Inculcating financial literacy in young minds

Organized by Muvin, India’s teen-centric pocket money app in association with HT School, Mint and Equitas Small Finance Bank, the Olympiad was conceptualized to promote financial literacy among the youth.

FINMANIA has successfully tested the financial literacy level of the participating students through online and offline examinations.

For the first time, such an initiative tested the acumen and knowledge of students in financial awareness, financial planning and final decision making at an all India level. Over the course of 12 weeks, young learners are introduced to the art of money management.

FINMANIA aims to facilitate the connection between financial literacy and its implementation in the daily lives of Indian adolescents. Students were exposed to age-appropriate financial literacy skills through a graded curriculum specifically designed for Grades 7-8, Grades 9-10 and Grades 11-12.

Olympiads provide prizes and recognition to motivate the students. Three winners from each grade in the finale win cumulative prize money 10 lakhs.

Mukunda Rao, co-founder of Muvin, commented that Finmania was conceptualized on the principle that students learn best when they have the opportunity to take charge of their own learning.

This is also in line with the observation that India’s teens are showing a strong inclination towards learning about new-age digital financial solutions.

Less than one-third of India’s population is financially literate.

Educating people, especially India’s teenagers and young adults, about financial principles is the key to breaking the cycle of debt, financial stress and anxiety. More than that, it paves the way for them to understand and practice the essential life skills of making informed and effective decisions with the financial resources available to them.