Importance of Teaching Financial Literacy in school
DSGS aims to prepare children to face the real world. What if we could use something that excites them to help them get ready for the real world? In particular, what if we could give children a piggy bank and encourage them to save money so that they can buy their favourite toy a few months later. How about we impart the wisdom that “a penny saved is a penny gained”? Children should be taught to distinguish between needs and wants and the concept of limited resources.
At Deccan Springs, we teach kids about the concepts of personal financial management, basics of banking, saving, repaying debt, maintaining an emergency fund, budgeting and investing. The aim is to enable them to make efficient and informed financial decisions. Students should have good vision in dealing with money and must be equipped to pursue their dreams of becoming entrepreneurs and responsible individuals. It is best to introduce children to financial literacy as early as possible. Hence, Deccan Springs Global School has introduced courses on financial literacy to our students.
Financial Literacy Definition :
RBI defines Financial Literacy as a combination of financial awareness, knowledge, skills, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial well-being.
How do we teach financial skills?
Effective financial skills come through experience and knowledge. The students will have a rich classroom experience through case studies, curricular modules suited to their class and experiential learning. Students get opportunities to learn and apply financial principles and concepts like borrowing and lending, interest, time and value, surety and many others.
Finance is for adults to manage!
Many parents completely exclude their children from being part of any financial decisions. They should be taught about the value of money and the importance of learning financial literacy from a young age. Those who are unable to manage their finances risk losing their success over time. The younger generation must be well educated in finance as well as other areas. When society expects them to deal with finances, they shouldn’t feel nervous about it or think of it as unexplored terrain they don’t want to deal with.
Finance is Daily life.
Ever wondered how responsible your kids are with pocket money? We encourage kids to engage in small and ethical spending rather than holding them accountable for every expense. Introducing financial freedom and choice – for instance, to choose between buying a pencil or a lollipop – is always a healthy way of teaching judicious spending. It is a life-lesson a young individual should learn that money is responsibility and each penny matters. Instead of scolding them for bad decisions or bad instances, teach them to choose the right decision on a regular basis.
What Deccan Spring Global School is offering?
Financial literacy classes enable students to manage money. This includes budget tracking, saving, spending, investing, charity and other miscellaneous concepts. A good money habit is a great wealth one can wish for. Handling money is not just about tracking income and expenditure but also about a healthy lifestyle which helps an individual develop a charismatic personality. This will also teach the students to prioritise their expenses, savings and investments. The course also offers financial awareness from basic financial concepts to banking, security, UPI, RBI, SEBI among other instructional material.