Project Summary :
CHRIST (Deemed to be University) has thus embraced a culture of collaboration and partnership, which has significantly enriched its curriculum, pedagogy, and evaluation processes. Over the years, the institution has fostered numerous collaborations with industry leaders, research institutions, and organizations, resulting in a dynamic and innovative learning environment. These partnerships have brought in a wealth of expertise, cutting-edge resources, and diverse perspectives that have reshaped the educational landscape. From the experience and expertise derived from these collective efforts, the university has successfully launched the Financial Literacy Program, representing the pinnacle of these extensive collaborations. This program not only reflects the institution's commitment to holistic education but also demonstrates the transformative power of collaborative efforts in shaping the future of our students and society at large by addressing a critical need for enhancing financial awareness and responsibility among diverse target audiences. This project is a manifestation of the recognition that universities have a significant role to play in disseminating knowledge and providing outreach services, particularly in the realm of financial literacy. The project is currently in its pilot stage, showcasing promising results, and aims to extend its reach nationwide and make a lasting impact in higher education. The Gross Enrollment Ratio (GER) in India, particularly in higher education, remains low compared to developed countries, necessitating a comprehensive approach involving infrastructure improvement, better education quality, inclusivity promotion, and access to underserved regions to increase GER, which is one of the intended impacts of this project. Promoting financial literacy is vital for the economic empowerment and well-being of individuals and communities. Universities have a social responsibility to engage in knowledge dissemination and outreach services, especially considering the transformative impact that financial education can have on people's lives. As hubs of learning and innovation, universities are uniquely positioned to equip individuals with the skills and knowledge required to make informed financial decisions.
Learning Partners.
The learning partners in collaboration for this project are
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Digital partner: This project has a digital expert partner specializing in digital skills and fintech. They provide expertise in areas such as coding, data analytics, artificial intelligence, and financial technology.
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Niche-knowledge collaborator: To optimize content delivery, this educational partner imparts expertise in finance and investment. They provide guidance on financial markets, investment tactics, risk mitigation, and financial analysis, ensuring students gain comprehensive insights.
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Soft-skills partner: The soft-skills partner collaborates with the university to enhance students' communication, teamwork, problem-solving, and leadership skills. Through interactive sessions and role-playing exercises, students develop crucial interpersonal abilities.
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CISI (Chartered Institute for Securities and Investments) : Joint Certification for students who complete the training
Partnership In Universities.
In the rapidly evolving landscape of education, universities play a pivotal role in shaping the future by imparting knowledge, skills, and fostering critical thinking among students. The dynamic nature of today's world demands universities to go beyond traditional methodologies and embrace innovative approaches to education. One such transformative approach by CHRIST (Deemed to be University) is the establishment of strategic partnerships. These partnerships, forged with diverse stakeholders including industries , research organizations , and professional bodies, have emerged as a cornerstone for enriching the learning experience and fostering a holistic educational environment.
Redefining Universities: From Knowledge Centres to Dynamic Learning Ecosystems:
In the contemporary world, universities must transcend their conventional role as mere repositories of knowledge and evolve into dynamic hubs where an intricate assemblage of learning unfolds. The traditional notion of universities as fountains of knowledge needs to give way to a more contemporary perspective that emphasizes co-creation of knowledge through the harmonious collaboration of diverse strategic partners.
This necessity of departing from the past is rooted in the recognition that universities should no longer function as factories churning out masses of degree holders, but rather as crucibles of customized learning experiences, tailored to be relevant in the real world, address pressing societal challenges, and enhance the capabilities of the youth. The essence of universities today lies in their vibrant ecosystem brimming with opportunities, meticulously designed to facilitate the absorption of multifaceted concepts, practical skills, and application-oriented pedagogy. Instead of a uni-dimensional approach universities must evolve into spaces where an amalgamation of varied sources of expertise converges, fostering an environment that nurtures individualized and customized learning journeys. This departure from conventional, one-dimensional education, which often revolves around pre-existing knowledge, engenders a more profound and meaningful educational experience. In this transformative landscape, partnerships have emerged as key enablers, with the ability to endow universities with a multi-dimensional approach to education. Collaborations with external entities inject fresh perspectives, real-world relevance, and an entrepreneurial spirit into academia. This infusion of diverse viewpoints not only enriches the learning environment but also propels universities to tackle intricate challenges from myriad angles. The contemporary university is a realm where learning transcends its traditional boundaries; a hub that thrives on collaboration, actively engages with real-world issues, and empowers learners with bespoke knowledge and skills.
