The ICSE council has conveyed to heads of schools the need for financial education among children and asked them to ensure the integration of financial literacy in the curriculum for classes VI to X.
The Council for the Indian School Certificate Examinations (CISCE) on Wednesday shared a handbook that can be used by teachers to ensure that children understand core financial concepts and put them into practice.
“The handbook aims to develop a broad understanding on financial literacy and its importance among all stakeholders, as well as to provide a basket of interesting and effective ideas that may be used by teachers to ensure that children not only understand core financial concepts but are also able to put them into practice,” says the circular.
The heads of schools have been “requested to inform all concerned teachers regarding the CISCE handbook on financial literacy and ensure that relevant components of financial literacy are integrated into the curriculum for Classes VI to X”.
The 66-page handbook presents financial concepts class-wise (VI to X), which may be integrated into different subjects like languages, history, geography, maths, commerce and economics.
For example, in Class VI it talks about concepts like the evolution of money and the importance of a bill. In Class VII, concepts of borrowing, loan and banking terms may be introduced. It also talks about Internet banking and National Electonic Funds Transfer (NEFT). In Class X, it talks about recession and the difference between banking and insurance.
The document suggests that teachers use real-life contexts and involve parents by communicating with them.
Methods like field visits, role-play, talks by experts, games, quizzes, case studies and surveys have been recommended.
“Financial literacy involves basic financial management principles and applying them in our dayto-day lives,” the document says.
Having an understanding of the basics of money management, savings and investment can equip children with the skills required to make responsible choices.
Many teachers welcomed the move. “Even when we adults go to a bank, we don’t know how to open an account or manage our investments,” a teacher said.
Schools are planning to introduce these topics in the curriculum from the next academic year.
“Finance is a constant in life, be it for an author or a businessman. Financial literacy will bring strong awareness among students,” said Rodney Borneo, principal, St Augustine’s Day School Shyamnagar.