The current educational system, across all levels, primarily focuses on equipping learners with skills and competencies aimed at making them employable. The objective is clear: employable individuals secure jobs and contribute financially to themselves and their families. While this emphasis on earning potential is understandable, it often overlooks the equally crucial aspect of financial management. The absence of financial planning stems from a fundamental gap in financial literacy within the education system.
Ideally, all learners, regardless of their chosen field of study, should be equipped with financial literacy to effectively manage their finances. Integrating financial literacy into secondary education and further strengthening it in higher education is essential. Just as languages are mandatory subjects for secondary education examinations, financial literacy should be considered equally important. This doesn’t require complex concepts; basic essentials like savings management, raising capital when needed, insurance for managing future uncertainties, and other core elements of financial planning are crucial. These skills empower individuals to address future monetary needs, both planned and unforeseen.
Sound financial health is as vital as physical health, and often these two aspects are interconnected. The responsibility rests with policymakers overseeing the education curriculum to recognize this need and introduce relevant interventions. This aligns seamlessly with the National Education Policy (NEP), which emphasizes a flexible and learner-centric approach with a focus on continuous learning based on evolving needs. Financial literacy aligns perfectly with this policy, acting as a core learning requirement that enhances a learner’s journey by complementing other skills acquired based on their career aspirations.
This proposal deserves serious consideration and deliberation to ensure effective planning and implementation of appropriate curriculum interventions. It’s no longer a luxury but a necessity for achieving robust economic growth, as financially sound citizens will drive consumption-based economic expansion. While the benefits of introducing financial literacy in the education curriculum on citizens’ financial health might take years to materialize, like all positive future outcomes, the seeds must be sown now.
