Schools, Colleges must make students financially aware: BJP MP Tejasvi Surya

Schools and colleges must teach students the basic concepts and money management skills like investment, savings, retirement planning, mutual funds, cost of money and rate of return, Surya added.

Urging the government to make students more financially aware, BJP MP Tejasvi Surya urged the Centre to consider making financial literacy a part of the school and college education system. Highlighting that a large chunk of youth in India is not equipped with "money management skills", Surya raised the issue during Zero Hour in Lok Sabha.

He said the schools and colleges must teach students the basic concepts and money management skills like investment, savings, retirement planning, mutual funds, cost of money and rate of return.

The money management skills will help them plan their "financial life" properly when they enter the job market, he said. Most importantly, it will prevent a lot of people from falling prey to fraudulent get-rich-soon schemes, dubious cooperative banks and such debt traps, he added. "A large number of young Indians are entering the job market for the first time. They are also entering the middle class for the first time," Surya said.

However, a large number of young Indians are not equipped with important money management skills as financial literacy is not part of the country's formal school education system, he added. "The Ministry of Education must consider introducing financial literacy as a part of the formal school and college education system so that young Indians who are entering the job market for the very first time are equipped with very important life skills and they can navigate their financial life in a more effective manner," the BJP MP demanded.

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