In simple words, a need is something you must have to survive; like food, water and a home. A want is something that is nice to have, but you can actually live without; like ice-creams or toys.
This economic-financial concept has to be explained to children from a young age in order to bring about a positive change. This knowledge will enable them to take care of their needs before they start thinking about what else they want. The ability to differentiate between necessities and desires is the first step to understand how to prioritize the use of money.
Class 5 students of Vidyadaan School have understood the concept and are practising using this knowledge in their day-to-day life. Their understanding may be raw, but the seeds had been sown.