Dr. Nidhi Duggal, Principal – Orchids The International School, South City 1, Gurugram

Dr. Nidhi Duggal acclaimed her career as a school principal for 24 years now, including 13 years working as a director of 13 colleges and 3 schools. She also has a proven track record of ensuring student achievement through research-based strategies. Along with her fantabulous journey of experiences, she also works with the Bharat Vikas Parishad and an NGO called Pankh, where she is liable for the assistance of 33 children. Dr. Duggal authored two Hindi books: Upvan for musket publishing and Kanak for Hindi Vikas Sansthan.


Schools teach kids the principles of mathematics but very rarely how to implement those learnings for financial planning. Kids may be good with numbers by the time they graduate, but financial planning has many more concepts such as managing debt, profitable or emergency savings, the time value of money, and efficient budgeting. From counting coins in kindergarten to managing the finances of their own business in the future, the price of money needs to be explained to the young minds being nurtured at present.

Financial literacy was introduced as a subject by CBSE in 2015 to teach financial education to the students of Classes 9th and 10th. Through this addition to the curriculum, the students are supposed to learn how to open a bank account, how to obtain and use a debit card, the basics of internet banking, and learn about several other financial services. Students get to understand financial management concepts such as money-saving, setting up a business, and making life goals. However, things have progressed for the better.

The financial literacy subject matter beholds so much significance that the Reserve Bank of India (RBI) has devised a curriculum advised to be implemented by all states. This financial literacy program is in the process to be enforced especially from the 6 to 10 class syllabus. This leads us to question what better time to teach the students about how to differentiate between their needs and wants than their childhood itself.

What is financial literacy?

Financial literacy is not only about knowing basic financial terms but also about having the skills required to develop financial acumen. All we have to do is build a strong foundation by giving them a perspective and building habits.

Financial education often focuses on teaching people of all ages how to manage their personal finance, the true value of money, create and stick to a budget, and invest their money wisely.

As the generations progress, children become fast learners, get sharp, become tech-savvy, and are observant. They pick up habits even faster than we can imagine. They develop a sense of needs, wants, and lifestyle at a young age. What they forget is saving and investing money are vital for a secure and happy future.

Using practical activities children can understand the basics of finance during their school days. Financial literacy for kids would go a long way in helping them throughout their lives.

The accord of its relevance

Teaching financial literacy to kids is the best way to improve the financial capacity of the young people of the present generation. It will help them become self-sufficient individuals who can achieve financial stability. Moreover, the financially literate lot of today will contribute to society’s financial growth tomorrow because they will nurture an entrepreneurial spirit that will translate into business owners which in turn will sustain the economy.

Although kids have access to unlimited resources online to learn about investment options, budgeting, and tax planning, they need the proper guidance to understand how they should value money and use it efficiently.

What you learn during the maiden years is what you carry lifelong. This is why making children financially literate will teach them about the concept of accountability from the very beginning. This stance not only helps the students to become more proactive but also analytical in their decision-making processes.

Moreover, teaching students early on about handling their money will provide them with a safe space to make mistakes and learn from them before they venture into the real environment, curbing the potency of a future full of financial blunders.

The financial know-how-to

Using financial literacy as a means to impart vital life lessons to children will foray opportunities for their guardians to make them realize the importance of supporting local communities and always find ways to contribute to the welfare of marginalized communities.

A splendid example of encouraging financial literacy could be through “experiential learning”. Through this technique, the kids can be inspired to indulge in role-play activities wherein they would act as a customer and practice with family members how to quickly configure the remainder of their expenses while “shopping”.

This blended learning concept also helps the students to come across with various types of earning pathways, intriguing them to explore an array of streams they may be interested in. Alongside this, the learning outcomes will get the students well-versed with the tax system, further aiding them to grow up to become responsible citizens.

Thus, financial education can make a world of a difference by empowering young people to build financial stability and contribute to society’s economic growth. Needless to say that investment in this empowering knowledge during the initial years makes the child prepared for maintaining sound financial well-being throughout their lives.

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