Include Financial Literacy in Academic Curriculum: Experts at Money Conclave

KOCHI:
Experts today cautioned against using stock-market as a shortcut to make money and called upon the government to include financial literacy in academic curriculum, as a two-day Money Conclave 2024 provided insights on the latest financial trends and strategies.

Speakers, while discussing effective utilization of India’s rapid growth rate amid fast-changing global economic policies, noted that the phrase FIRE (Financial Independence, Retire Early) has been widely misunderstood in the country.

The opening session on FIRE saw Pentad Securities CEO Nikhil Gopalakrishnan warning delegates against investing in unauthorized financial institutions and fraudulent schemes for making quick money. All the same, retirement does not imply complete withdrawal from career or related activities, he said. “It means doing away with a job you don’t like and entering into a business with the corpus one raised,” Gopalakrishnan noted at the event in CIAL Convention Centre at Nedumbassery.

Aspiring investors should first accumulate capital by making regular savings from their income earned by working, pointed out the panel comprising Fingrowth Founder C.A. Kanan Bahl and Finny Co-Founder Rohit Tuteja, with startup consultant C.A. Abhijith Preman as the moderator of the hour-long session. “Good health along with longevity helps in earning more after retirement,” he noted, advising diversified investments.

Bahl, while pointing to the risk of mental depression setting in owing to sitting idle after retirement, said FIRE merits meticulous planning according to one’s corpus amid the risk of getting employed again. Tuteja highlighted the need for focus on asset allocation, adding that insurance was also necessary after choosing FIRE.

In another session on ‘Empowering through Education: Impact of Edtech on Financial Literacy’, speakers emphasised the need for cultural understanding and use of regional language for successful marking.

IbnuJala M, who is the founder of FinQuo Versity which is world’s first comprehensive money education ecosystem’s mission to transform lives by empowering individuals with the knowledge and tools, highlighted the need to manage finances effectively. “Through workshops, online courses, and community programs, we focus on cultivating a profound understanding of the financial landscape for all, regardless of age, income, or background,” he revealed at another session, titled ‘. “FinQuo’s FLY (Financial Literacy for Y’all) envisages cent per cent financial literacy in Kerala by 2030,” he added, stressing the need for working in tandem with the government for the success of the mission.

Sharekhan Independent Director Arjun Mohan said no business is built overnight. “Huge successes may appear instant, but they are invariably backed by planning of several years,” he pointed out.

Jain University Director (New Initiatives) Tom M. Joseph said financial security stemmed from work, income, expense, credit and family security. IIC Lakshya MD Orwell Lionel said convincing people about taking up courses other than sciences led to the success of his firm, which has been providing guidance in career options in commerce.

Profile Business Solutions Co-founder Nezrin Midhlaj, who moderated the discussion, said the organizers of Money Conclave were in touch with a Netherlands-based NGO to fund a project in Kerala’s government schools and colleges on introducing financial literacy. “SCERT team will also be part of the project,” she added.

The summit, with about 10,000 delegates, features discussions on various topics including personal finance, sustainable investments, real estate, startups, fintech, and brand building. The participants include 40-plus speakers, more than 100 investors, venture capitalists, startups and stock traders.

The conclave also features a ‘Pitchathon’ that provides seed-funding of 10,000 dollars to the benefit of both first-time founders and seasoned entrepreneurs (with 10 finalists out of 500-plus applicants). Also, there is an ‘Ideathon’ that will facilitate students to qualify for a prize pool of Rs 1.25 lakh for innovative solutions.

The day-1 of the conclave hosted six sessions in all.