The National Council of Educational Research and Training (NCERT) has introduced personal finance education to Class 9 through a new chapter titled Managing Your Personal Finances in its Social Science textbook Understanding Society: India and Beyond – Part 2. According to reports from Mint, the chapter covers budgeting, saving, investing, insurance, borrowing and income tax through five pillars: income, budgeting, saving, investing, and protection and risk management. The chapter was released on 28 September and is now part of CBSE-affiliated schools' curriculum. As per the latest curriculum information, this chapter introduces students to personal finance, budgeting, saving, investing, protection, borrowing and credit, risk and return, and income tax, with the main topics including personal finance, budgeting, saving, investing, compounding, fixed deposits, bonds, stocks, mutual funds, insurance, borrowing and credit, risk and return, liquidity, inflation and personal income tax.
The new chapter builds on NCERT's existing financial literacy foundation, which began with Class 6's 'Economic Life Around Us' theme covering needs, wants, work, markets and exchange, and continued in Class 7 with 'Banks and Magic of Finance' introducing money, banking, savings, borrowing and digital payments. As reported by Mint, the Class 9 chapter focuses on personal financial decisions, from comparing investments and understanding risk to evaluating borrowing costs and calculating income tax. NCERT director Dinesh Prasad Saklani stated in the foreword that the textbook aligns with NEP 2020 and NCF-SE 2023, emphasizing reasoning, responsible citizenship and preparedness for a changing world. The chapter covers budgeting and financial goals, including identifying expenses, setting saving goals, tracking spending and reviewing a budget, along with common investment options such as fixed deposits, bonds, stocks or shares, and mutual funds, and concepts such as compounding, inflation, purchasing power and liquidity.
Despite the comprehensive coverage, experts raise concerns about practical implementation. According to Mint reports, Kunal Bhakat, a certified NISM and NCFE financial literacy trainer, emphasized that without adequate time and continuity, students may learn terminology without understanding how to apply it in everyday situations. V. Pradeep Kumar, visiting professor and career consultant, noted that exposure to concepts does not automatically translate into practical skills, warning against treating the chapter primarily as an examination topic that focuses on definitions without real-world application.
The Council for the Indian School Certificate Examinations (CISCE) has adopted a different approach through its teacher handbook 'Financial Literacy: Integrating Financial Education' for Classes VI-X. As reported by Mint, the handbook recommends integrating financial education into relevant contexts across subjects, using activities such as role-play, games, case studies, surveys and expert discussions. The approach emphasizes that financial education should not be treated as a standalone subject but should be age-appropriate and contextual across various subjects and grade levels.
Educational experts stress the importance of parental involvement beyond classroom learning. According to Mint reports, Anand Damani, a behavioural scientist, believes schools should gamify learning through tokens and emphasizes that parents should begin teaching children to see money as an enabler of dreams rather than associating it with status and power. Neha Singh, founder of Womoneysta, uses practical examples like shopping budgeting and digital pocket-money systems to connect classroom lessons with real-life financial decisions. Tanu Dhania, a Delhi-based advocate, assigns project-based work for agreed payments to introduce the relationship between work, income and financial choices.
