School is an important phase in our life and career. I strongly believe that school life determines our outlook in life and the career choices we tend to make. The mind also absorbs things very quickly during this age which leaves a lasting impression. So, any good habit or discipline taught when young tends to stick on for long. Commerce and FInance is an important subject that needs to be taught when young. However, Commerce stream in school is not introduced before CLass 11.
In India, as a student we tend to make our career choice while choosing our stream after Class 10. There are three broad streams to choose from.
- Arts / Humanities
Mathematics, English and Regional Languages are common to all the above streams. The major subjects covered under Science stream includes Physics, Chemistry, Biology and Computer Science. The major subjects covered under Arts / Humanities stream includes History, Geography, Political Science, Sociology and Psychology. Commerce stream includes Accountancy, Economics, Commerce and Business Studies.
Further details on the same under the Central Board of Secondary Education in India can be found in the following link.
Under the current education system, children are exposed predominantly only in Science and Arts stream before Class 10. However, exposure to Commerce stream in school is minimal. Sadly, many kids choose Commerce as they are weary of Science. Very few are actually fascinated and interested in Accounts or Econonmics. Commerce is a very important area and will definitely be of practical use later on in life.
Exposure to areas like Banking, Savings, Investment, Tax will equip a student in analyzing if Commerce stream is their cup of tea. Also, it helps them to face what lies beyond their student life.
As parents, it is our responsibility to equip them with basic life skills. Just like how we teach them to swim or cycle, it is pertinent to teach them the importance of handling their own finances. This will empower them to take rational financial decisions in their life and not depend on any third party advisor.
Watch this space for some simple ideas by which you can build finance related skills and inculcate financial discipline in your little ones.