Financial literacy is a growing concern in India, and both parents and schools must take action to address it. Parents can lead the charge by being a role model, engaging children in financial decision-making, using tools and resources to teach financial concepts, encouraging saving and investing, and discussing financial goals with their kids. Lack of budgeting, unnecessary debt, and making rash investment decisions are some of the issues that effective financial literacy can address. By promoting financial literacy within the family, parents can instill healthy financial habits and provide tools for greater financial freedom and stability.