India is making entrepreneurial strides not only within the country but also beyond it, with 56 unicorns around the world having been founded by Indians*. Innovation and entrepreneur abilities are spiking and igniting young Indian minds all across.
With the digital revolution growing at such a rapid pace, especially in the field of finance, muvin’s FINMANIA, a financial Olympiad, comes across as a boon. This is a one of its kind event in association with HT School, Mint, and Equitas Small Finance Bank, that aims to boost financial literacy via a plethora of learning opportunities for students between 7th-12th grade.
FINMANIA: An overview
FINMANIA aims to act as a catalyst to drive Indian teenagers to understand the nuances of banking and finance to make informed decisions about money, investment, saving, and much more from an early stage in life.
The registrations for India’s Largest Money Olympiad by muvin are open till 14th of October 2022 at www.finmania.in and are categorized into the following grade sets:
7th & 8th Standard
9th & 10th Standard
11th & 12th Standard
The Olympiad has been designed in offline mode in six cities: Delhi, Kolkata, Bangalore, Hyderabad, Pune, and Mumbai for 200 selected schools; and in online mode for pan India participants, with participation expected from over 100,000 students.
This finance Olympiad will help students establish a connection between financial literacy and its implementation in their everyday life.
Commenting on introducing this initiative, Mukund Rao, Co-Founder, muvin shared, “It is India’s Largest Money Olympiad, which will test the financial knowledge of teens across the country. We believe this will further help us deep dive into the needs and sentiments of the parents and their teenage children and cater to them through more focused innovative solutions. We are confident that FINMANIA and upcoming initiatives will further amplify the need to instill financial literacy among teenagers and further encourage them to get accustomed to money management before they enter adulthood.”
Sharing his thoughts, Prashant Sinha, Co-founder & COO, Momspresso.com, said, “There is a growing need for financial literacy among India’s youth. We are delighted to have partnered with muvin, in helping teens make better financial decisions, by increasing awareness through the research and the upcoming Money Olympiad, a first in India at this scale.”
It will feature an array of Multiple Choice Questions (MCQs) on basic financial literacy, further complementing the child’s curriculum and cognitive ability. The winners of the Money Olympiad would be declared at School, Zonal & National levels with students bagging prize money worth upto ₹10 lakh.
This money Olympiad is a unique opportunity for your child to acquire relevant knowledge about finance, money management, and its many benefits.
The best part is, students can participate at the click of a button.
Why do we need financial literacy?
In order to help children gain financial independence and take control of their financial future, it’s imperative to give them the right exposure. Financial literacy is not limited to Budgeting, Investing, and Personal Financial Management, but has various other benefits that can contribute to building prolonged financial stability such as:
Ability to make better financial decisions
Effective management of money and debt
Reduction of expenses through better regulation
Less financial stress and anxiety
Increase in ethical decision-making
Selecting insurance, loans, investments and using credit cards
Effective creation of a structured budget
And these benefits can only be achieved through the active participation of children in learning about finance from an early age and by parents who identify such opportunities that can shape their child’s future. Hence, FINMANIA will develop an interest among students and develop their curiosity to explore the many realms of finances.