Institutions teaching financial literacy to prep students for life

Schools in Mumbai are increasingly empowering young adults with tools for financial stability

- Niraj Pandit

MUMBAI: Most students learn maths, science and history—but what about money? From managing pocket money to understanding savings and investments, and learning how government policies influence economies, financial literacy is a life skill that textbooks often skip. Recognising how vital it is in shaping a young adult's future, schools in Mumbai are equipping students with tools to make smart financial choices.

It's what underpinned a recent session at Lilavatibai Podar High School in Khar, where students of Classes 9 and 10 dived into the world of budgeting and financial strategies. Divided into groups, students analysed the financial priorities and government policies that shape household budgets in various countries.

With surprising confidence, students compared India's strong emphasis on savings with Japan's disciplined financial culture, Russia's unpredictable economic conditions, and Australia's high minimum wage alongside its robust social welfare policies.

Why financial literacy?

Financial literacy is being embraced by schools across Mumbai as it was recommended by the New Education Policy 2020 as a means to make education more relatable. Although outside the formal curriculum, the programme has caught on as schools have begun to recognise its relevance.

A big push came during the Covid-19 pandemic, which wrought financial havoc globally, from impacting entire economies to intensifying the need to make smart financial choices as millions were laid off and livelihoods dried up.