Financial literacy has been the buzzword in the formal education ecosystem for quite some time now and for all the right reasons. The financial literacy rate is lower in Indian adults than in other developed nations including USA, UK, and Singapore. Surveys reveal that only 27% of India’s population is financially literate. Additionally, only 16.7% of Indian students have a basic understanding of finance and money management. Predictions state that India will continue to be the fastest-growing economy for the next decade. However, without proper financial knowledge, the country’s citizens might never be able to make the most of this vast economic opportunity that lies ahead of them.
This is one of the reasons why financial literacy has become a talking point for both adults and students alike. The National Education Policy (NEP) 2020 also highlighted the importance of early financial literacy and advocated for the inclusion of financial literacy at all educational levels. Financial literacy helps to learn, grow, and acquire financial decision-making skills for adulthood. Students are better prepared for unforeseen medical costs, home-related expenses, and unemployment. Furthermore, young students with financial insights and understanding formulate better retirement incomes. Long-term budgeting using day-to-day income and expenses aids in better savings and investing in profitable funds.
National Finance Olympiad Felicitation Ceremony
The National level of the NFO was held on 26 November 2023 and saw fierce competition between the students. The felicitation ceremony of the NFO 2023 was held on 10 Dec ‘23 and focused on honouring the brightest candidates of the NFO 2023. The event applauded the brilliant minds and achievers of the National Finance Olympiad 2023. The competition was held in three categories- Batch of grades 6-8, Batch of grades 9-10, and Batch of grades 11-12. The winners from each batch are Akaisha Katyal from DPS, Sector 45, Gurgaon, Rushabh Jain from Navrachana Higher Secondary School, Vadodara, and Dhruv Gupta, Sri Kumaran Children’s Home CBSE, Bangalore. Their financial insightfulness and dedication set new benchmarks, and honouring them with awards motivates them to strive for excellence. The top performing schools were Delhi Public School, Sector 45 Gurgaon, Bishop School Camp, Pune, National Public School, HSR Bangalore and Dr Pillai Global Academy Borivli, Mumbai. The felicitation ceremony also discusses the prominence of incorporating financial literacy from the early years.
Industry experts and leaders came together for a panel discussion on the importance of early financial literacy. Renowned panellists include Mr. Sankarshan Basu (Professor at IIM Bangalore), Mr. Snehanshu Gandhi (Co-founder Kaagaz), and Mr. Asit Oberoi (Regional Director, iPiD) share their thought-provoking experiences and insights on why early financial literacy is not a simple skill, but a vital life tool. The felicitation ceremony throws light on the transformative influence on school students. The panellists strongly advocated the importance of early financial exposure to fundamental concepts and understanding to empower the young generation to navigate financial complexities and make informed decisions. Mr. Asit Oberoi emphasized that individuals with financial insights and understanding tend to develop more effective retirement income strategies. He advocates for financial literacy by encouraging individuals to engage in long-term budgeting, incorporating daily expenses to enhance savings, investing in profitable funds, and avoiding accumulating debt.
Establishment of the National Finance Olympiad
With the idea that financial literacy is quintessential for a better Indian society, the National Finance Olympiad (NFO) began its mission to inculcate financial literacy to Indian students. The founders recognized the necessity of imparting practical financial knowledge to students, empowering them to navigate the world with confidence. They wanted to address the gap and facilitate healthy financial habits in children. NFO is an initiative by Streak – a financial platform that helps students save their money safely. NFO gives a national platform for students to display their financial competence while competing with their peers across the country. NFO 2023 saw more than 100 Indian schools participating in the national-level online Olympiad in two rounds. The first round was the Intra-school level competition that was held in phases for all schools starting from June 2023. The winners from the Intra-school level Olympiad represented their schools at the National level of the NFO 2023.
Conclusion
The National Finance Olympiad is an initiative to make students familiar with the art of managing money. Gradually, the students inculcate the habit of analysing finance in their daily lives, strive for savings, and invest in resources to amplify their worth for future endeavours. Through national-level competition and including financial literacy in the school curriculum, the National Finance Olympiad intends to bridge the widespread gap in financial education and offer top-level competition. Schools play a role in introducing new concepts and making students part of financial literacy campaigns. NFO renders an excellent opportunity for students to gain practical financial insights and establish positive money habits while competing with peers from across the nation. The National Finance Olympiad toolkit includes comprehensive study material to create a financially informed generation. The National Finance Olympiad strives toward making India Financially inclusive through national-level competition among students.