programmes in the curriculum will help them to make financial decisions. For getting job one practically need at least a college degree & In India due to financial problems and expenses students drop out their school to fulfill their financial needs. To avoid these problems schools needs to mandate Financial Literacy Education to all students in schools & colleges.

Indian Gov has launched some Schemes for adult students.

Earn while learn- All India Council for Technical Education (AICTE) and a non-gov entity AITMC has introduced ‘Earn while learn’ a mobile application & hopes to create 1.5 million jobs By 2018. This mobile-based application supports the Skill India mission & provides opportunities for students to work part-time while learning. This will develop Entrepreneurship & management skills at an early stage within the students. Also, develop good habits, increase emotional intelligence & makes them mentally strong as well as will reduce the financial burden of parents to some extent. Moreover, due to previous working experience, they can move to managerial positions immediately after graduation or post graduation. With respect to this recently, Maharashtra Chief Minister Devendra Fadnavis has asked agriculture universities in the state to offer “earn while you learn” stipend scheme for agriculture students to carry out fieldwork.

Dhan-Gyan- Dhan-Gyan Is an initiative of National Center for Financial Education (NCFE) & targets school students of Class VIII to X to develop financial management skills such as Money, Savings, Banking, Budgeting, Insurance, Investment, Retirement planning, etc.. NCFE’s National Financial Literacy Assessment Test (NCFE-NFLAT) is conducted online across the country, in English and Hindi. This course is totally free & open for every age group persons who want to become financial literate.

As per the global survey, 76% of the adult population in India does not understand simple financial concepts. Financial illiteracy puts a lot of burden on the economy. So, we can achieve the desired results by giving financial education to the children who are the future citizen.

Mohar technologies playing a pivotal role in developing technology-enabled platforms in the field of Education and Career Guidance.