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Unfortunately, there is no matching investment in financial education. After all, for a generation that seems obsessed with spending money, it is rather imperative that they learn a thing or two about it as well.
Skill of using money
Our money isn’t valuable in and of itself. Its value is in what we can get with our money. Using money wisely is a skill – and a skill that will usually pay off. Any skill, like being a plumber, a mechanic, a doctor, or an engineer requires learning – what’s important to know, how things work, how to do the work, what can go wrong, and what to do in certain circumstances. That’s the case with money too. There are things to learn about money that can help you to take better control, make better decisions, and have a better chance of achieving your goals.So one needs to develop money skills – take more control over our money – and have a better chance of reaching our financial goals.
Therefore, I personally feel that every youngster needs to get a grip on the following points:
The importance of savings
Understanding why every youngster should save a significant part of his or her income each month, and options available for investing such savings. If money is “invested' in cash, then it is savings. If money is invested in a type of asset which can fluctuate in nominal value, then it is an investment.
The banking system
What are Banks, what do they do, how fund transfers work, the different types of deposits. The Reserve Bank of India has also undertaken steps in this direction by launching ‘Project Financial Literacy’, a banking-focused repository of information available for free.
E-Wallet
The electronic wallet or E-wallet is a type of pre-paid account in which a user can store his/her money for any future online transaction through a computer or a smartphone. In your digital wallet account, you can add money to get special benefits and link your bank account or store your credit/debit card information for a faster transaction. Several companies, especially those in the e-commerce and telecommunication services sector, have come out with digital wallets to help consumers. All you need to do is preload money and you can use it to pay for services or transfer it to other accounts. Some of the popular E-wallets in India are Paytm, freecharge, Bhim, UPI etc.