BMC, BSE unveil financial literacy program for municipal school students

A syllabus has been formulated to increase financial literacy and students will be taught personal finance topics

Mumbai: Brihanmumbai Municipal Corporation (BMC) on Monday launched ‘Financial Literacy Mission’ which aims to educate children of classes 8 and 9 in municipal schools across Mumbai. A memorandum of understanding (MoU) was signed between the BMC’s education department and the Bombay Stock Exchange (BSE) for the same.

A booklet on financial literacy was also published at the hands of the chief guest -- Mumbai suburbs guardian minister Aaditya Thackeray. (Bhushan Koyande/HT Photo)

A syllabus has been formulated to increase financial literacy and students will be taught personal finance topics like making money, optimal management of money by saving, investing and understanding ways of maximising returns on investment.

Children will also be taught to understand capital markets to dispel myths surrounding such investments -- like it is a gamble -- that prevent people from making smart investments.

A booklet on financial literacy was also published at the hands of the chief guest -- Mumbai suburbs guardian minister Aaditya Thackeray.

Speaking about various initiatives started in Mumbai public schools, the latest being astronomy labs, alongside science labs and computer labs, Thackeray said, “The very important aspects such as employment, entrepreneurship, fiscal empowerment of youth, and methods of saving money, and methods of maximising returns on investments will also be taught though the financial literacy mission. The importance of financial education or knowledge is at par with education.”

Taking to Twitter, Thackeray said, “A new beginning for India’s younger generation and a personal dream come true. The @mybmc and @BSEIndia have come together, designed a Financial Literacy course and starting off for students of 8th & 9th standard from June 2022.”

“For every young Indian, especially in schools, financial literacy will help us secure a better future for our nation and every citizen, alike. We are proud that 2 great institutions, situated in our Mumbai, @mybmc and @BSEIndia are collaborating together on Nation Building,” he added.

Abhishek Kumar Chauhan, managing director of BSE said, “It is essential we teach our kids important aspects of life, such as methods of making money, saving money, investing money, maximising returns on investment, and effective use of the money earned. The importance of savings needs to be taught as well. There is misinformation in this digital age regarding personal finance, and tools to identify and navigate through this information need to be imparted to children.”

Speaking at the launch, Thackeray said efforts will be made to attract tourists to the Bombay Stock Exchange, albeit keeping in mind security checks and procedures.

Thackeray also announced that the program will be implemented in other schools across the state, and efforts will be made to bring financial literacy and stability among farmers in the state as well, as an expansion of the program.