Zerodha Founder Nithin Kamath on Friday thanked BJP Yuva Morcha National Chairman Tejasvi Surya for raising the issue of the importance of basic financial education for parliament students.
According to Kamath, basic knowledge about investing, saving, insurance, retirement planning, etc. during school time become useful throughout life. He cited an example of a methanol formula that the co-founder of Zerodha still remembers.
“I still remember the formula for the area of a circle or that CH3OH is school methanol. Likewise, if we taught the basics of finance in school, like why to start investing early, inflation, insurance, retirement planning, etc. These lessons will be useful throughout life,” Kamath wrote on LinkedIn.
The CEO and Founder of Zerodha has also helped India’s Ministry of Education to raise awareness about basic financial education in schools.
“Thank you, Tejasvi Surya, for raising this issue in parliament. We have experience running @Zerodhavarsity, one of the largest free educational platforms on financial education. We (Karthik Rangappa) would love to help @EduMinOfIndia in any way to make this happen,” he captioned Tejasvi Surya’s video in which the BJP leader talked about the financial basics.
In the video, Tejasvi Surya was heard saying that a large number of young Indians are still not equipped with important money management skills because the country does not have financial literacy as part of the school system or formal education.
“Many Indians are entering the workforce, the middle class for the first time. But they still don’t know the importance of money management skills. Basic concepts like mutual funds, investments, savings, retirement planning, etc. must be taught to our young people from school or college level, so that when they enter the workforce, they can plan for a better retirement,” Surya said in parliament.
He also added that money management skills can prevent people from falling prey to fraudulent get-rich-soon schemes, debt traps, and more.
The BJP leader further urged the Ministry of Education to seriously consider introducing financial literacy as part of the formal school or college education system, so that young people entering the job market for the very first times are equipped with a very important life skill, and they can navigate their financial lives more effectively.
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