This might sound an absurd question to a school-goer, but believe it or not, it is the most pertinent question a true well-wisher would ask.
Traditionally, as a society, we are raised in an environment where education is of utmost importance, and though the times are changing, most parents and teachers believe good education as the only means to ensure financial security for the children.
Of course, a good education is nothing short of a boon for a child. In fact, it is our society’s persistence and passion for education that is helping Indians shine in every sphere of life.
However, most often than not, we mistake education for an investment scheme. Parents spend a fortune on providing quality higher studies for their wards, with a hope that after gaining a degree, their offspring will certainly secure a well-paying job and live a comfortable life.
Unfortunately, the ROI-based approach towards education has not only resulted in mass production of engineers, doctors and MBAs – leading to mushrooming of thousands of ‘me-too’ institutes of higher studies – but has also sacrificed many young dreams and aspirations on the altar.
Why shouldn’t you bank your future on a good education alone?
The law of demand and supply applies to job markets, too. As parents from far corners of the country pump up all their savings and investments to provide higher studies to their children, they are simply adding to a huge funnel of educated, unemployed youngsters vying for the already dwindling global job markets. In short, in education, your investment is not fool-proof.
What else should be done to ensure a financially secure future for our children?
While education aligned to a child’s interest and talents is a must, parents must also focus on making their children financially literate.
Remember, even a highly educated person with a plush job, and a huge salary can find himself in financial doldrums. It is important the children must learn how to treat money.
With marketers luring unsuspecting buyers at every corner with seemingly incredible discounts, many of us are falling prey to senseless buying – often ending up in chronic debts.
A financially literate person is disciplined with his or her spending and doesn’t fall for such snares. Also, they know the power of small investments, made regularly.
Children, especially the teenagers, have the luxury of time. With little financial discipline, basic awareness of financial tools and small investments (as low as Rs 500 per month), school children can create massive wealth until the time they are ready to take up their first job!
With a sense of financial security at a young age, our children would not be burdening their dreams or desired lifestyle with the anxiety over the next paycheque.
Learn more on instilling financial discipline and imparting financial literacy to teenage children at the Super Young Achievers Conclave, the first of its kind event organized for school children above 14 years of age where the participants can take concrete steps towards making their future financially secure. The conclave will be held on 12th Nov 2017 between 9:30 am to 1:30 pm at Ravindra Bhavan, Margao, Goa. Watch out this space for updates about the event.