Role of Financial Education for Future Technocrats

Abstract

Financial education can be defined as “the process by which financial consumers/investors improve their understanding of financial products and concepts, develop the skills and confidence to become aware of financial risks and opportunities, make informed choices, and take other effective actions to improve their financial well-being and protection”. Financial stability is achieved through the application of sensible financial principles and responsible behaviour, which itself can be inculcated through financial education at school and college levels. However, it has been observed that students seeking technical education are not given adequate financial education and knowledge as it should have been to enable them make informed decisions. An attempt has been made in this paper to gather information and evaluate the effectiveness of the subjects pertaining to Finance and Economics being offered to Engineering students in various institutions, and to also seek from students what additional financial education they feel is missing from their curriculum. Furthermore, various measures are suggested to improve financial awareness and to help the students gain a more in-depth knowledge about financial management principles and concepts related to personal finance for a holistic development of future technocrat