Professor & HOD PGDM
The rapidly evolving economic landscape of India has made one skill to be inevitable and indispensable for the next generation and that is financial literacy. The need for financial literacy, from basic financial knowledge to trendy financial technologies cannot be ignored and should be a priority in education fraternity, as it can have a major impact on the organizational performance as a whole and thereby economic development of India. As the corporate world is embracing innovative technologies, the upcoming generation has to match its skills with the industry. In the world of relationships, friendships, leadership, and personal development, many of these are at the forefront, but one important skill is often overlooked: financial literacy.
As society grows and adapts to changing educational and social environment, incorporating financial literacy into the educational foundation is not only relatively beneficial, but essential.
In any organization globally, the management of finances is of the foremost significance as the financial performance is directly related to it. Corporate deal with debt, fundraising, investments, property management and merger acquisitions and those handling it especially new to managing large amounts of money, understanding the financial implications can be overwhelming. Recognising this fact, JIMS Kalkaji has integrated financial literacy into its educational curriculum ensuring that students have the knowledge to effectively perform these tasks. In the swiftly evolving current financial landscape, understanding financial technology, FinTech has become crucial. Integrating trendy FinTech into educational curricula also, can equip students with essential skills and knowledge required in the current digital environment. FinTech encompasses a wide range of innovations, from digital payments and blockchain to robo-advisors and peer-to-peer lending, reshaping how we manage and interact with money.
JIMS Kalkaji by including FinTech in its curriculum has already moved ahead in shaping students for the future job market, where digital financial services are becoming the norm. It offers practical insights into how technology is revolutionizing traditional financial practices, fostering a deeper understanding of both financial principles and technological advancements.
When the younger generation learn and acquire financial skills early, they are better prepared to manage their own finances and the finances of their peers. It also aids in the development of strong financial management skills. Failure to manage the funds can lead to a host of problems, including funds scarcity, bankruptcy, and even legal issues.
Such risks can be reduced and the resources can be better managed by educating youth on financial planning and financial technologies. Those who understand the importance of financial discipline are more likely to secure themselves financially and contribute to the financial health of the society and their peers. This not only benefits the organization, but also prepares youth for financial success in their careers and future lives.
Incorporating FinTech into Curriculum: A Trendy Necessity
Courses on FinTech can cover topics such as cryptocurrency, financial data analytics, and mobile banking, providing students with hands-on experience through simulations and real-world case studies. This approach not only enhances technical proficiency but also promotes critical thinking about the implications of emerging technologies on global finance.
Incorporating FinTech into education aligns with the growing demand for tech-savvy financial professionals, ensuring students are well-prepared for careers in this dynamic field. As financial technology continues to evolve, integrating it into academic programs is a forward-thinking step towards preparing the next generation of finance experts. JIMS Kalkaji by adopting innovative curriculum is already on its mission of shaping future ready youth.
Financial literacy can be made transparent by ensuring that all stakeholders understand how money is allocated and managed. When the young generation is educated on financial principles and practices, they are more likely to participate in decision making, leading to inclusivity and building trust and cooperation thereby avoiding conflict and contribution in economic development.
Financially literate people are well-informed about financial matters and better at interpreting and comprehending the same and are capable of taking informed decisions, which creates clarity and accountability. Incorporating financial literacy into the curriculum not only benefits youth but also improves the leadership and work ethic of all peers. Managers with financial knowledge can make smarter decisions, set realistic goals, and use strategies to manage financial relationships. Understanding financial systems equips them to frame strategic planning and financial decision making, thus improving the organization’s management and performance.
Gone was the era when financial knowledge was considered irrelevant for the children but now it is a fundamental necessity. Right from the management of personal finance to formulating investment strategies and risk assessment, such skills are not just desirable but have become the need of the hour for students to navigate the modern finance complexities.
Those who learn financial principles early in their lives, will be better equipped to deal with personal financial issues and opportunities as adults for securing their future. They will have the knowledge to manage loans, plan for retirement, and make smart investment decisions. Many jobs require a good understanding of financial concepts, and people with financial knowledge will have a competitive advantage in the marketplace. They will be better at negotiating salaries, managing finances, and making quality business decisions.
Shockingly in a survey conducted by National Centre for Financial Education (NCFE) in 2019, it was found that only 27% of Indian adults possess financial knowledge. As higher educational institutions (HEI) have a major role to play in imparting financial literacy, JIMS Kalkaji has taken an initiative and is continuing to play an important role in improving the lives of young people, incorporating financial literacy into its curriculum which is not only desirable but is essential in the present era.
Conclusion
Financial literacy is an indispensable component of a comprehensive education system now a days. By equipping young generation with essential financial skills,, they can be equipped for personal and professional success. As HEIs continue to play a significant role, JIMS Kalkaji has already taken a lead in shaping the lives of young adults, integrating financial literacy into their basic learning curriculum is not just a recommendation but a necessity for their long-term sustainability and the well-being of their countrymen and the sole responsibility lies with educational institutions, policy makers, and industry leaders to prioritize financial literacy in the modern curriculum.