Instilling financial literacy in young minds
- The Olympiad conducted by muvin, India’s teen-centric pocket money app, in association with HT School, Mint, and Equitas Small Finance Bank, was conceptualized to boost financial literacy among the youth.
India’s largest money Olympiad for students takes a giant leap to instill financial literacy among young minds. FINMANIA, concluded its first chapter recently after engaging with more than 75,000 students across 215-plus schools from Delhi-NCR, Hyderabad, Mumbai, Bangalore, Chennai, and Pune.
The Olympiad conducted by muvin, India’s teen-centric pocket money app, in association with HT School, Mint, and Equitas Small Finance Bank, was conceptualized to boost financial literacy among the youth.
FINMANIA has successfully tested the participating students’ financial literacy levels through online and offline examinations.
For the first time, such an initiative tested students’ acumen and knowledge in financial awareness, financial planning, and final decision-making at a pan-India level. Over the course of 12 weeks, young learners were allowed to become familiar with the art of managing money.
FINMANIA aimed to facilitate a connection between financial literacy and its implementation in the everyday lives of Indian teens. Students were exposed to age-appropriate financial literacy skills via a graded curriculum specifically designed for grades 7-8, grades 9-10, and grades 11-12.
The Olympiad bestowed students with rewards and recognition to keep them motivated. The finale saw three winners from each Grade, winning cumulative prize money of ₹10 lakh.
Mukund Rao, co-founder at muvin, remarked that FINMANIA, was conceptualized on the principle that students learn best when they get a chance to take charge of their own learning.
This is also in sync with the observation that India’s teens are increasingly showing a strong inclination toward learning about new-age digital financial solutions.
Less than a third of India’s population is financially literate.
Educating people, especially India’s teens and young adults, about financial principles is key to breaking cycles of debt, financial stress & anxiety. More than that, it paves a path for them to understand and practice the essential life skills of making informed & effective decisions with available financial resources.
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First Published:28 Feb 2023, 12:06 AM IST
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