Financial Literacy Program

TEFES
(Technology Enabled Financial Education in School)

Financial literacy defines as “a combination of financial awareness, knowledge, skills, attitude and behaviors necessary to make sound financial decisions and ultimately achieve individual financial well-being.”

In recent years, financial literacy has increasingly risen as a key competency and area of focus in development practice. Keeping in view the critical need of financial literacy among students, AIF’s TEFES program aims to tap into this opportunity and build a standardized and scalable implementation model for financial education within government schools serving low-income families in association with Punjab ICT Education Society (Government of Punjab) in 200 schools across 10 districts of Punjab from 2014 to 2016.

Financial Literacy

How Initiate by AIF: Financial literacy was stated by AIF in September 2014 in Government higher and senior secondary schools to check student understanding in finance. This was the Baseline test for the students. AIF Firstly start baseline and students get enjoyed, learned of Financial literacy game and understand the concept what is money. After the first phase AIF check the student’s psycho in the form of objective questions and multiple answers in April 2015. In psychometric test AIF understood that where children mentality stands and the level of the students in finance, during this period AIF implemented the Financial Modules (Animated cartoon movie clips for financial literacy), this was the outspoken stride taken by the AIF, because students response was beyond the expectations; modules are in their regional language that’s why this footstep was too good. 

These modules are delivering by the following methods.

SR NO	MODULE NAME	DELIVER BY
1	What and how the money	Deliver by AIF coordinator in the presence of school teacher (Math and SST)
2	What is income?
3	What is skill and job?
4	Other sources of income
5	Needs vs wants
6	Prioritizing needs	Deliver by AIF coordinator, but facilitate by the school teacher.
7	Comparing prices
8	Other factors affecting spending
9	Saving vs spending
10	How to save
11	Saving goal	Deliver by School Teacher, but facilitate by the AIF Coordinator.
12	Credit what is loan
13	Good and bad loans
14	Credit worthiness
15	Investment	Deliver by School Teacher in the presence of AIF Coordinator
16	Interest
17	Risk

Facts of Financial Literacy in Schools

·       Understand what, how the money.

·       Understand about how to save money, bank and their terms.

·       Understand about what are their needs and how can they avoid their unnecessary wants.

·       Familiar with credit, investment, Interest rates in various forms and also will evaluate the risk and benefits of investment.

·       The power of compounding interest.

·       Your credit score and how it is calculated.

·       How to understand the true cost of banking products and make informed decisions.

·       The psychology of money and its impact on decision-making.

After diverse activities AIF will conduct end line test for students result evaluation, if all activities conducted by the AIF go smooth there should be certainly positive result. 

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