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Financial literacy is the capacity to apply knowledge and abilities to make wise financial decisions.
By teaching our kids about money at a young age, we can help them develop into successful, financially secure adults.
The capacity to apply information and skills to make wise financial decisions is referred to as financial literacy.
Financial literacy is "a combination of awareness, skill, attitude, and behaviour necessary to make sound financial decisions and ultimately achieve individual financial well-being," according to the Organisation for Economic Co-operation and Development (OECD).
India has over a one-fifth of the world's population with a literacy rate of just under 80%. Yet India has the lowest level of financial literacy.
Only 27% of Indians, according to a 2019 poll by The National Centre for Financial Education, are financially educated.
Families in India think their kids are too young to learn about money.
In today's society, we forbid our kids from diving into the deep end of the pool until they have mastered swimming. We also don't let kids drive until they acquire driving skills. However, we don't impart to children the fundamentals of managing money, so we let them into the complex financial world.
Children will eventually have to start managing their finances on a daily basis. Why not begin right away? Financial decision-making will benefit in the long term if we start teaching children about money matters in school.
There is a saying that "parents are the first teachers of their children."
As parents, we may start by making sure our kids develop the habit of saving money in a piggy bank, creating a budget, and keeping track of their spending in a journal.In addition, you may discuss finances with them and accompany them to the grocery store or the bank.
However, not all parents are confident in their knowledge of financial literacy, and some may not be aware of the most effective ways to teach their kids about different financial ideas.
Letstute Finosophy is aware of the necessity of educating children about the value of money and effective money management.
It is a one-stop shop with programmes teaching financial literacy skills to kids between the ages of 7 and 19 years old.