Financial literacy - an urge to make !!

 

An overwhelming majority of the parents, 96 per cent, felt that their children don't know much about money management tools and need a financial education from trusted sources. 

Many companies recorded the surveys to see the condition of financial literacy among youth.

However, the survey also highlights the increasing inclination of youth towards learning digital-age financial solutions. It found that almost 93 per cent of teenagers are interested to learn digital payments, and just a meagre 22 per cent of them are confident in using the same.

Taking a step ahead, almost 70 per cent of teen respondents highlighted that they want to learn more about crypto assets like non-fungible tokens and blockchain technology.

The money management aspect of everyone's life is crucial as it manages finance, the most vital factor to sustain life intelligently. Managing own finances gives a better perspective of spending money- where is it going and how it's being spent? It leads to saving in budget and increases personal savings, effective for the long term.

It's also an important tool to reach financial goals as it teaches the person to control the money. The people who keep track of their expenses and review the same periodically reach their financial goals sooner than people who don't follow money management rules. When it comes to youth, they have more opportunities to invest the money as it grows with time.

Many teenagers don't keep track of their expenses and remain unaware of the losses they make in the long term. For example, teenagers who use net banking or other similar platforms keep better track of their expenses than others who execute expenses offline without tracking. The tracking mechanism helps reach financial goals sooner as it is effective for saving balances.