Initiative to teach children money management

ST Correspondent
Wednesday, 8 August 2018

NIMka to hold workshops for children between 10-16 years from August 15

Pune: In order to teach children the value of money, and inculcate the habit of money management among individuals at an early age, NIMka, an educational institute, has launched a financial education initiative for children between the age of 10 and 16 years. In the workshop, which will span over two months per batch, the students will be trained in basic financial management that will teach them the value of savings, affordability, etc.

“We learn about money management only when we grow up, but why not start learning about it before we start earning. Financial management is a skill that needs to be developed over time and it would be better if we are taught it at a younger age,” said former Army Officer Prince Paul who has started the initiative.

He further added, “Money management is one of the most important skills required in life, and yet our school curriculum doesn’t include financial education. Also, parents are mostly unable to teach their children, due to which young adults are left to themselves to learn by trial and error method. The idea behind our workshops is to teach children money management skills while they still don’t have to worry about money.” The programme, which will be launched on August 15, will be conducted over a period of two months (twice every week), for each batch.

“The afterschool workshop focuses on understanding the value of money, budgeting, spending smartly, saving techniques, overcoming peer pressure and learning good money habits. Even grownups don’t know much about finance and need to take help from professionals in order to carry out even the simplest financial activity. Only if we teach children money management at a young age, they will be able to handle a lot of money matters on their own,”  Paul said.

NIMka has already run a prototype of the programme for around 500 children at the academy, and the results, Paul said, were extraordinary. He also stated that the coursework has been developed by experts in the field over a period of five years, to make sure that the children understand the content easily.

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