Education10X says data shows that 73% of Indian population, 97% of kids are not financially literate
PANAJI, Apr 11 (The CONNECT) - Goa-based Education10X, the world’s first financial literacy platform for kids, has formally been launched in India under the aegis of BrightCHAMPS.
Education10x, founded by IIM Calcutta graduates Bhavishya Chaurasia, Gyan Tiwari and Prasanna N Muley, is focussed on delivering world-class financial education to kids from 8 to 16 years of age. Education10X ensures hands-on practice for its students with the help of simulators on equities and cryptocurrencies so kids can have real-world and practical experience of these financial instruments.
The Indian curriculum has been designed based on RBI guidelines on financial literacy to suit the needs of children in various age groups, the company said in a Press Release. It will also be taught by thoroughly trained instructors who are CAs and MBAs, with an acceptance rate of under 3%.
According to the team’s extensive research on the topic, the launch of an India-specific programme was motivated by the finding that less than 3% of Indian kids are financially literate due to the absence of the subject in the country’s education system.
“SEBI’s own research says that just 27% of India’s adult population is financially literate. This boils down to less than 3% in the case of kids. Which means that a significant number of kids and teens enter adulthood without knowing how to manage their resources properly. This will particularly hamper the future generations since India’s growth and development is going to be entrepreneurship-led, and learning the rules of money management is a crucial skill for running successful businesses from a young age”, said Education10x Co-Founder Bhavishya Chaurasia, explaining the need for such a platform for Indian children.
Education10X’s India offering has been extensively gamified and includes masterclasses by global experts. Previous masterclasses have been conducted by global financial advisor Amit Rao, Co-founder & Director of Finance at Ohdelices Creative, Ritwick Dashora, part of the founding team at Dezerv, and Arjun Vijay, founder of Giottus Cryptocurrency Exchange.
The company has seen success in its 25+ countries of operation, with 90% of their students started investing in SIPs, 76% of kids above 12 years of age starting to invest through parents, and 97% parents saying that their kids have become smarter and more responsible with money after participating in the Education10x programme.