“According to a report by SEBI, only 27% of India’s population is financially literate. There is a need to improve financial literacy, especially in Tier 2 and Tier 3 cities. ways to manage their income and savings better, be aware of their short and long-term financial needs, save and invest for future needs and emergencies, and invest money to create a secure future for themselves and their families,” he said.
The app named “DhanDanaDan” will not only promote financial literacy but also encourage young people to learn the skill early in life, Jain added.
Through a series of five animated videos in an urban setting and teenage character-driven storytelling format, DhanDanaDan explains several basic and important financial planning concepts in a simplified Hindi way.
There is a quiz at the end of each module to help the individual assess their learning achievement and a reward in the form of a certificate and badge for those who perform well.
“There are five modules in the app. The first is to explain the importance of financial planning. It briefly discusses sources of income, types of financial needs, types of expenses, and key financial terminology. The second module focuses on understanding income.
“It covers topics related to income and its sources, the need to keep an eye on the regularity of income inflows from different sources, the difference between active and passive income, regular and irregular sources of income, the need to keep a financial diary and advice on creating more sources of passive income,” Jain said.
The third, fourth and fifth modules focus on expense management, savings, options and plans.
However, this is not the first mobile application developed by Jain. In 2021, he was the only Indian among the winners of NASA’s Artemis Next-Gen STEM Moon to Mars App Development Challenge, where he developed, together with students from other countries, an app to assist in the efforts of the Artemis generation to land astronauts on the moon by 2024.