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Dimapur, June 24 (EMN): Most Nagas lack financial knowledge, which is needed to make informed monetary decisions, and people in general are “guilty” of spending more than they earn, said Sashi Wapang, Additional Commissioner of Taxes, Central Goods and Service Tax (CGST).
He was speaking at an ‘awareness programme on financial management education’ conducted for students of higher secondary schools under Dimapur, Chumoukedima, and Niuland districts.
The workshop was organised by the Nagaland Board of School Education (NBSE) and National Stock Exchange (NSE) Academy Ltd., at Greenwood School in Dimapur, on Friday.
Wapang lamented many Nagas paying the price for lack of financial literacy and knowledge about how banks works by falling prey to scammers.
He shared that perhaps, at some point of time in life, ‘keeping money under the ground could be the safest’ but over time, “we have grown in many ways and we need to learn not only to save money but (also) how to make our money grow”.
In simple terms, he said that financial literacy is the relationship between “you and your money”; knowledge to earn money, save money and make money grow.
‘Do not just be a listener but take this wisdom because financial management is lifelong affair and not just a one day activity,’ he advised the participants, adding that many countries are making efforts to inculcate this kind of expertise to young people at school level.
He lauded NBSE and NSE Academy Ltd., for educating the students in the state on financial management. He added that since “this seed has been sown in the fertile ground, in the days to come we will see this change in our land as a whole”.
When it comes to business and entrepreneurship, be armed with enough knowledge so you’re your business will flourish, he advised.
The officer also said that a friend once told him that Nagas are sincere and hardworking but they earn money from their state and spend it in cities, thus allowing the money to go to other states. “Don’t people have ways to circulate the economy within our state?” the friend also asked.
In Nagaland it is sad to see that it is the legislators running the government when it should be the economy that runs the government, he lamented.
However, Ranganathan S, Chief Manager of NSE Academy Ltd., said that a survey conducted by the National Financial Literacy Board in 2019 had placed Nagaland in 7th position in terms of financial literacy in the country, while giving the credit to the student, teachers and education board.
Stressing on the importance of financial literacy, he said it will enable students to manage their personal finances and know the significance of saving.