Despite the growing importance of financial literacy, educational institutions rarely cover critical life skills like saving, budgeting, or understanding investments. As a result, children grow up unaware of basic financial concepts, which impacts their confidence in handling money as adults
73%
Indians are considered to be financially illiterate​
83%
Parents believe that personal finance needs to be taught in school
74%
Teenagers feel unprepared to handle their finances as adults
400%
Increase in Digital Payment Fraud in the last couple of years
32%
Adults feel constantly stressed about money
24%
Increase in Credit Card Outstanding Dues because of poor financial planning
Source : Reserve Bank of India & National Center for Financial Education
India needs strategic programs at the foundational level in order to catch up with the advanced countries
In Norway, programs like PERL (Promoting Economic and Financial Literacy) provide resources for educators to teach financial concepts
Indian Government initiatives like National Financial Literacy Assessment Test (NFLAT) and Money Smart School Program (MSSP) have not reached their intended goals
"Risk Comprehension" is the lowest area of expertise among the financial literate. This can pose serious challenges in managing financial volatility
×´If we teach children how to manage money today, we give them the tools to create a secure and prosperous tomorrow×´
- Charith Appachu