The National Strategy for Financial Education 2020-25 is launched by Reserve Bank of India (RBI). This is a strategic plan for the 5 years to come. The RBI has proposed promoting financial literacy principles among the different sections of the population, including school and college-going students, to make it a valuable life skill via financial education.
The National Strategy for Financial Education plan will concentrate on many areas including, among others, sharing knowledge about rights, duties and avenues for grievance redress, developing research and evaluation methods for measuring progress in financial education. This also aims at standardizing financial literacy content for school children (including curriculum and co-scholastic), students, young adults, women, workforce new entrants, entrepreneurs (MSMEs), senior citizens, people with disabilities, illiterates, 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.
Apart from creating content, the National Strategy for Financial Education would also empower those imparting financial education. Develop the capacity of various intermediaries who can be involved in providing financial literacy, and develop a ‘Code of Conduct’ for financial education providers, is among the main agendas. It also talks about the preparation of an information dashboard for the general public.
The National Strategy for Financial Education also aims at integrating financial education dissemination as part of various on-going programmes. Streamline efforts of other stakeholders for financial literacy including financial awareness, knowledge, skills, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial well-being.
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