What is financial literacy? 

Financial literacy is the cap potential to recognize and successfully use economic abilities. These economicabilities are as easy as budgeting, investing, credit score management, and economic management. In other words, economic literacy is the ability to control money. A sturdy foundation of those economic abilities will assist in attaining numerous existence dreams like retirement, education, or eventaking a vacation. 

Financial literacy consists of many abilities. However, the maximum famous ones are budgeting, dealing with expenses, paying off debt and understanding the risk factors in financial field.  Acquiring these abilities could require one to recognize the primary economic standards like time price of money, compound interest, annual returns and opportunity cost.

With the arrival of a large number of credit products in the market, such as:  Credit card,  EMI options, and debit card overdraft services, the importance of financial knowledge is increasing. Knowledge of debt and basic financial skills can help people use these products responsibly. In addition, it can also improve financial discipline and financial situation. Invest regularly to effectively manage debt and effectively achieve life goals. In addition, financial knowledge can ensure a person's financial situation and protect them from financial fraud.

It is known that lacking in these skills will lead to financial illiteracy. Financial illiteracy can lead to budget mismatches, expenditures higher than income, debt accumulation, low credit ratings, fewer victims of financial fraud, and other negative consequences.

Hence, financial knowledge is an important life skill because it will increase financial opportunities. Financial planning, budget management and savings must be taught from the school days. However, it is never too late to learn about it. If you understand that even after 20 years, you can always start your investment journey; you can improve your financial knowledge and services related with it.

What is the cost of College / University in India?

College and university fees vary from institution to institution. The most important part of College/university expenses is usually tuition. Tuition fees and other fees vary by university to university. Other college expenses include housing, books and supplies, transportation and personal expenses. Like tuition fees, these fees vary from university to university. Students can find ways to save most of the cost. You will see that the cost of tuition depends largely on the decision you make. Due to the new development of education trends, it is difficult to calculate accurate education costs. Other fees vary by university or college.

If we are talking with the perspective of inflations – let’s assume it’s the same 10% increase:

• If we talk about engineering education from some premier institute in India may cost approx 10 - 15 Lakh. 
• Medical education from a private college in India costs approx Rs 30 - 35 lakh per year.

India is one of the developing and fastest growing countries in the world. Not only India’s culture and heritage, but education also attracted students from different countries. India has a long history of education and is known for innovation and growth, which greatly promotes the personal and professional development of students. Thousands of institutions offer professional course options, and students will definitely find a suitable college and/or university to study. 

Tuition Fee: The first and important factor that one needs to consider before enrolling in any college or university in India is that the annual cost of education along with living, which can be around Rs 350000 on average.

Cost of Graduation and Post Graduation education in India

• Govt College cost/Fee is around Rs 5-6 lakhs
• Private College cost/ Fee is around Rs 8-10 lakhs
• Abroad will cost around Rs 50-80 Lakhs (depends on the country)

Cost of Medical education in India 

• Govt College cost around Rs 5-10 lakhs 
• Private College cost around Rs 18-20 lakhs 
• Abroad cost around Rs 1 Crore 

Cost of Commerce & Arts education in India 

• Govt College cost around Rs 2000-15000
• Private College cost Rs 2.5-5 lakhs 
• Abroad will cost Rs 50 lakhs 

Cost of engineering education in India 

• The normal cost of studying engineering is Rs 1.25 lakh per year or Rs 5 Lakh for the 4-year course. But if we talk about premier colleges like IIT or BITS Pilani – parents should be ready to pay anywhere between 10 to 15 lakh.
• For Post Graduation – Almost  the same amount

Cost of medical Study in India 

• The fee is very reasonable in government colleges & 5 years course Fee is less than 10 Lakh Rs. But in Private colleges, it can go up to Rs. 50 Lakh is standard for the same cost.
• For Post Graduation– Approximately Rs 30 Lakh in a private institute.

For More details on the following points, subscribe to “College and career Readiness Course”

• Why is financial literacy important for you? 
• How to improve your financial literacy skills?