Financial education is the ability to understand how money works. It is the art of investing and managing money and the ability to make sound financial decisions. Finance is not taught formally in schools in India and it’s closest counterpart is economics which is the study of production and related aspects in a large system whereas finance is about managing available resources. While there has been research on the subject of financial education and financial education for children, there is a shortage of research done on the subject with respect to the Indian Context.
There is no dedicated source of learning for children about finance. Financial institutions do not engage in financial literacy for children. The aim of the project is to design a product to teach and manage finances for children between 8 and 10 years of age, keeping in mind their everyday context which also consists of a space where parents can monitor the progress of their child.
The product will act as an experiment in changing the patterns of education by using the principles of learning through experience and learning through play.