FPJ: Students Should Be Taught Financial Education Early, Says Mahesh Shah

Mahesh Shah, President of Corporate Communications at Lodha Ventures, honoured the top 25 SSC achievers from BMC (Brihanmumbai Municipal Corporation) at The Free Press Journal. During the event, Mr. Shah discussed the pressing challenges faced by educational institutions and students in the evolving educational landscape.

Speaking on the occasion, Shah talked about the significant challenges faced by educational institutions, particularly in Mumbai. He emphasised the immense pressure on infrastructure due to the burgeoning population and the limited availability of land. "Every year, there's a rush of students desperate to get into colleges nearby. Infrastructure is a pressing issue, especially in Mumbai, where land is expensive," he stated. While Mumbai boasts an abundance of qualified teachers, the infrastructural constraints remain a barrier for many educational institutions.

"Every child needs access to holistic education, and this includes sports and other facilities. The BMC Education Officer, Raju Tadvi, has highlighted the initiatives by the BMC, managing 2,500 schools directly and indirectly. They have the resources, but there needs to be better allocation to introduce good sports programs. Interestingly, BMC schools often have better infrastructure compared to private schools," Shah noted.

Shah further discussed innovative educational initiatives, particularly in financial education, supported by BeyondSkool, an initiative by the Abhinandan Lodha Group. He emphasised the importance of having financial literacy at an early age. "Understanding the significance of managing money is crucial. It's one thing to earn money, but saving and investing wisely is another. This is what they are teaching at an early age," Shah explained.

Drawing from his own experience, Shah highlighted the gaps in financial education. "When I graduated and visited a bank, I had to ask the bank officer how to fill out a cheque. This underscores the necessity of financial education from an early age. Though in the coming days cheques may not be there and will change into digital transactions, the core principle of managing money remains vital. Knowing how to invest and grow one's finances is essential, especially as life spans increase and individuals need to sustain themselves beyond the age covered by insurance," he said.

Shah advocated for introducing financial education alongside traditional subjects like science. "If students are taught about science in the 7th grade, why not finance? This is the age when understanding finance becomes important. Students know what money is but often lack knowledge on the best ways to use it. Discipline in managing money and making the best use of it is a skill that needs to be nurtured from a young age," he stated.