How are Financial Literacy Programs with NIIT Foundation Changing the Youth’s Future

Financial literacy is the awareness of managing your finances in the best way possible. It involves learning how to spend and utilize your money in a manner that helps you become financially independent. Various Financial Literacy programs are offered by institutions that help people free themselves of debt and start making wiser financial decisions. Such programs have helped countless people overcome odds to have a financially improved future. It lays the foundation for a better quality of life that is free of financial hurdles.

NIIT foundation offers a financial literacy course to help young people realize their true potential by learning how to spend and manage their earnings. Run in partnership with corporate partners, this financial literacy course aims at providing knowledge about budgeting, saving and investing to all sections of society.

What does financial literacy include:

The objective of Financial Literacy programs is to impart knowledge about wise borrowing, risk management and insurance. These terms may seem alien to someone from a non-financial background, but they carry a lot of significance in every individual’s life. Financial independence is a concept that a significant part of our population is unaware of. Financial literacy is important for every section of society. Whether it’s a business owner or a homemaker, making the right financial decisions can go a long way in determining their future.

Financial literacy stands on the following pedestals:

● Earning

● Saving

● Investing

● Spending

● Borrowing

● Protecting

It is crucial to know how to effectively manage all of these to have a secure financial future. Everyone seeks avenues to maximize their earning potential, but not a lot of people pay attention to the channels of utilization and saving their hard-earned money. By providing access to financial literacy and planning, NIIT wishes to help individuals lead a debt-free and financially secure life.

Topics covered in financial literacy programs

Financial planning can help an individual make a secure and comfortable future for themselves. Programs that teach the basic concepts of money management and investment are the stepping stones to a stable life. Some of the concepts that are taught in the financial literacy course include:

● Basics of budgeting

● Interest rates

● Debt

● Importance of saving

● Financial security

● Basics of banking

● Insurance

By teaching these important concepts, Financial Literacy programs set the path for an individual to achieve financial freedom.

Why is financial literacy important?

Financial literacy has a massive impact on the future of an individual. Financially literate individuals are more likely to plan better for their future and use their resources wisely. This can help them stay away from debt traps, make secure investments and be ready for any financial emergency.

● You can learn how to manage finances better.

● Such programs also provide knowledge about how to avail the benefits of financial programs started by the government.

● Financial literacy prepares an individual for any crisis or emergency that can dawn upon them suddenly.

● It helps you secure a better financial future for yourself and your family by making the right investments and not falling into cycles of debt traps.

● You learn how to make investments and risk management for your resources.

● Learn budgeting and saving strategies that will help you lead a better quality of life.

Saving and managing money is as important as earning it. Along with learning ways to improve your earning potential, you also need to understand how to use financial resources judiciously. This is where financial planning and literacy comes into play.

Financial literacy for women

Women being financially literate can help in their journey of becoming independent. There is an imminent need for financial literacy in women. This type of knowledge helps women make wiser decisions in their personal and professional lives, keeping the financial implications in mind and planning accordingly. NIIT offers financial literacy programs for people from all walks of life who wish to have a financially independent life.

Literacy program for youth

Financial literacy is an opportunity for empowering underprivileged youth. By helping them make better financial choices, such programs can improve their quality of life. Not only do the individuals learn how to make the right choices related to investments and borrowing, but they also learn how important it is to save money and not splurge as soon as they get paid. Learning the importance of making effective financial decisions can go a long way in having a comfortable future for the working youth.

NIIT Foundation focuses on creating well-rounded individuals who are capable of securing a better future for themselves. Financial literacy occupies an important position in this transformation. NIIT focuses on uplifting the neglected sections of society by providing the necessary training and opportunities for skill enhancement. Through well-crafted Financial Literacy programs, the NIIT Foundation strives to help people achieve financial stability and a more secure future.

Source - Medium