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RBI releases national strategy for financial education, aims to inculcate financial literacy from schools

Aimed at the financial well-being of people, the policy aims at standardising the content for financial literacy for school children, teachers, young adults, women, new entrants at the workplace, entrepreneurs (MSMEs), senior citizens, persons with disabilities, illiterate people, etc.

By: Education Desk | New Delhi |
Updated: August 22, 2020 9:55:17 am
National Strategy for Financial Education, RBI, reserve bank of india, rbi nsf, education newsThe strategy is a five year plan from 2020 to 2025. (Image: Pexels/Representational image)

The Reserve Bank of India (RBI) released the National Strategy for Financial Education 2020-25. It is a strategic plan for the coming five years. The RBI has suggested inculcating financial literacy concepts among the various sections of the population including school and college-going students, through financial education to make it an important life skill.

The strategy will focus on several areas including imparting knowledge about rights, duties and avenues for grievance redressal, improve research and evaluation methods to assess progress in financial education among others. It also looks at standardising the content for financial literacy for school children (including curriculum and co-scholastic), teachers, young adults, women, new entrants at the workplace, entrepreneurs (MSMEs), senior citizens, persons with disabilities, illiterate people, 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, it 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.

It also aims at integrating financial education dissemination as part of various on-going programmes. Streamline efforts of other stakeholders for financial literacy inclduing financial awareness, knowledge, skills, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial well-being.

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