The Institute of Chartered Accountants of India ( ICAI ) is introducing a new program to teach school students about managing money. This financial literacy curriculum is for students from Classes 6 to 10 . Its main aim is to equip young learners with essential skills to handle money and understand basic finance.
Currently, this program is being used in CBSE schools . However, ICAI plans to introduce it to other school boards across India soon. The goal is to ensure students nationwide gain valuable financial knowledge.
Why Financial Education is Key
Learning about money management from a young age is very important. This program helps fill the gap where students might not get guidance on how to save, spend, and invest wisely. ICAI believes that early financial education helps students make smarter choices throughout their lives. This includes understanding how to create a budget and avoid financial problems. CA Charanjot Singh Nanda , the President of ICAI , stated, "We want everybody to be financially literate, knowing how to manage money and finances effectively." He emphasized students should become "masters in financial literacy" to confidently handle their financial future.
Program Expansion to More Boards and States
This financial literacy program is not only for CBSE schools. ICAI is working to make it available for other school boards like ICSE , which are in the planning stage. Several state governments have also shown strong interest in adding this program to their education systems, highlighting the growing recognition of financial education's importance across the country.
The states that have shown interest in integrating this program are:
| State | Interest Shown |
| Punjab | Yes |
| Maharashtra | Yes |
| Rajasthan | Yes |
| Assam | Yes |
| Odisha | Yes |
What the Curriculum Will Teach
The curriculum is designed to be student-friendly and easy to understand. It avoids difficult financial terms and explains concepts simply. The lessons will cover basic financial ideas and introductory accounting principles. Students will learn about:
- Setting financial goals.
- Understanding income and expenses, and how to create a simple budget.
- The role of banks and different types of savings.
- How to make informed spending decisions.
This practical knowledge will help students build confidence in managing their money well.
Preparing Students for a Financially Stable Future
Once fully implemented, this initiative is expected to bring major benefits. Students will gain practical money management skills, which are vital for future success. They will be better prepared to make smart financial decisions, whether managing pocket money or planning for college. This early exposure to financial topics will help them understand the value of responsible money habits. It will empower them to build a secure financial life and contribute positively to the economy.
The ICAI 's effort is a big step towards creating a generation of financially aware and responsible citizens in India. This program aims to equip young people with the tools they need for a strong and stable financial future.
