Confederation of Indian Industry’s (CII’s) Young Indians (Yi) Chandigarh tricity chapter organised a session on Financial Literacy at Vivek High School Chandigarh to accentuate the importance of financial planning in today’s world in the young minds.
Sukhdeep Singh, Chief Executive Officer, Innovative Financial Management while interacting with the students of XI and XII, provided details on the various aspects of the financial world namely inflation, risk v/s return, asset allocation, tax saving, mutual funds, systematic investment plan, term insurance, health insurance, higher education and marriage planning and retirement planning. He provided a monthly budget activity sheet to the students which would help the students in keeping track of their monthly incomes and monthly savings. He was very positive that this activity will help the students in learning how to save money.
Singh repeatedly suggested the students to visit their bank and get their savings account opened. He also gave examples of Warren Buffet one of the richest persons in the world and encouraged the students by stating Warren Buffet started saving at the age of 11 years. He further shared the information about the major factors influencing investments, the time value of money, the principals of investment, which included investing early and regularly and investing on a long term basis. The session concluded with details on the importance of having a systematic investment plan (SIP).
Amit Chugh, Chair, Yi Chandigarh Tricity Chapter and Director, Midas Touch Advisors Private Limited stated that these types of sessions are very beneficial to the students and will teach them a lot about how saving money is important and beneficial in life. It will also help the students in spending money wisely.