Importance of Financial Education in India.

                           Importance of Financial Education in India.

India has evolved to be a business capital in recent times. The business industry is the largest growing industry in recent time. India has the potential in this sector in the coming future; however, only a few businesses grow despite the potential. Not only about this sector, our youths, adults everybody find it difficult to manage their money. The real question is why it is so?
Half of the population in India is still illiterate, however,  much more are financially uneducated. To understand this let us understand what financial education is all about. Financial literacy is all about managing our expenses with proper planning and investing in sources so that we can get maximum profit with minimum risks. However, it deals with a much wider concept.
The Indian education system may be good, but it lacks in teaching students the importance of money management skills. Even at home, this topic is quite necleted. People think that children should not be discussed with money matters, however, it is totally wrong. The world is changing and so should we. Money management skill is a necessary skill in today's life and must to thought to each of us, not only to the students pursuing this subject. At least at the basic level so that we can take our small decisions effectively.
Children should be taught about the importance of financial independence and money management so that they can be benefitted from it. For example, many people simply invest their salary for their desires despite making a note on other important expenditures. Hence they find themselves in trouble, on the other hand, if a person knows the importance of this, he/she will surely make a list of their necessities and then invest in their desire. This is what we lag, we don't know what and where to invest Also, a big gap could be seen in terms of female and male financial literacy. Females are still seen as homemakers, hence they have highly disregarded these terms. Even parents are seen to be biased, they expect their sons to contribute more than daughters creating a mind that females are born to be financially dependent. However this situation is changing over time, still only few women have their own account and are financially independent, and know-how and where to invest their money. What will give them profit in the future or what companies share they should invest in and more? This gap is not only present in India, but all around the world. Thus, to bridge this gap we need to teach our youth the importance of financial literacy and give them practical knowledge about it. "We need to literate ourselves not only grammatically, but monetarily too."