Outcome.
The Financial Literacy Project stands as a shining example of this last mile journey, an endeavour that brings empowerment, knowledge, and positive change to two distinct yet interconnected groups: female semi-literate cleaning workers and pre-university students. This journey encapsulates a holistic approach to community service, reflecting the project's commitment to addressing complex challenges, fostering knowledge transfer, engaging the community, advocating for policy shifts, encouraging lifelong learning, and contributing to improved Gross Enrollment Ratios (GER) in education. The vision of the project focuses on the crucial final steps taken to ensure that information, resources, and benefits reach the most vulnerable and marginalized individuals within a community. In the case of the financial literacy project, these individuals are often the ones who are in dire need of financial schemes, legal assistance, and general financial awareness. While the overarching objective of these schemes is to benefit people, the lack of awareness and understanding of their rights and available resources can prevent the most vulnerable groups from accessing the support they need.
The project adopts a tailored approach, recognizing that each group may require different forms of communication, resources, and support to effectively understand and utilize available schemes. The project goes beyond just informing individuals about schemes; it empowers them with the knowledge needed to make informed decisions. By explaining their rights, responsibilities, and the potential benefits, the project ensures that these individuals are not just recipients of assistance but active participants in their own financial well-being. Notably, the project has managed to reach out to vulnerable groups who might be skeptical or hesitant to engage with external information due to past experiences or lack of trust. The project establishes itself as a reliable source of information and assistance, encouraging individuals to seek out and utilize the offered support and contributes to more inclusive and equitable outcomes for the entire community Key outcomes for 'Student Trainers': a. Equipping Young Leaders with Domain Knowledge: Student trainers gain a deep understanding of finance and related concepts, positioning them as knowledgeable leaders in their peer group. b. Reinforcement of Learning through Teaching: When students teach and impart financial awareness to others, they reinforce their own learning and gain a deeper understanding of the subject matter. c. Developing Social and Managerial Skills: By interacting with high school and pre-university students, student trainers develop essential social and managerial skills, enhancing their overall personal and professional growth. d. Practical Application of Conceptual Knowledge: Student trainers apply their conceptual knowledge in real-world scenarios, demonstrating the practical relevance of the skills they've acquired. e. Change-makers: As students enthusiastically engage in the financial literacy project, they evolve into proactive change-agents within their communities. Empowered with insights into financial management, these young individuals wield the ability to drive positive transformations. Their role extends beyond conventional learning, encompassing advocacy, mentorship, and the dissemination of crucial financial insights. Through their dedicated efforts, they propel a wave of informed decision-making and resourceful financial practices, sparking a significant impact on both personal financial well-being and the broader community's economic landscape. Key outcomes for ‘Trainees’: a. Sensitization about Financial and Legal Government Schemes b. Banking & Financial Transactions c. Basics of Finance and Economics: High school and pre-university students acquire fundamental knowledge of finance, economics, budgeting, and financial management, setting a strong foundation for their future financial decisions. d. Knowledge of Financial and Legal Government Schemes: Students gain insights into government schemes applicable to different sectors, fostering a better understanding of available opportunities. e. Improving Gross Enrolment Ratio: By inspiring pre-university and high school students to pursue higher education, the project contributes to increasing the Gross Enrolment Ratio and promoting education in India. Through these stages, the project creates a positive impact not only on student trainers but also on the high school and pre-university students they teach, empowering them with valuable skills and knowledge for their personal and professional development. f. Nation-building: Through active participation in the financial literacy project, student trainees undergo a transformative journey that moulds them into influential change-makers within their households. The resonance of this program's impact isn't confined to their personal development alone; it ripples through their families. As these students apply newfound financial knowledge and impart valuable insights, they catalyse positive shifts in financial behaviours and decision-making within their homes. The resulting cumulative impact extends far beyond individual capacities and fosters financial well-being in the whole community. As these transformed individuals radiate their knowledge, they amplify the potential for broader economic growth, reinforcing the notion that education, in this case financial education, is a cornerstone of societal progress and the foundations of nation building. Positive Pilot Results and National Expansion The pilot stage of the project has yielded promising outcomes, highlighting its potential to significantly impact the target audiences. As a result, the project is now poised for national expansion to cover a wider spectrum of beneficiaries. The project's overarching aim aligns with the national agenda of increasing the Gross Enrollment Ratio by empowering individuals with knowledge and skills that foster financial independence and responsibility. The Financial Literacy Project, driven by the commitment to knowledge dissemination and outreach, underscores the pivotal role that universities play in fostering financial awareness and responsibility. Through strategic partnerships, the project not only empowers marginalized segments of society but also equips future generations with essential financial competencies. By bridging the gap between academic learning and practical application, the project embodies the ethos of excellence and service, contributing to the holistic development of individuals and the nation as a whole.
