BIAP through its parent company Krisha Educare conducted Financial Literacy Certification for School Students in association with various mutual fund companies and Nation Institute of Securities Market (NISM).
What is Financial Literacy ?
The OECD INFE has defined financial literacy as follows: ‘A combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing.’
Why is Financial Literacy Important ?
Money is a universal phenomenon and understanding concepts of money is very important in ones lifetime. It is more prudent when you introduce these concepts at an early age. Students are exposed to money everywhere be it piggybank or their pocket money or a cash gift from your grandmother on your birthday. It is best to introduce basic skills of savings, investments, power of compounding etc.
Limited Understanding of Financial Literacy
As per a global survey by Standard & Poor’s Financial Services LLC (S&P) less than 25% of adults are financially literate in South Asian countries. For an average Indian, financial literacy is yet to become a priority. India is home to 17.5% of the world’s population but nearly 76% of its adult population does not understand even the basic financial concepts.
Various Schemes for Financial Inclusion
The recent mammoth exercise of demonetization should help bring many more people into the organized sector, thereby opening up possibilities for financial inclusion and literacy. While only 53% of Indians had bank accounts against 79% in China till 2014 (as per World Bank Gallup Global Findex Survey 2014), the gap has narrowed significantly after the launch of Pradhan Mantri Jan Dhan Yojana, which has led to over 280 million new accounts being added to the financial system (as of 5 April 2017, according to government data).
The launch of digital wallets, Universal Payments Interface (UPI) and new-age commercial and payments banks have paved new ways for a less-cash economy. According to RBI, the total number of digital transactions has grown from over 419 million in November 2015 to 692 million in March 2017.
It is therefore prudent to introduce the basic concepts of money like savings v/s investments, types of asset classes, power of compounding, benefits of early investing.
If you wish to conduct a Financial Literacy Session at your school please fill this form & upload a scan copy of request letter on the schools letter head, with stamp and sign of the head of the institution.
- Name of the School
- Name of the Co-ordinator
- Name of the Co-ordinator
- Mobile no of the co-ordinator
- Email address of co-ordinator
- Address of the School
- Pin Code