I have been a great believer in compulsory (non-graded) courses in finance for high school students starting from Class VII and above in India. Financial literacy for students is an important tool to improve the financial capability of our youth and communities. Grasping even the most basic lessons gets students considering available options before making important monetary decisions; in turn, this careful consideration may help them avoid personal debt and improve their chances of achieving financial security.
In India, there is hardly any school where financial literacy is taught even as an optional course. Many educationists still believe that teaching about money in school might be detrimental to the overall value system of the students. And still many believe that any course on finance could be complicated for any school going student to understand. Both these beliefs are totally incorrect. Teaching about money and financial planning to Generation Z is as important today than ever, as more and more young educated people enter the white collar jobs with five-six digit salaries. Unless they are taught to handle money and plan their future, most of them could land up in financial trouble in the later part of their lives. As for the second class of believers, teaching about finance could definitely be done in a very enjoyable fashion. Financial literacy for students should involve practical activities that introduce youth to the real world.
In short, financial literacy for students is vital to help ensure the financial well being of the students and the communities we live in as it goes a long way to future-proofing their future. It's time that our education policy includes 'financial literacy' as an important aspect while designing school curriculum
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