Financial Literacy – a session was conducted for VTC students of Deepalaya, Dwarka area.
“The single biggest difference between financial success and financial failure is how well you manage your money. It’s simple: to master money, you must manage money.” — T. Harv Eker (author and motivational speaker)
In simple words, financial literacy refers to the possession of skill sets or knowledge which allows individuals to take informed, effective decisions regarding money matters. Having an in-depth understanding of financial literacy can help people achieve financial stability in their lives, which also leads them towards self-reliance.
In view of the above, Deepalaya Vocational Training Centre, Patel Garden organized a workshop on “Financial Literacy” on 30th June 2018. The session was curated and conducted by Mr. Pradeep Chauhan (who is currently working as computer instructor with Deepalaya); 37 students of VTC attended the workshop. Ms. Kulwant Kaur (computer instructor at VTC Patel Garden) was also present.
The workshop began with a self introduction of the students. Hereafter, Mr. Pradeep introduced them to the concept of financial literacy and its underlying principles. Videos were shown (using the projector) on following three topics—basic financial concepts, importance of maintaining a financial diary, and ideal approach to investment. Through this two-hour-long workshop, our students developed an understanding about the nuances of asset vs. liabilities, savings vs. debt, and the interrelation between all these; they were also told to record their regular income & expenses using an elementary financial diary, which will be beneficial for their expense management.
Last but not the least, the attendees were informed about different ways to save money (at post offices, banks, etc.), and why short-tem/long-term financial planning and saving is very important to achieve their future goals (such as purchasing bikes, smart phones, and so on). The task assigned to the students at the end of the workshop was to prepare a “savings sheet”. Refreshments were given to all the students after the session was over.
The session proved to be very beneficial for our students who belong to the age group of 17-25 years. Never before they had the exposure to concepts like financial education, budgeting, and so on; they learnt with interest, interacted with each other sharing their daily life experiences regarding financial issues, and resolved to become aware of financial matters so as to achieve their dreams and support their families.