Road Map

(OECD/INFE, 2012)

Road Map to Financial Wellbeing of
School Students

Financial literacy is defined as a combination of financial awareness, knowledge, skills, attitude, and behaviors necessary to make sound financial decisions and ultimately achieve financial well-being. 

The New Education Policy 2020 (NEP 2020) has proposed the content and process of school education will be reoriented to develop holistic learners. The curriculum load will be reduced to key concepts and essential ideas, thus enabling space for deeper and more experiential learning. School education has been divided into three stages; the Preparatory stage (8 to 11 years), Middle stage (11-14 years), and Secondary stage (14-18 years). Our aim is to achieve the financial well-being of each student at each stage of school education.


financial wellbeing


preparatory stage 

 (8-11 YEARS)

Preparatory stage student’s transition from primary school to senior school brings transformation in their thought process. They start rationalizing things and are inquisitive to explore new things. They start a comparison between the lifestyle of the peer group. This is the time when students should be made aware of why money is an important parameter of the quality of life and why some people have more money than others as well as how one can remain happy with less money. They should also understand why some expenses are more important than others and why each one has to plan its expenses in a different manner. 

middle stage 

(11-14 YEARS)

Middle Stage students start drawing inferences based on the context and are able to correlate words and phrases to objects and actions. They are able to communicate with confidence and start analyzing things.  They easily get influenced by the peer group more than their parents. It is important to make young students realize the basics of money management for their wellbeing and this can only be achieved if their peer group also accepts to plan their expenses and savings. Friends together can bring change in the thought process of many more students in the class. Nudging the culture of saving middle stage students can make them much more responsible towards money management and can make them and their parents happy for the long term.  

secondary stage 

(14-18 YEARS)

Secondary Stage students' transition to young adulthood likes to lead and feel happy to take responsibility. 14 to 18 years of students are confused because of many options and lack of objectivity. They are eager to take decisions but lack the precision to take the right decision at the right point in time. If students at the age of 14 to 18 years are sensitized towards planning their short-term and long-term financial goals they will be able to fulfill their aspirations and dreams with a higher level of competence. 

When they move from middle school to secondary school level, they develop emotional maturity and rationalized behavior in terms of financial independence. They try to develop decision-making abilities and want to make independent decision-making with control in their own hands. It is important that at this point in time they are given correct knowledge of planning their financials so that they are able to relate the basics of money management with their developing rationality. 

This is the time when they need to develop elementary financial planning skills and learn to plan short-term financial goals. Nudging them to Understand the Future Use of Money by planning their Financial Goals in short term, say the next two four years can make them financially independent. This will also develop their rational behavior towards family savings and investments at an early start in their life. This can make them and their parents happy for the long term. 


Let us make India's Youth
Financially Secured

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