How important is Financial Awareness for kids?

Over decades I have been asked about personal finances, and I was never amazed by the inadequate knowledge they have about this subject.

People who have worked successfully on their professional front hardly knew anything about how investments, insurance, and even banks work. One typical pattern is of successful people earning crores of rupees in their careers and investing earned income in real estate. As, they near the end of their working life, some of them are realizing that if at all there ever was any logic in this kind of financial management, it certainly isn’t there now.

Does anyone have an idea how the world of finances works? The very fact is the personal finance is not a subject where it is taught in schools or colleges. But sure people can turn to the media, as this generation people do.

Typically young generations get to know about finances only in the ways they deal with it like drawing cash from the ATMs swiping the cards at the malls and how they spend it that’s all. Of course, things like this should be ideally taught by parents. But this point chokes as the parents, first of all, doesn’t have any idea about it.

So, therefore, there can be one solution to this problem, which is the universal inclusion of personal finances as a topic in formal education. Money related education should start from secondary level and should continue throughout schooling and college. In theory, the education that students get prepares them for working professionally and then earning money. All we know from this is that teaching kids in school about money is mandatory at least a small amount of it.