How much does money management matter for children nowadays?

A recent survey shows that about 96% Indian parents say that their kids do not have proper knowledge about money management and lack proper financial education. A survey was conducted on about 600 teen students and their parents. Out of the 600 surveyed parents about 96% parents expressed their concerns over their children not having proper knowledge of money management and stressed on the importance of a more organised financial advice ecosystem. Proper financial literacy for students is hence a need of the hour and hence a properly organised financial advice mechanism is often stressed over. 

Proper financial education would make students financially independent and would allow them to tackle and cope up with any possible financial crises they face. Financial independence is not about earning a lot of money and becoming rich, becoming financially independent is all about learning how to use money judiciously and be less dependent on others for your own expenses.

Importance of proper knowledge in money management for students

Children have a tendency to spend more than what is actually needed, hence, it becomes vital to teach them the value of money and impart into them the knowledge related to proper money management skills. Giving financial education to children at a young age would help them cope up with financial complexities they would face in latter days of their life. With proper financial knowledge they would become financially active and it would help them become financially independent in life.

Giving children a proper financial education would help parents make their children ready to bear responsibility and act wisely at an advent of financial trouble. 

The path towards becoming financially independent

The path to becoming financially independent involves learning the proper utilisation of money management tools, planned savings and profitable investments among all. From a certain age students need to be educated about money management. Schools should undertake the responsibility to arrange such workshops or include a financial literacy curriculum alongside mainstream education. This would help students be educated and efficient about money management which would come handy in their later days. 

Apart from systematic money management knowledge students should also be taught about the various employment options available such that they can always have clarity in life. There are many ways of online earning money for students which they must be aware of. Most of the students have absolutely no idea about the availability of a wide scope in online earnings. 

The importance of an organised advisory platform is always stressed over and it is for this reason that Upsurge has taken cognizance of the matter and have put forth a platform where students can be given proper financial education through interactive educational content and gamified real life responsibility management. They intend to build a financially capable generation by encouraging the students to enrol in their programs involving financial literacy and entrepreneurship skills. Choose whatever platform you see fit for your child just make sure that you do educate your children about money management and make them future ready.

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