Financial Literacy Quiz
The pressing need for financial education comes from two areas. Firstly is the deterioration of personal finances. Today youngsters resort to living beyond their means, have credit cord debt, and making risky investments. Second is the proliferation of new, and often complex, financial products that demand more financial expertise of consumers. Turbulent market conditions and changing tax laws compound the need for sound financial education. Even Government servants are moving from defined contribution regimes to schemes with benefits for retirement, at their option. Therefore, retirement planning becomes very important.
Further the proliferation of new and often complex financial products demands more financial expertise. Also turbulent conditions and changing tax laws compound the need for adequate financial planning. Thus it has become inevitable for all to get into financial planning and understanding financial products. Financial planning envisages both short term and long term savings. A portion of the savings is invested in certain assets. There are various investment options in the form of assets: bank deposits, government saving schemes, shares, mutual funds, insurance, commodities, bonds, debentures, company fixed deposits etc. Financial planning isn't something that happens by itself. It requires focus and discipline. It is a six step process that helps you take a 'big picture' look at where you are and where you want to be financially.
Financial planning is a must for every household. Financial planning goes beyond savings. It is an investment with a purpose. It is a plan to save and spend future income. It should be carefully budgeted. Financial Planning is the process of meeting your life goals through proper management of your finances. Life goals can include buying a house, saving for your child's higher education or planning for retirement. Today you find people living beyond their means, having credit card debt, making risky investments and doing things that are irresponsible and against the basic principles of financial planning.
Advantages of financial education are:-
· Helps build a secure financial future. Lack of financial knowledge can affect an individual's or family's ability to save for long-term goals and make them vulnerable to severe financial crisis
· Prepared for financial emergencies. By incorporating contingencies in your financial plan you are ready to face unseen circumstances head on
· People who are financially literate are reluctant to buy financial products that they do not understand and thus do not fall for marketing gimmicks
· Feeling a sense of accomplishment. Financial education is effective at moving people closer to their goals
‘‘PRATEEKSHA” an NGO, has taken the lead in introducing an innovative programme to help school/ college children in Nuapada District to gain financial literacy. Around 300 hundred students from 4 school/VTP/ITI have been covered through this programme which was launched a few days back.
‘Prime Minister Modi’s Jan Dhan Programme, Atal Pension Yojana and two new insurance schemes has given the necessary impetus for economically disadvantaged section of the society to avail government subsidy through banks, we want to enable children to gain financial literacy, as well as cultivate the habit of saving while growing up to be wholesome productive individuals in the community they live in.
The Programme Was framed with certain rules and regulation to maintain discipline and justice while conducting competition. It is proposed to make six team like A,B,C,D,E,F consists of two participants each team from were 1st, 2nd and 3rd prizes will be announced. Rests of the students attending the competition are treated as audience and 5 consolation prizes were given.
Before a day of the quiz completion, in each institution a 3 hours Demonstration class was taken by the faculty of Prateeksha to explain the various features and subjects of financial literacy. The pupils were clearly explained the factors of financial planning, Savings, Borrowings, Remittance, Pension, Insurance and Grievance Redresal.
As the subject is completely new and this sort of programme never conducted before, it’s a great challenge and opportunity for all students which need a prior practice regarding these subjects. The competition time was fixed for 2.5 hours were questions are asked from the financial literacy topic. If a team failed to answer, then the question passes to subsequent team and so on. In the competition of each round, a question will asked to the audience and consolation prizes are fixed to team to them.
Quiz machine (Buzzer Round) was installed in each table to conduct “Fastest Finger First” which created a great experience and thrill among the participants.
Multi colored certificates instantly laminated & printed with participant name. Guest’s Name, Designation and Signature of the principal, Organizer, DDM Nabard and Financial Literacy Councilor Nuapada. The trophies were printed with colorful stickers with name and logo of NABARD and PRATEEKSHA, and in each programme chief guest are invited to attend as jury for judgment and distribution of prizes