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Mukund Choudhary receiving the trophy for RBI IQ 2014 from RBI governor

Meet India’s Money Savvy Kids

“Who was the first chairman of the State Bank of India”

“Which bank has a tick mark as its logo?

With these questions, the 6-year old Tanisha Choudhary was testing her brother, Mukund’s knowledge. As her brother, 14 years, was busy packing bags for the semi-final round of a national level finance quiz, she answers, “John Mathai” and “Yes Bank”

Since 2012, Tanisha and Mukund have been hooked to watching Reserve Bank of India’s school level financial literacy quiz (RBI IQ) on television. “If we were to sit down and teach them about banking or money basics, they wouldn’t have paid attention,” says their mother, Renu, a cost accountant by education. Along with her husband who has a commerce education, Renu motivated her kids to watch and prepare for the quiz.

The kids got interested. They started discussing terms like compound interest, demand draft, cheque etc. To explain banking concepts, the couple would then take the kids to the bank. The National Stock Exchange’s quiz show on a business channel helped Mukund understand the history of stock markets. He knows that Indians first started trading under a banyan tree and that the Tulip mania of the 1960s was the first economic bubble in the history of trading.

The exam target paid off well in two ways. The 14 year old won the  national level finals of the RBI IQ quiz in November 2o14, he got runners up title in NSE quiz and stood third in first ever online National Financial Literacy Assessment Test (NFLAT) conducted in January this year. He applies the finance basics in real life too. Instead of splurging his cash prize with friends, Mukund puts that money to better use. The last award money he got was put in the stock of a large IT company.

About Rachna Monga Koppikar

Rachna aka your Great Gruhini is a finance writer with over a decade's experience in writing about personal finance matters with leading financial publications of India. As she studies to be a certified financial planner, she is also on a mission to make every woman a money savvy individual. So shed your inhibitions. Get over your money worries with The Great Gruhini. Write to her at thegreatgruhini@gmail.com

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