Financial Literacy Program.
Project Design and Approach
The Financial Literacy Project is designed with a dual approach to cater to distinct target audiences:
Approach 1: Empowering Female Semi-Literate Workers
This segment of the project focuses on enhancing financial awareness among female semi-literate workers, including those engaged in jobs such as cleaning and housekeeping. The objective is to empower them with knowledge about available financial and legal schemes. Aligned with the university's motto of 'excellence and service,' this outreach and social extension initiative aims to uplift marginalized sections of society by providing them with the tools to make informed financial choices.
Approach 2: Educating high-school and Pre-University Students This approach aims to impart financial literacy education to pre-university students, thereby equipping them with foundational financial skills that will serve them well throughout their lives. The project unfolds in three progressive levels: Basic Level (10 hours): Introduction to the basics of finance and financial management, covering topics such as budgeting, saving, and the importance of responsible financial behavior. Intermediate Level (30 hours): Delving deeper into fundamental financial concepts, this stage focuses on building a comprehensive understanding of topics such as investments, loans, and financial planning. Advanced Level: This level represents a comprehensive offering that includes: · Chartered Institute of Securities and Investments (CISI): Collaboration with CISI to provide training on advanced financial topics, thereby ensuring students are exposed to industry-relevant knowledge. · Bloomberg Lab Training: A hands-on experience in utilizing financial tools and technology, enhancing students' practical skills. · Joint Certification from CISI and University: A culmination of the project where students receive a prestigious joint certification, validating their expertise in the realm of financial literacy.
Nimmagagi Maahiti
DhanDrishti, our flagship Financial Literacy Programme, launched by the Department of Professional Studies (DPS), School of Commerce, Finance, and Accountancy (SCFA), is a transformative initiative designed to elevate individuals' financial well-being by addressing key pillars of financial literacy. At its core, the program emphasizes instilling a positive and responsible attitude towards money, fostering awareness of financial intricacies, and bolstering foundational financial knowledge.
The Financial Literacy Project is a shining example of this last-mile journey, an endeavour that brings empowerment, knowledge, and positive change to two distinct yet interconnected groups.
The two groups the FLP programme currently targets are:
1) Pre-University students and 2) Female semi-literate and semi-formal workers.
