Lok Sabha Question No. 2583 (UNSTARRED), answered on 2025-03-17
Subject: Financial Literacy Education in Schools
Ministry: EDUCATION
Asked by: Shri Magunta Sreenivasulu Reddy

## GOVERNMENT OF INDIA MINISTRY OF EDUCATION

## DEPARTMENT OF SCHOOL EDUCATION & LITERACY

## LOK SABHA UNSTARRED QUESTION NO. 2583 ANSWERED ON 17.03.2025

## Financial Literacy Education in Schools

2583. Shri Magunta Sreenivasulu Reddy:

Will the Minister of EDUCATION be pleased to state:

(a) whether the Government has considered introducing financial literacy courses in schools across the country;

(b)  if  so,  the  details  regarding  the  proposed  timeline  for  implementation  of  financial education in schools across the country, especially in Andhra Pradesh State;

(c) the details regarding the total number of schools and teachers for whom the Government has conducted training programmes regarding financial literacy across the country, especially in Andhra Pradesh State and in Prakasam District;

(d)  the  details  regarding  the  total  amount  of  funds  allocated  and  utilised  for  financial education courses in schools for children across the country, State-wise and district-wise in Andhra Pradesh State and in Prakasam District; and

(e) whether the Government proposes to make financial education mandatory in schools, if so, the details thereof?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF EDUCATION ( SHRI JAYANT CHAUDHARY )

(a) to (e) The National Education Policy (NEP), 2020 has recognized financial literacy as one of  the  important  components  for  multiple-skill  formation  among  learners.  This  makes financial  education  crucial  for  school  curriculum  to  equip  learners  with  21 st century  skills. The components of financial literacy are taught in an infused manner in schools, particularly in economics and business studied at different level of school education such as, money and banking,  insurance,  E-commerce,  E-banking,  etc.  The  components  of  financial  literacy  are taught in an integrated manner in schools which include the components of value of money, currency,  banks,  digital  payments,  online  transactions,  UPI  etc.,  particularly  in  economics and business studies at different stages of school education in an age-appropriate manner for preparing school children to make informed financial decisions in all walks of life.

The Department of School Education and Literacy provides financial support for implementing the Centrally Sponsored scheme of Samagra Shiksha. Vocational Education is one of the components under Samagra Shiksha scheme.

Under Vocational Education component of 'Samagra Shiksha', vocational courses are offered to  the  students  from  class  9 th to  12 th in  the  schools  covered  under  the  scheme,  which  are aligned  with  the  National  Skills  Qualifications  Framework  (NSQF).  As  of  now,  138  Job Roles have been approved for introduction as Skill subjects to school students for Class IX to XII.  Financial  literacy  is  an  important  area  covered  by  Vocational  Education.    Under  the Banking, Financial Services, and Insurance (BFSI) sector, 4 Job Roles are approved by this Department under this component which are as follows:

- i. Microfinance Executive,
- ii. Business Correspondent/ Facilitator,
- iii. MIS Data Analyst - Financial Services,
- iv. Customer Service Associate - Financial Services

The Union Government provides funds to the State/UT Government under Samagra Shiksha scheme as per the Project Approval Board (PAB) approved Annual Work Plan and Budget (AWP&B) which is based on the proposal submitted by the respective State/UT Government for  each  financial  year.  Furthermore,  the  scheme  is  implemented  in  the  schools  by  the concerned State/UT Governments through their School Education Departments and Boards of School Education.

Funds are released to States/UTs in lumpsum and not district wise. The States/UTs further release  the  funds  to  District,  Block  and  Government  Schools  based  on  the  approvals  for implementation of the interventions provided under the Scheme.

The data pertaining to allocation and utilization of funds under Samagra Shiksha with respect to the State of Andhra Pradesh is given in the table below:

Rs. in crore

| Year    |   Allocation |   Utilization |
|---------|--------------|---------------|
| 2023-24 |      3872.86 |       2650.99 |
| 2024-25 |      3557.27 |       1366.85 |