Teenagers are closing the gap in financial literacy – The New Indian Express

Express press service

CHENNAI: Teenagers these days are exposed to a range of information in arts, science, technology and other fields, but there is little when it comes to financial literacy. Taking it upon themselves to solve the problem, Arnav Bajaj and Aryan Chaudry founded Finance4teens, an organization dedicated to developing financial literacy. It all started during the COVID-19 lockdown.

“We have a huge interest in finance and banking. While working on a school project, we came across a survey conducted by the Global Financial Literacy Center which indicated that only 24% of the Indian population had financial literacy and only around 15% of teenagers knew the basics of finance. , like the difference between credit cards and debit cards. or in the markets,

Arnav said, lamenting that the subject is rarely taught in schools. Arnav interacted with students from various schools in Chennai to find out how many of them had financial literacy and found that the survey results were true. Something had to be done about it, the duo felt. A short course on seed funding and implementing entrepreneurial ideas at a business school in January 2022 gave them the idea to start Finance4teens.

The platform educates teenagers on the basics of banking and finance and offers them a personalized financial roadmap based on their needs and financial situation. The group meets online via webinars and provides resources such as blogs, video lessons and investment contests, in addition to discussions. These webinars average over 500 students. The curriculum was prepared by teenage volunteers and then approved by experts in the field.

The group plans to translate materials and reach out to rural and disadvantaged children. Finance4Teens also maintains professional standards and is clear about sponsorship and advertisements. “We thought about teaming up with banks and financial organizations to get financing, but there was a catch: we had to advertise their products on our site.

Rather than education, it becomes more of an endorsement, so we dropped the idea,” Arnav asserted. Finance4teen is a non-profit organization that receives donations but is reluctant to partner with third parties. The dream of instilling financial education is gaining momentum. The team started with just two now has more than 20 members and a presence in seven countries. The team is looking forward to bringing in finance experts and expanding its reach even further. Arnav said he would like to pursue higher education abroad and a career in investment banking.

CHENNAI: Teenagers these days are exposed to a range of information in arts, science, technology and other fields, but there is little when it comes to financial literacy. Taking it upon themselves to solve the problem, Arnav Bajaj and Aryan Chaudry founded Finance4teens, an organization dedicated to developing financial literacy. It all started during the COVID-19 lockdown. “We have a huge interest in finance and banking. While working on a school project, we came across a survey conducted by the Global Financial Literacy Center which indicated that only 24% of the Indian population had financial literacy and only around 15% of teenagers knew the basics of finance. , like the difference between credit cards and debit cards. or markets,” Arnav said, lamenting that the subject is rarely taught in schools. Arnav interacted with students from various schools in Chennai to find out how many of them had financial literacy and found that the survey results were true. Something had to be done about it, the duo felt. A short course on seed funding and implementing entrepreneurial ideas at a business school in January 2022 gave them the idea to start Finance4teens. The platform educates teenagers on the basics of banking and finance and offers them a personalized financial roadmap based on their needs and financial situation. The group meets online via webinars and provides resources such as blogs, video lessons and investment contests, in addition to discussions. These webinars average over 500 students. The curriculum was prepared by teenage volunteers and then approved by experts in the field. The group plans to translate materials and reach out to rural and disadvantaged children. Finance4Teens also maintains professional standards and is clear about sponsorship and advertisements. “We thought about teaming up with banks and financial organizations to get financing, but there was a catch: we had to advertise their products on our site. Rather than education, it becomes more of an endorsement, so we dropped the idea,” Arnav asserted. Finance4teen is a non-profit organization that receives donations but is reluctant to partner with third parties. The dream of instilling financial education is gaining momentum. The team started with just two now has more than 20 members and a presence in seven countries. The team is looking forward to bringing in finance experts and expanding its reach even further. Arnav said he would like to pursue higher education abroad and a career in investment banking.