COMPONENT 1: Programme for Pre-University Students The first component of the group that targets the Pre-University Students has five unique features: Unique onboarding process As a first step, schools apply for the FLP Programme. Secondly, there is an inspection by experts to evaluate their quality credentials. The third step is a tripartite agreement between the University, CISI, and the concerned school. Finally, the onboarding of the schools, pedagogy and evaluation are to be undertaken by Christ University. Customized levels Three customized levels are curated based on students’ requirements, interests, and skills. The foundation level is open to all and provides a basic understanding of accounting and finance. Those who clear the foundation level transition to the intermediate level, where training lasts 30 hours. This primarily aims to create trainers who further assist in the training of the foundation-level participants. The intermediate level aims to develop a comprehensive understanding of financial literacy, acquire practical knowledge and skills related to savings, borrowings, and banking, gain deeper insights into bonds, derivatives, and associated markets, instil prompt adherence to professional principles, and cultivate ethical awareness. The intermediate-level certification is offered by CISI (Chartered Institute for Securities & Investment), a leading professional body for securities, investment, wealth, and financial planning professionals. The third level is the Financial Literacy Club, where they are expected to develop the key critical skills of self-learning and self-navigation. A fleet of Trainers delivering structured and standardized content The Financial Literacy Programme is poised to revolutionize financial education by establishing a cadre of highly skilled trainers. Most Financial Literacy programmes nationwide have one common weakness: the lack of skilled trainers to deliver standardized quality content. Since participants going through FLP have a unique opportunity to become certified trainers, we have a fleet of trainers equipped to deliver structured and standardized content, ensuring a consistent and high-quality learning experience for participants. By cultivating a fleet of knowledgeable educators, the program aims to bridge the gap in financial literacy, empowering individuals with essential skills for informed decision-making. Outreach based on Zeigarnik principle According to Zeigarnik principle, the learning has to be continuous to have a lasting impact. To improve financial awareness and impart financial skills, we empower the student trainers to apply theoretical and conceptual knowledge learned in the classroom through peer-to-peer pedagogy. Nation-Building Through this programme, the aim is to create a lasting impact in higher education and thereby improve Gross Enrolment Ratio (GER). Furthermore, through financial literacy, we envisage bridging the gender gap in financial literacy and creating financial independence. Journey So Far All the phases of Dhandrishti have been accomplished in the first successful pilot conducted at the Christ Junior College, where 970 students were trained. Furthermore, through this process, 27 trainers were also developed and empowered. The aim is to create a fleet of 10,000 student trainers during the month of December and January 2024, with an ambition of scaling the programme nationally. COMPONENT 2: NIMMAGAAGI MAAHITI Financial literacy is not merely about understanding the basic principles of money management; it is a catalyst for breaking the cycle of poverty, fostering economic independence, and enabling individuals to make informed decisions about their finances. Unfortunately, marginalized communities, including low-income households, minorities, and those with limited access to education, are disproportionately affected by financial illiteracy. This is where "Nimmagaagi Maahiti" steps in, acting as a bridge to connect marginalized populations with the knowledge and resources they need to navigate the complexities of personal finance. Through Nimmagagi Maahiti, an initiative which is a part of the FLP programme, the aim is to go beyond just informing individuals about schemes; and empower them with the knowledge to make informed decisions. By explaining their rights, responsibilities, and potential benefits, the project ensures that these individuals are not just recipients of assistance but active participants in their financial well-being. By empowering individuals with financial literacy skills, "Nimmagaagi Maahiti" helps to break down barriers to economic opportunity, foster entrepreneurship, and promote long-term financial stability. Moreover, by promoting a culture of financial responsibility and accountability, it lays the foundation for stronger, more resilient communities. Notably, the project has reached out to vulnerable groups who might be skeptical or hesitant to engage with external information due to past experiences or lack of trust. The project establishes itself as a reliable source of information and assistance, encouraging individuals to seek out and utilize the offered support and contributing to more inclusive and equitable outcomes. Christ University through its MA (Public Policy) programme has conducted over 8 sessions and has reached out to more than 150 women and men from the marginalized sections which includes BBMP workers, textile workers and also its own female housekeeping staff. The sessions typically cover a range of policies, including Stand up India, Zero Balance Account initiative, Mudra scheme, National Handicapped Finance Development Corporation, Karnataka Bhagyashree scheme, Atal Pension Scheme, Stree Shakti Scheme, Gruha Lakshmi Scheme, and Sukanya Samriddhi Yojana. Detailed explanations were provided regarding eligibility criteria and procedural aspects for accessing the benefits of each policy. The culmination of the session involved practical activities aimed at imparting insights into the efficient utilization of financial resources. Participants were empowered with a deeper understanding of financial literacy, enabling them to make informed decisions concerning their financial well-being.
