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.