Indian Schools Unlocking Financial Education for Students
Financial education is not just about understanding mathematical figures and numbers. It includes a range of critical concepts that influence a person’s future financial prosperity. Incorporating financial education into the Indian school curriculum is an excellent way to empower students to sail through the intricacies of the contemporary financial world. Unfortunately, only 16.7% of Indian school-going students have a solid understanding of personal finances. Realising the importance of financial literacy and the benefits it can instil, the National Finance Olympiad collaborates with schools to spread awareness of the importance of financial education from the early years.
About the Company and the Backstory
An initiative of a Fintech startup, Streak, the National Finance Olympiad, conducts this competition among school students across the country to impart financial literacy. Financial literacy is a critical life skill, and through competition, the National Finance Olympiad aims to establish good money habits in children. The founders, Shiv Bidani and Mitul Mehta, ex-VITians and former classmates who shared a passion for entrepreneurship, recognized the lack of financial education among Indian students. The short and crisp format of a competitive exam excites young students to compete and fosters financial learning. The success of the National Finance Olympiad is evident as more than 100 schools and 5000 students participated in the competition during the 2023 academic year.
How does the National Finance Olympiad Function?
The National Finance Olympiad focuses on promoting the importance or significance of financial education at the grassroots level.
Some notable schools at the forefront of the financial education revolution are
- The International School Bangalore
- The Presidency School
- National Public School
- Greenwood High International School
- Sri Kumaran Children’s Home
- Delhi Public School
- Bishop School Camp
- K R Mangalam World School
- Birla Public School
- Pathways School
Over one year, the National Finance Olympiad has served as an instrumental platform in providing practical insights into money management via innovative teaching methods and fostering financial learning with the help of the comprehensive and easy-to-understand study toolkit. The Olympiad is conducted in batches, catering to students from grades VI to XII.
The competition is at two levels-
- Intra-School Level – Participants compete with peers in their respective schools to qualify for the Nationals.
- National Level – Top performers from participating schools engage in a competition at the National level to gain the highest awards.
After the competition, the participants receive certificates and reports on their understanding of different financial aspects. Winners and excellent performers receive cash awards, National-level recognition certificates, and letters of excellence. The initiative encourages students to gain knowledge and make intelligent financial decisions as they grow up.
The National Finance Olympiad is designed under the guidance of leading experts like Prof. Sankarshan Basu (Professor IIM Bangalore), Mr. Reeju Datta (Co-founder, Cashfree), and Mr. Soumya Kanti Purkayastha (Ex-CEO Berkeley HealthEdu and Ex-CBO Aakash Educational Services). Their expertise in finance and management contributes significantly to the overall structure and learning experience of NFO.
The National Finance Olympiad has started its school registration process for the 2024 academic year. Principals & Teachers can register their school for the Olympiad through the National Finance Olympiad’s website – www.nationalfinanceolympiad.com
Conclusion
Instilling financial education early helps students make informed money decisions as they progress in their careers and lives. The guidebooks provided offer a blend of theoretical financial education and practical money management skills, enriching students’ understanding of finance. The Olympiad serves as a platform to bridge the gap in financial literacy among Indians, emphasising on real-world application. With a mission to foster a financially sound and empowered generation, the National Finance Olympiad plays a pivotal role in shaping the financial future of India.
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