Introduce Kids to different currencies
and help them to identify, sort and
count money

• • Earning money

Reward work with Money, like getting
good grades, doing chores etc count
money

• • Buying Experience

Help kids to take money to the store and
hand over the money and buy
something

• • Saving money

Get your kid clear jar instead of Piggy
Bank to keep their money. This way they
can see their money grow which helps
reinforces the benefit of saving

• Financial literacy for beginners (aged 9-12 years)
  
  • • Take children to Bank

  

  Show them what a Bank is and how it
  works, Open a Bank account for your
  Kids. Different types of Banks available in India

  Public/ Private Sector banks are

  1. 1. SBI
  1. 1. ICICI (Private) Bank
  1. 1. HDFC (Private) Bank
  • • Goal based Saving

  

  Help them set different goals for which
  they would need money and teach them
  to save accordingly

  • • Importance of Giving

  

  This is the right time to teach kids to
  help those who are less privileged than
  we are

• Financial literacy for beginners (Teenager 13-18 years)

• • Make them manage their Bank Account
    -Get them to manage their Bank account through mobile banking or even visiting the
    branch

• • Introduce them to investing
    -Introduce them to the basics of investing when they turn 18. Open a demat account for them and help them get started or start SIP

    There are some consideration/things to take care before starting a SIP

  • Make the children to understand how to take education loan for their study, importance of taking education loan.

• Financial literacy for beginners  also has a important topic to consider is- who is Financial regulator in India?
  answer is Reserve Bank of India

The Reserve Bank of India(RBI) is the apex monetary authority and central bank of the country. It was established on 1st April 1935. The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937. The basic functions of RBI are the issuance of currency, sustaining monetary stability in India, operating the currency, and maintaining the country’s credit system.  

Other Financial Regulators in the India are –  

1. Securities and Exchange Board of India (SEBI)

2. Insurance Regulatory and Development Authority (IRDAI)

3. Pension Fund Regulatory and Development Authority (PFRDA)

NOTE: RBI has also provided guidelines to educate school children on financial literacy or you can say to increase awareness of Financial education of kids RBI has taken a step towards it. 

Contents of the guideline are:

1. Need v/s wants

2. Introduction to Banking

3. Basics of Investment, Insurance and Pension

4. Education loan

5. Financial Sector Regulator

Detail link of the guideline : https://www.rbi.org.in/FinancialEducation/SchoolChildren.aspx

Conclusion

Summarize the blog’s key takeaways, emphasizing the lifelong benefits of early financial education. Encourage parents, teachers, and policymakers to unite in providing comprehensive financial education for children, ensuring they possess the skills needed to navigate the complexities of personal finance as they progress through life.

By starting financial education at an early age and adapting the approach as children grow, we pave the way for a financially literate generation capable of making informed and responsible financial decisions