Mita Mukherjee
The Council for Indian School Certificate Examinations (CISCE) has decided to include a financial education programme for Classes VI to X in ICSE schools to teach students basic financial management principles and their application in day- to-day lives.
The programme also aims to make students financial literate, help them develop an understanding of the basics of money management, importance of savings and investment, develop the skill of how to spend money and making purchasing decisions, budgeting, making optimal use of available resources, to become more aware of financial risks and opportunities and what to do to improve financial well-being from a young age.
In a letter to heads of all CISCE affiliated schools, Gerry Arathoon, chief executive and secretary of the council said the National Centre for Financial Education (NCFE) promoted by the Reserve Bank of India and other organisations under the aegis of Financial Stability and Development Council under the Ministry of Finance of Government of India, has developed the National Strategy for Financial Education (NSFE) 2020. One of the important action points under the NSFE 2020 is to integrate financial education for students of Classes VI to X.
“ With the need to promote a multi-disciplinary learning environment in school, the need for financial education has been recognized to equip individuals with the knowledge and skills to make informed decisions in life…” the council letter to school heads read.
The CISCE has developed a handbook for teachers entitled Financial Literacy Integrating Financial Education in School Curriculum and directed all the schools to ensure that relevant components of financial literacy are integrated into the curriculum for Classes VI to X.
The schools have been directed to refer to the handbook for implanting the programme.
The CISCE, however, has made it clear in the handbook that though it is important to incorporate financial education in school education, “ it is not to be treated as a stand-alone subject. Rather essential financial concepts need to be integrated in the school curriculum (Classes VI to X) in relevant contexts, in an age-appropriate manner.”
“For example, in English and other languages suitable and age-appropriate articles, stories, reports may be selected by the teachers to introduce talk/about selected concepts of Financial Literacy.”
Field visits, role plays, talks by experts, games, puzzles, quizzes, class discussions, case studies, group work, presentations and surveys may be adopted to introduce different financial concepts.
The National Education Policy (NEP) 2020 of the centre focuses not only on academics but also on life skills that are useful in the day-to-day life of students. The centre had been planning to introduce financial education as one such life skill that the NEP talks about is financial literacy.
Several boards have already finalized their decisions on incorporating financial education into their school curriculum.
