“Financial literacy should be a mandatory subject in schools”

The debate over mandatory financial literacy education has gained momentum worldwide, especially as young adults struggle with debt, poor investment choices, and financial planning. In India, where traditional education often emphasizes academic subjects over practical life skills, this discussion becomes even more relevant. Proponents argue that financial literacy is as essential as mathematics or science in today's economy. They point to rising credit card debt among young Indians, the prevalence of financial scams, and poor retirement planning as evidence that schools must teach budgeting, investing, and understanding compound interest. Countries like Australia and several US states have already made financial education mandatory, showing promising results in improving financial decision-making among graduates. However, critics worry about overburdening an already packed curriculum. They argue that schools struggle to effectively teach core subjects, so adding another mandatory subject might dilute educational quality. Some believe financial literacy is best learned through real-world experience or family guidance, not classroom theory. There's also concern about who would teach these classes and whether teachers would have adequate expertise. The stakes are particularly high in India, where financial inclusion initiatives like digital payments and mutual fund investments are rapidly expanding. Young Indians are making financial decisions earlier than previous generations, often without proper guidance. While some private schools have begun incorporating financial literacy, the question remains whether government schools can effectively implement such programs given resource constraints and varying teacher capabilities.