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Does your child know the basics of savings and investment?
Published On , 18 Nov 2018 By ET Wealth
Starting to know about money and finance early in life could make life easier for youngsters
In India, there has been a longstanding need for educating children about managing money which include basic banking, savings, investment and some basics of finance. Although financial sector regulators have taken proactive steps towards the same, given the size of the population that needs to be educated on these areas, it's still a long way to go.
According to National Centre for Financial Education, every child needs to be educated about some basic aspects relating to money, savings and finance. These are:
The difference between needs and wants in one's everyday life
They should have some idea about budgeting, mainly the concepts of income and expenses
They should be introduced to basic banking services like savings account, current account, fixed deposits, recurring deposits etc.
They should know about loans of various types and how and where to access those loans
They should have some idea about investment products like stocks and mutual funds
They should have basic idea about various types of insurance policies
They should know about various pension products and their utility
They should also know about the working of various financial sector regulators
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