The Reserve Bank of India (RBI) has released the National Strategy for Financial Education 2020-25 for promoting financial education. The central has suggested involving financial literacy concepts among the various sections of the population such as school and college-going students, through financial education to make it an important life skill.
The strategy will be focusing on several areas such as imparting knowledge about rights, duties and avenues for grievance redressal, improve research and evaluation methods to assess progress in financial education among others.
It also plans at standardising the content for financial literacy for school children (including curriculum and co-scholastic), teachers, young adults, women, new entrants at the workplace, entrepreneurs (MSMEs), senior citizens, persons with disabilities, illiterate people, etc.
“With efforts underway for integrating financial education modules in the school curriculum across the country, it is also essential to complement the course curriculum through co-scholastic approaches wherein the children are encouraged to learn financial literacy concepts through relevant activities which have the ability to result in better engagement and superior retention. All financial education initiatives targeting students should include practical aspects through iterations to ensure retention of the various concepts,” it states.
“Integrate financial education content in school curriculum, various professional and vocational courses will be run undertaken by Ministry of Skill Development and Entrepreneurship (MSD&E) through their sector skilling missions and the likes of B.Ed./M.Ed. programmes,” states the strategy.