In 2025, Gen Z individuals will be roughly between 13 and 28 years old. They grow up with the internet, smartphones, and social media as integral parts of their lives. Gen Z children often face financial challenges as they spend twice as much what they currently saved. Gen Z has spent money mainly on non essential activities such as travel and entertainment and also make impulse purchases on what they seen on social media. Most members of this generation work at beginning positions ,rising cost living with high interest rate and decreased saving leaves young adults financially stressed . So there is need to teach them how to control their spending and saving habits and make them financially stable. Role of banks in Gen Z to encourage saving habits Sanchayika scheme in India , aims to encourage habit of saving and financial responsibility from young age. Like Sanchayika scheme, introduce ...
Saving money as a student crucial for financial stability and future security. Smart spending habits and exploring cost saving opportunities can improve student financial wellbeing. Sanchayika is a scheme introduced in Indian schools to encourage students to save money and savings habits at early age. Teach students the operation of banking and other related in a practical way. The head of institution should take permission government for operating scheme and open a SB account in the name of school in the nearby Post Office Bank. An application form needs to be filled up by each student to open an account. Then students can deposit rupees and when they save. Each account holder is given a pass book which list all the deposits and withdrawals. The Sanchayika account holder is also paid monthly interest on the balance amount. The head of institution shall remit the amount collected weekly or monthly from stu...