Wednesday , June 19 2019
Home / Raising Money Savvy Kids / Meet India’s Money Savvy Kids
great, gruhini
Mukund Choudhary receiving the trophy for RBI IQ 2014 from RBI governor

Meet India’s Money Savvy Kids

Abhinav Agarwal, receiving the first prize in the National Financial Literacy Test

Like Kushagra and Mukund, our country has thousands of, what I call ‘Money Savvy Kids’ who understand that Rs.100 kept in a drawer will only depreciate in value due to inflation. Some like 15 year old Abhinav Agarwal, who stood first in the NFLAT exam know that his cash prize of Rs.10000 will earn better returns in a bank’s recurring deposit account instead of a savings account.

Along with parents’ hand-holding, all these kids actively participate in the various quiz and contests around money that motivates them towards learning.

What I learnt from these Money Savvy Kids and their parents

As I interacted with the parents of these money savvy kids, I got tips which I will put to use when my pre-schooler becomes a teenager.

1. It’s Never too late: You’ve never showed them the coins and rupees or taken them to a bank. That is fine. You can start discussing about money and banking at the dinner table too.

2.Make a target and motivate: Let them watch the money quiz and contest telecasts on television. Our regulators, banking entities and market bodies have been organizing such contests, online exams and quiz across various cities. These entities have websites dedicated to kids’ money games and other learning tools also.

You can motivate your kids with the amazing cash and other prizes that are doled out in these contests.

Name of the entity Features Eligibility/Time
Funancial Quest, by National Stock Exchange and CNBC Workshops and Projects in schools2.Television quiz showOnline courses and Financial games Quiz and Workshop: Class 8 and Class 9
National Financial Literacy Assessment Test, by National Centre for Financial Assessment (NCFM) One Hour online test with multiple options. Schools apply for participation October
RBI Quiz (RBIQ), by Reserve Bank of India Quiz on history of RBI, banking system across schools Class 9 to Class 12, October, November
BSE International Financial Olympiad, by Bombay Stock Exchange (BSE) and EduHeal Foundation Multiple choice paper based on economics and commerce aspects. Its open for school children, principals and teachers too Class 9 to Class 12

3. Involve your Teenager in record keeping of financial transactions: No, I don’t mean to say that you need to give them the keys of your bank locker. Let them be around when your planner or relationship manager comes. Ask them to keep your financial statements and insurance records in order.

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

Check Also

great, gruhini

When its Sunny, Have Fun with Money

Gruhinis Are you ready for the summer holidays of your kids? If you are still …

Leave a Reply

Your email address will not be published. Required fields are marked *

*Please enter the text from the image.