Financial education is not just about understanding mathematical figures and statistics. It contains a number of crucial ideas that will affect a person’s financial potential. Financial literacy is a fantastic way to help students navigate the complex world of today’s money. By incorporating it into the American college curriculum, it is a great way to motivate students. However, just 16.7 percent of American school-going students have a strong understanding of personal finances. The National Finance Olympiad works with schools to raise awareness of the value of financial knowledge from the very beginning and the advantages it can bring about.
About the Organization and the Story
An initiative of a Fintech company, Streak, the National Finance Olympiad, undertakes this competition among college students across the country to deliver financial literacy. The National Finance Olympiad aims to instill good money habits in children through competition because financial education is a necessary life skill. The owners, Shiv Bidani and Mitul Mehta, ex-VITians and past colleagues who shared a passion for innovation, recognized the lack of financial knowledge among American students. Younger students are drawn to competitive exams because of the brief and concise format, which both encourages and facilitates monetary learning. More than 100 institutions and 5000 students took part in the National Finance Olympiad during the 2023 educational season, which is evidence of the organization’s success.
How does the National Finance Olympiad Function?
The National Finance Olympiad aims to raise awareness of economic education’s value at the local level.
Some renowned institutions are at the forefront of the economic knowledge revolution.
- The International School Bangalore
- The Presidency School
- National Public School
- Greenwood High International School
- Sri Kumaran Children’s House
- Delhi Public School
- Bishop School Camp
- K R Mangalam World School
- Birla Public School
- Pathways School
The National Finance Olympiad has been a powerful platform for more than a year by providing useful insights into money management through cutting-edge teaching techniques and encouraging economic learning through the use of the comprehensive and simple study toolkit. The Olympiad is held in quantities to serve students in grades VI through XII.
There are two levels of competition:
- Intra-School Level: Members compete against peers from their individual schools to advance to the Nationals.
- National Level: Major students from participating institutions compete at the national level to win the most awards.
The participants’ information on their understanding of various financial topics is provided after the competition. Winners and exceptional performers receive monetary awards, National-level acknowledgment certificates, and letters of excellence. As students get older, the program encourages them to acquire expertise and make wise financial decisions.
The National Finance Olympiad is designed under the guidance of leading experts like Prof. Sankarshan Basu (Professor IIM Bangalore), Mr. Reeju Datta (Co-founder, Cashfree), and Mr. Soumya Kanti Purkayastha (Ex-CEO Berkeley HealthEdu and Ex-CBO Aakash Educational Services). Their understanding of finance and management substantially contributes to the overall framework and learning environment of NFO.
The 2024 college enrollment process has begun for the National Finance Olympiad. Through the website www.thenationalfinanceolympiad.com, parents and teachers may file their schools for the competition.
Conclusion
Students’ ability to make wise financial decisions as they advance in their careers and life is enhanced by early financial education. The guides provided enrich students’ understanding of finance by combining theoretical financial education with sensible money management techniques. The Olympiad places an emphasis on real-world application as a way to close the gap in Indians’ financial education. The National Finance Olympiad plays a crucial role in shaping India’s financial future with a goal to foster a financially sensible and compelled technology.
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