Adult education draft framework calls for financial literacy
Adult education draft framework calls for financial literacy The Hindu
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Adult Education Draft Framework Calls for Financial Literacy
The draft of the Kerala Curriculum Framework on adult education and continuous education, released by Minister for General Education V. Sivankutty, highlights the importance of financial literacy in light of the increasing number of people falling victim to financial scams.
Financial Literacy for All
The draft framework emphasizes that financial literacy is necessary for everyone as it teaches individuals how to use their wealth correctly. It states that without this knowledge, individuals and families will be unable to accumulate any wealth. The foundation of financial literacy lies in spending according to one’s income.
Priority in Utilization of Money
The draft stresses the critical aspect of prioritizing the utilization of money. It highlights that proper financial literacy helps in planning family budgets, regulating income and expenditure, and curbing excesses.
Understanding Banking Services
The draft calls for a proper understanding of banking services. It suggests that individuals should conduct a thorough study of various banks, their working, and features before selecting one that suits their needs.
Avoiding Debt Traps
The draft warns against taking loans from financial institutions at high interest rates, as non-repayment of such loans has led to suicides in the past. It advises individuals to take loans only during emergencies and to be disciplined enough to avoid frivolous spending and repay the loans regularly.
Investment for the Future
Investment is another crucial area of financial education highlighted in the draft. It recommends setting aside a portion of income as investment for future requirements. The document suggests various investment options such as banks, land, gold, buildings, share market, and using it as capital for new ventures.
Beware of Fraudulent Institutions
The draft urges adults to be cautious of financial institutions that promise huge interest and returns but end up defrauding people. It emphasizes the importance of making investments only in recognized institutions after conducting in-depth research.
Protecting Bank Accounts
The draft also addresses modern forms of fraud, such as obtaining One-Time Passwords (OTPs) through messages purportedly from banks and using them to illegally withdraw money from accounts. It highlights the need to ensure the protection of one’s bank accounts.
Risks of Online Trading and Games
The draft warns about the risks associated with online trading and online games. It advises individuals to verify the reputation of online sellers before making purchases to avoid receiving poor quality products or paying more than necessary. It also cautions against getting addicted to online games, which can result in financial losses and even lead to suicidal tendencies.
Avoiding Harassment from Lenders
The draft mentions that instant online loans can be a potential trap, leading to harassment from lenders if individuals are unable to pay the high interest rates. It emphasizes the importance of being cautious while considering such loans.
SDGs, Targets, and Indicators
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SDG 4: Quality Education
- Target 4.4: By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs, and entrepreneurship.
- Indicator 4.4.1: Proportion of youth and adults with information and communications technology (ICT) skills, by type of skill.
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SDG 8: Decent Work and Economic Growth
- Target 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all.
- Indicator 8.10.2: Proportion of adults (15 years and older) with an account at a bank or other financial institution or with a mobile-money-service provider.
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SDG 9: Industry, Innovation, and Infrastructure
- Target 9.3: Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets.
- Indicator 9.3.1: Proportion of small-scale industries in total industry value added.
Analysis
The article highlights the importance of financial literacy in adult education and continuous education. It emphasizes the need for individuals to have the necessary skills and knowledge to manage their finances effectively. Based on the content of the article, the following SDGs, targets, and indicators can be identified:
1. SDG 4: Quality Education
The article addresses the importance of financial literacy as part of adult education. This aligns with SDG 4, which aims to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.
2. SDG 8: Decent Work and Economic Growth
The article discusses the significance of financial institutions and their services in managing finances. This relates to SDG 8, which focuses on promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.
3. SDG 9: Industry, Innovation, and Infrastructure
The article mentions the importance of financial services, including affordable credit, for small-scale industries. This aligns with SDG 9, which aims to build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation.
Based on the identified SDGs, the following targets and indicators can be associated with the article:
Target 4.4: By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs, and entrepreneurship.
This target emphasizes the need for individuals to acquire financial literacy skills to enhance their employability and entrepreneurship opportunities. The article highlights the importance of financial literacy in managing wealth and making informed financial decisions.
Indicator 4.4.1: Proportion of youth and adults with information and communications technology (ICT) skills, by type of skill.
While not explicitly mentioned in the article, the use of ICT skills, such as online banking and online trading, is implied. This indicator can be used to measure the extent to which individuals possess the necessary skills to engage in digital financial transactions.
Target 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all.
This target emphasizes the importance of accessible and inclusive financial services. The article highlights the need for individuals to have a proper understanding of banking services and make informed decisions when choosing financial institutions.
Indicator 8.10.2: Proportion of adults (15 years and older) with an account at a bank or other financial institution or with a mobile-money-service provider.
This indicator can be used to measure the extent to which adults have access to formal financial services. It reflects the level of financial inclusion and can help assess progress towards strengthening the capacity of domestic financial institutions.
Target 9.3: Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets.
This target emphasizes the importance of financial services, including affordable credit, for small-scale industries. The article mentions the need for individuals to understand investment opportunities and make informed decisions regarding their finances.
Indicator 9.3.1: Proportion of small-scale industries in total industry value added.
This indicator can be used to measure the contribution of small-scale industries to the overall industry value added. It reflects the integration of these enterprises into value chains and markets, which can be facilitated through access to financial services.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 4: Quality Education | Target 4.4: By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs, and entrepreneurship. | Indicator 4.4.1: Proportion of youth and adults with information and communications technology (ICT) skills, by type of skill. |
| SDG 8: Decent Work and Economic Growth | Target 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all. | Indicator 8.10.2: Proportion of adults (15 years and older) with an account at a bank or other financial institution or with a mobile-money-service provider. |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.3: Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets. | Indicator 9.3.1: Proportion of small-scale industries in total industry value added. |
