Money Smart
Outlook Money|December 2020
Teach your child how to manage pocket money and achieve goals. Time to inculcate financial discipline
Jyotika Sood
Money Smart

Pawar family

New Delhi

Ravi and Seema teach their son, Samarth (6), the importance of savings. The child can use the money he gets from grandparents, parents, and relatives to buy toys later

Mumbai-based Vibhor and Vibha Sahni, with two sons Kanadh (7) and Shaurya (1.5), were introduced to financial literacy in the 30s. Vibhor, who works in the IT industry, has made investments in several financial instruments like mutual funds, systematic investment plans and equity. Every alternate month he gives Kanadh a few assignments in shopping with a budget of ₹500 to ₹1,000. While making his sons savvy on spending, he complains how an average household lacks this knowledge when it comes to raising children.

According to a report on Financial Literacy and Inclusion in India 2019 by the National Centre for Financial Education, only 24 per cent rural and 33 per cent urban Indians are financially literate. In gender distribution, females account for only 21 per cent, while males account for 29 per cent in financial literacy.

In a typical Indian household, elders take decisions and children remain aloof of financial literacy—a concept that is fast gaining popularity and is becoming an important part of the education curriculum. Although only a few schools have started imparting it.

India is two generations behind in teaching financial literacy, according to Vishnu Karthik, CEO, Xperiential Learning Systems and Director, The Heritage Schools.

Esta historia es de la edición December 2020 de Outlook Money.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición December 2020 de Outlook Money.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE OUTLOOK MONEYVer todo
Stay Ahead Of AI-Powered Cyber Fraud
Outlook Money

Stay Ahead Of AI-Powered Cyber Fraud

AI has become an integral part of our lives, right from customer service at banks to insurance claims. But it has now become a powerful arsenal for the fraudsters too who are increasingly using AI to scam individuals and corporations alike to commit fraud. The key is to stay vigilant

time-read
7 minutos  |
December 2024
Travelling To Europe? Pack In The Essential Covers
Outlook Money

Travelling To Europe? Pack In The Essential Covers

Smart travellers must know that insurance is a must-have. From essential health coverage to theft protection and trip interruptions, know what you need for a worry-free Europe trip

time-read
6 minutos  |
December 2024
How To Spend Wisely This Year-End
Outlook Money

How To Spend Wisely This Year-End

We all spend during the year-end. But the trick is not to overspend or borrow, either from friends, or your own investment, to fund your indulgence. Maintaining balance is the key

time-read
5 minutos  |
December 2024
Travel Now Pay Later (TNPL)
Outlook Money

Travel Now Pay Later (TNPL)

Travel now, pay later (TNPL) is a close cousin of the more popular buy now, pay later (BNPL) schemes.

time-read
2 minutos  |
December 2024
12 Books Devina Mehra Loved Reading In 2024
Outlook Money

12 Books Devina Mehra Loved Reading In 2024

Listing books of her choice, among the ones she reads during the year, is ace investor Devina Mehra's favourite year-end activity. She says it's a daunting task to pick around 12 books from a list of 50.

time-read
6 minutos  |
December 2024
Here's How To Avail Of Ayushman Bharat Yojana
Outlook Money

Here's How To Avail Of Ayushman Bharat Yojana

Launched in 2018, the Ayushman Bharat Yojana aimed to provide health coverage to targeted benefi ciaries from the Socio-Economic Caste Census (SECC) 2011, based on deprivation and occupational criteria.

time-read
2 minutos  |
December 2024
'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'
Outlook Money

'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'

Professor Sanjay Bakshi, a value investor, behavioural economist and adjunct professor at Flame University, Pune, gives his unique perspective on how to choose a stock, in an interview with Nidhi Sinha, editor, Outlook Money, as part of the Wealth Wizards series. He also shares his learnings from role models Warren Buffett, Charlie Munger, Benjamin Graham and others, and how being a chartered accountant, economist, investor and teacher make him into what he is today. Edited excerpts from the interview

time-read
10 minutos  |
December 2024
The New Trump Card For IT, Pharma
Outlook Money

The New Trump Card For IT, Pharma

Donald Trump has been re-elected as the 47th President of the US after a gap of four years. Here's how it will affect the Indian markets and how it will benefit sectors such as IT, pharma, export-oriented sectors and others

time-read
8 minutos  |
December 2024
European Sojourn
Outlook Money

European Sojourn

Tight on budget? Dump the popular European destinations for the little-known wonders that are equally attractive

time-read
10+ minutos  |
December 2024
Gold ETFs And FoFs
Outlook Money

Gold ETFs And FoFs

While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.

time-read
2 minutos  |
November 2024