CEFLED

When we say youth is the need of the nation, somehow we have this hope that the youth will bring changes in various aspects of the country specially the economy and employment. Now, how’s this possible for the youth to make such a drastic change for the benefit of the country. This could be done by adopting a dynamic culture of entrepreneurship among youth which will promote entrepreneurial behavior, creation of jobs and thus reducing unemployment, poverty and inequality.

Youth entrepreneurship can help providing young people with a sustainable livelihood which will build lifelong skills and contributing to the socio-economic growth of their communities. Entrepreneurship can be challenging, but it is incredibly rewarding journey in many ways. Entrepreneurs gain the confidence to tackle real life problems and follow their dreams. Entrepreneurs learn and master everything from time management to delegation to perseverance to critical analysis and so much more. Today’s youth have so much of hidden potential they don’t even know they possess and they can never discover it if they stay in their comfort zones and buy into mediocrity.

The youth should look for opportunities and become the creators of their future work rather than build someone else’s dream that had the courage to take that step of starting their own business. Successful entrepreneurs are likely to be optimistic, goal oriented and persistent. Entrepreneurs should have the ability to learn from their experiences and positively respond to those challenges and obstacles. Maintaining a positive attitude builds their business and will help them convince customers, partners and investors to jump on board.

Youth have to be empowered with the necessary skills and motivation to spark innovation and economic growth. The youth entrepreneur needs to master a set of different skills including finance, business plans, tax administration, and specially marketing. More effort is needed to create a business minded generation among the youth of today. For the socio-economic development of a country we must encourage an entrepreneurial behavior among the younger generation.

Building a strong foundation of good financial habit in young ones, enables us to sow reap in the future. It is like sowing the seeds of skills for lifelong. Parents should play as the role of money mentor also. If parents sow the seeds of financial knowledge into the life of their children at an early stage, they can be independent and self-sufficient by making informed decisions and choices, use good judgement and realistically look at consumption, investing in acquiring knowledge to be financially secure. So, if you want your kids live a life free from anxieties of debt and living within their means, then your kids must be financially literate.

Until financial education making the regular curriculum in school education, all the responsibilities lie with the parents to teach their kids about the money management matter, so if parents are not well known to this subject, they need to understand and learn first by themselves as they there is no age of learning.

Money is a part of everyday life. As parents everyday we need to start at least some conversations about money, not give them lectures but on situations that arise in our daily lives. This will teach them how to think about money and take responsible decisions when it comes to money. Parents need to set some good examples for their kids by being financially responsible by themselves. Children observe adults and follow their steps. So, parents should idolize their financial behavior in such a way that it can be helpful to their children in the near future.

As Financial Literacy includes gathering and understanding the knowledge of basic financial matters which impacts us directly, so a financial literate person can develop the required skill and capability of taking financial decisions by his own and ultimately financial literacy leads to financial well-being and financial freedom.

In the present era, we are witnessing social and economic evolution, and in this period every aspect including monetary matters are also changing dynamically. To move along with time, we too need to change or update our knowledge about monetary aspects and should be financial literate.

Only regular and formal financial education can bring financial literacy. In our country neither financial education curriculum prepared for school level education nor financial literacy programs are running extensively for public.

Without Financial Literacy how a country think of a successful financial inclusion. Financial inclusion is important for social and economic development of our country. Financial Literacy should be like mass movement and every citizen should participate for our country’s development. Only Financial Literacy can bring economic growth and make our country world’s most growing economy.

Time has changed now, both men and women are progressing in their career with equal opportunity. For leading successful and prosperous lives, women should invest more for creating their own corpus. It is evident that women aren’t investing their money proportionately. Healthy savings is backbone for future happiness. If you save for future, you feel more secure but still many women prefer to keep their money in cash and some say they’ll invest only when they’ll earn more because they are not enough financial literate to take decision. These are the reasons why women are lagging behind in investing.

In this 21st Century most of the women are educated, they plan their careers but when it comes to investing , women don’t put that much care and effort. Generally, it is seen that there is a gender pay gap in India and apart from that women are less organized than men in terms of investing and other retirement measures. In addition to the gender pay gap women are more likely to leave the workforce to provide unpaid care work for children and other family members.

Now, if women can work out on few general basics of investing, they can prosper with their objective of investing for retirement. These are:

1. Start early with investing small and consistent for long term.
2. Gradually increase the proportion of investment.
3. Plan retirement in advance.
4. Identify needs and wants and then only invest in physical assets.

Finance is a term broadly described as the management of money which includes activities like investing, borrowing, lending, budgeting, saving and forecasting. Furthermore, Financial Literacy is the knowledge of finance and skills to use this knowledge in decision making regarding savings and investments. Financial Literacy is the basic of finance, which everyone must possess because without financial literacy it is not possible to attain the objective of financial inclusion. Financial Literacy programs must be implemented from the school level to every possible level of implementation. Financial Literacy is the key factor for socioeconomic growth of our country. Every person must be taught about savings, investment, return on investment, financial planning, inflation, power of compounding etc. Additionally Government should take initiative to curve the ponzi schemes by providing financial awareness programs.

In the basic level topic like money, debt, interest, deposits, compound interest, capital etc. should be covered. In the advance level, financial management skills, effective financial planning, retirement planning, time value for money, human life value, risk management, investment planning etc. matters should be taught in financial literacy programs. There should be financial literacy programs for women to empower them, to make them independent. Finance should be a common and regular topic of discussion among people, someone should not feel uncomfortable while talking about finance.