Educating an individual is the first step towards better living standards, purposeful, and productive utilization of the skills and thus promoting the overall development of an individual along with national progress. Education is an ongoing learning process that is going through tremendous reforms according to the changing needs of society and the economy. Over time, the Indian education system has evolved into a practical one from being just theoretical. The present Indian educational system is the result of several modifications and additions made to it according to the needs of the changing time. One such need that the present economic scenario is imposing, is to educate people about money-related concepts, procedures, functions, products, and services. The need is to specifically focus on providing financial and digital education as a subject in the school curriculum because the cognitive power among students is more at this age. Financial education means developing a person's knowledge, awareness, skills, attitude, and behavior about financial concepts. Digital education educates people about using digital tools and online platforms, such as payment apps, mobile wallets, internet banking, debit and credit cards, etc. It also includes making people aware of online scams, and frauds and providing them with ways to tackle such situations. This paper includes the benefits of introducing financial and digital education in the Indian education system. It covers the concept of financial and digital education, its needs, and benefits. Along with this, the challenges in the way of providing financial and digital education are also explained in detail.