Let’s teach our kids financial literacy to prepare them for the future

Life skills are essential for a well-managed future, says an expert. During the pandemic, it became more evident than ever that life skills are essential for the survival of individuals and societies. For children too, academic knowledge needs to be enriched with insightful lessons about how the real world works: how money is made, spent, saved, invested and how industries and institutions work.

Educator Rajesh Bhatia, who runs the TreeHouse chain of schools and virtual play schools, believes the new education model must teach children financial literacy for a well-managed future. He says, “Children have curious minds who want to explore the physical, digital, and conceptual worlds, but we often link them to books and rote learning. a house, running a business or imagining a better future, they open up new perspectives with surprising maturity.

“Money as a concept, he believes, is something that children ignore until they begin to study it as a subject. Rajesh says,“ Young children observe how everything, what whether toys or chocolates, costs money. But they don’t know how the money is made. Even when students study economics or the world of finance, they don’t really learn how to apply this knowledge to real life. Why can this gap between knowledge and application not be bridged? This is why TreeHouse now offers online life skills courses for students aged 11-18 and says Rajesh: “A financial literacy class will teach kids how to save money. , financial transactions, investments, e-commerce entrepreneurship, and much more.

This program will also be open to people over the age of 20 and anyone who wants to know the basics of trading, the stock market, the conundrum of politics, etc. By the time this generation of children grows up, says Rajesh, the financial world will have undergone a radical change. He explains, “The pandemic has forced financial institutions to rapidly digitize their processes.

Money is becoming increasingly digital, and it is imperative that children are prepared to face technology-driven businesses and financial systems when they become adults. Parents are often reluctant to discuss finances and money with their children, but it is good to instill a healthy attitude towards such an intrinsic part of life. This, in turn, could help them plan better for their future when they start earning money. “

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Intangible lessons are also needed, says Rajesh, and he adds, “Yes, we have to teach children to be kind, empathetic and socially responsible. Comprehensive sex education and financial education, in my opinion, are just as important because they teach children about responsibility. and responsibility at a young age and demystify the subjects to which they are exposed but which they know little about. In India, we can reinvent the education wheel instead of seeking advice in the West and empowering our children to be ready for the future, now. “

He hopes TreeHouse, by imparting life skills, will inspire students to think like leaders from an early age, embrace entrepreneurship and not only look for a job on time, but provide it. Rajesh concludes, “The National Center for Financial Education in 2019 conducted a survey and found that only 27% of Indians have financial literacy. This is alarming, given that India has a massive population of young people.

We must therefore start early to train our young people, to empower them and make them financially independent. “TreeHouse has already started virtual livelihood education classes for students in grades 6-9 in banking, law, e-commerce, aviation, and business administration. And is the first player in this virtual professional learning space.

Louis R. Hancock