Students of Vivekananda High School at Chandrasekharpur in Bhubaneswar. Picture by Ashwinee Pati
Bhubaneswar, Oct. 6: The school and mass education department has decided to include financial literacy in school curriculum from the next academic session for students of classes VI to VIII.
According to sources, chapters on the country's financial system are likely to be added in textbooks.
Financial literacy is part of a course designed by the Reserve Bank of India to improve financial literacy among students.
The state government has decided to add the course to its curriculum after a workshop by the director of teacher education and state council of educational research and training.
'We held a workshop where experts from the the RBI's regional centre were present. They provided their inputs on the financial literary course. We have considered the suggestion and will introduce the same for students from the next academic session,' said a school and mass education department official. Class-VI students will study details of barter system to the evolution of money and requirement of budget and bills in the country, while Class-VII students will study trade benefits.
Class-VIII students will study the introduction to banking, types of bank accounts and ways to open an account. 'Financial literacy develops confidence, knowledge and skills to manage financial products and services, allowing control of our present and future. It helps in making wise decisions,' said Amresh Mishra, a lecturer of economics at a private college.
He said finance was one of the typical subjects, which confused many but one that was unavoidable.
'Money and financial transactions are a necessity. Currently, the country is going through changes in the financial system and this should be taught to students at a basic age,' he said, welcoming the move.
Parents also welcomed the decision.Another parent, Sanjiv Sarangi, said the country was witnessing major changes in the financial system with demonetisation.
'It is necessary for our children to learn the basics of the country's financial system. I hope the new subject will help them,' he said.
