Nagaland ranks 7th in country in financial literacy

Nagaland ranks seventh among the states on financial literacy, as per 2019 national financial literacy and inclusion survey.
This was stated by National Stock Exchange (NSE) Academy Ltd. chief manager, Ranganathan S during an awareness programme on financial management education for secondary students held at Greenwood School here on Friday that was jointly organised by Nagaland Board of School Education (NBSE) and NSE. Students from various schools in Dimapur, Chümoukedima and Niuland districts attended the programme.
Speaking on the occasion, Ranganathan said Nagaland was far ahead with bigger states and credited it to the students, for being among the top states. As financial literacy is one of the most undermined skills that could determine the countries’ future, Ranganathan stressed that financial literacy was an important skill and students of classes 9, 10, 11 and 12 should be taught this. He asserted that when a student had financial literacy, he or shew knew and understood the importance of savings, balancing, spending and multiple doubling.
He said NSE Academy was privileged to partner with NBSE since 2014. He mentioned that every year there was an increase in financial literacy of students in Nagaland, and credited NBSE for this by driving the mission.
In his speech, additional commissioner of taxes CGST, Sashi Wapang shared his personal experience and remarked that putting money under the ground earlier was the safest way to save, but now there were many ways to not only save money but also let the money grow.
He said financial literacy was about the relationship between an individual and his or her money, “how to earn, save and grow”. He maintained that, as per statistics, financial literacy rate was still very poor in the country with only 27.9% Indians being financially literate, which basically meant that three-fourths of the country’s population had no idea how to look after their money.
He asked the gathering to consider themselves fortunate to learn about money and hoped that they would take this as a wisdom that would help them later in life.
Wapang advised the gathering to spend only as much as they earned and learn to save rather than spending extra.
“Financial manoeuvre is a lifelong affair and not a one-time activity,” he emphasised and referred to various online scams in which many Nagas had become victims due to their lack of financial knowledge.
He, therefore, urged the gathering to be aware and cautious about online scams and frauds that have increased in the country in recent times.
He emphasised financial literary so that they did not fall prey victims of financial victims again, while highlighting the importance of accounting and having bank accounts, citing examples of certain NGOs and churches in Nagaland where crores of money were transferred from personal accounts creating problems. He suggested creating and spreading awareness on accounting among the community by the students too.
The programme was chaired by NBSE secretary Rangumbuing Nsarangbe and invocation prayer was proposed by Greenwood School principal Nilie Kath while special number was presented by students of Vidya Bhawan Hr. sec. School.
The second session was held on the topic “Financial management education” conducted by NSE Academy team.