Awareness of savings, early investment is essential for lifelong financial management. Experts say financial independence and financial planning are the two pillars that play a key role in leading a better life today. Giving children a thorough knowledge of finances at an early age is essential for ensuring proper financial management later in life. Learning how to invest is an important life skill for every young person. Unfortunately, there are many students who enter adulthood without fully understanding how to manage their finances.
Industry experts say, while there are lessons to be learned from trial and error, financial literacy is about continuous and purposeful financial management.
Unfortunately for children and young students, financial literacy is often left out of the formal education system curriculum. Having said that, when it comes to teaching children financial management skills, there are some digital platforms that assist kids to start their investment education.
1. TradeSmart: A technology-focused discount online broking firm that simplifies investments for young and tech-savvy Indians. A member of NSE, TradeSmart provides online trading in – Cash, Futures and options, currency derivatives, commodities, mutual funds and ETFs for investors and online traders. The platform also benefits its users with informative blogs on IPOs, trading, stocks, investments, share market, etc.
2. Junio: This company offers cards for children’s pocket money. This kids-focused smart card lets them make digital and physical purchases. Experts say, the category is extremely niche and a new concept acts as a smart card and imparts financial discipline to children.
3. Zerodha: This is a pocket-friendly option for trading and runs a free and open stock market and financial. It is openly accessible to everyone and offers financial education resources on the web.
4. FamPay: It is a payment app for teenagers and their families. With FamPay, minors can do UPI, P2P and card payments without the need to set up a bank account. The platform allows parents to send money to their kids below the age of 18, which they can spend securely any time, anywhere, under parents’ supervision. The company aids in financial literacy by initiating blogs on the website and by answering frequently asked questions.
5. Upstox: This platform is a tech-first low-cost broking firm in India providing trading opportunities. The company provides trading on different segments such as equities, commodities, currency, futures, options which are available on its Upstox Pro Web and Upstox Pro Mobile trading platforms. It also has an online learning centre where one can learn about futures trading and options strategies, Mutual Funds, Share Market and building wealth.
