New Delhi, Oct. 15 -- Budgeting, saving, investing, insurance, borrowing and income tax are now part of a single Class 9 chapter in CBSE-affiliated schools. The National Council of Educational Research and Training (NCERT) introduced it in its new Social Science textbook, Understanding Society: India and Beyond - Part 2, released on 28 September.

Titled Managing Your Personal Finances, the chapter introduces personal finance through five pillars: income, budgeting, saving, investing, and protection and risk management.

It begins with familiar situations, such as deciding whether to spend pocket money and festival gifts or save them in a gullak. Everyday examples explain inflation, purchasing power and compounding, including how someone ...