Kotak Mahindra Bank in partnership with Brainsalt Education has launched India’s first National Finance Olympiad – Junior Finance Wiz. The Olympiad is aimed at students between the age group 9 to 18 years to promote Financial Literacy.
Through the programme, students will learn about the basics of Finance such as savings, budgeting, banking, investments, insurance, trade and commerce.
The initiative is in line with the Government of India’s national programmes for Financial Literacy and Financial Inclusion. Till now, there have been various efforts being made for education of people who are already a part of the financial ecosystem. Investor education initiatives and customer awareness programmes are conducted by various bodies such as RBI, SEBI, BSE & NSE. However, with a focus on education, citizens right at the school level will drive higher participation in financial systems and processes and improve the overall economy.
Kotak Mahindra Bank offers a special account for this target segment called the My Junior Account. Under the aegis of Junior Learner programme, The Junior Finance Wiz will empower parents and students to embrace Financial Education. It will also help parents to start early in educating their kids on the need to understand finances better.
Junior Finance Wiz is conducted by Brainsalt Education, a Mumbai based education services start-up which specialises in Financial Education for schools. Through their flagship subject Finance Fundas, Brainsalt is already implementing Financial Education in schools throughout India. Through Junior Finance Wiz, it wants to make financial education available to everyone in India. The Olympiad is conducted online and students can participate in it from their homes or schools.
Every participant will receive a study material upon registration and will be guided through online resources to appear for the exams. There are prizes worth Rs 5 lakh to be won by schools and students at national and zonal level.
Financial Education is the need of the hour and needs to be adopted by all schools and parents. Various boards such as CBSE and state boards have already recommended financial education as a part of the curriculum but are yet to find out a way to incorporate it.
Brainsalt Education has made it easier for schools to adopt financial education through the Junior Finance Wiz.
The rate of Financial Literacy in India is below 25 percent in urban areas and below 19 percent in rural areas. Over 95 percent of parents and educators surveyed by Brainsalt Education has strongly recommended Financial Education for their kids as a part of the school curriculum. Over 72 percent students learn about finances from their parents. Parents are well aware of the
need for Financial Education and can now enroll their kids for the Junior Finance Wiz.
The registrations are completely online and can be done at the official website of Junior Finance Wiz – www.financefundas.in.
The initiative is also partnered by IT Olympiad, Education World Magazine and Mycity4Kids.