Major studies around the world presents alarming and widespread deficiencies in financial
literacy. Even the sections that remain under formal financial setup like young working
individuals lack necessary personal financial skills likesaving, budgeting, investment, and retirement planning. Such evidence has led to the launch of financial literacy programs in
many countries, including India. Institutions such as RBI, SEBI, IRDAI, and many other
NGOs have come up with their financial literacy study materials to address the problem.
However, significant gaps in research on the availability of financial education study
materials were found.
This study evaluated a variety the personal finance literature made for school and college
students in India and measured the effectiveness of the content material in imparting financial
discipline and values to students. A user study conducted with 18 individuals between the age
group of 24-28 revealed that Illustrations and cartoons were viewed as an important factor in self-learning study materials by 61% of respondents, slightly important by 22% people
This project tested various styles of illustrations included in a web article format. It revealed
that 8 out 10 participants preferred simple B/W illustrations while learning about budgeting
Further, the researcher presented the essential learnings of personal finance literature like
goal setting and budgeting through a visual storytelling format of comics alongside personal
finance web articles.
The tests with users showed that 72% respondents confirmed that illustrations were beneficial
for leaning about basics of budgeting. The visual narratives garnered mostly positive
responses. Thus, proving that visual storytelling can improve the effectiveness of imparting
financial education among college students and produce better learning outcomes than
current offerings.