Financial literacy in India is a need of the hour with the increasing technology and digitalisation of services. According to a report by the Securities and Exchange Board of India (SEBI), only 27 per cent of India's total population is financially literate. The number itself signifies the urgent need to empower the people to become financial literate.
To tackle the issue, a class 11 student studying at Sun City school in Gurgaon, Aryan Jain, has developed a mobile application which promotes financial literacy and empowers people to manage their savings and income independently. He aims to make 7,500 Indians financially literate in the coming 75 days by encouraging them to use the application available on Android devices.
Innovation At Its Best!
While emphasising the need to launch such an application, the class 11 student, Aryan Jain, said, "There is a need for greater financial literacy, particularly in tier 2 and 3 cities. The application is an effort to empower each person to manage their income and savings in a better way, be aware of their short and long-term financial needs, save and invest for future needs and emergencies, and invest money to create a secure future for themselves and their families," Times Now reported.
He added that the 'DhanDanaDan' app is not just centred on promoting financial literacy but also on empowering the youth to learn financial skills early in their life. The app explains the fundamentals of financial planning through the help of pre-installed animated videos and storytelling format contents.
The app developer has also kept a quiz at the end of every module to help the people assess their knowledge and learning outcomes. A certificate and badge will be provided for the people who perform and score well. "There are five modules in the application. The first one is to explain the importance of financial planning, sources of income, types of financial needs, and types of expenses. Whereas the second module focuses on understanding income," Jain said.
App Development In NASA Project
This is not the first time that Aryan Jain has designed an application. In 2021, he became the only Indian to register and win in NASA's Artemis Next-Gen STEM Moon to Mars App development challenge. In the competition, Jain and students from foreign countries developed an app to participate in the Artemis Generation's endeavours to help astronauts land on the moon by 2024.
Also Read: West Bengal: LGBTQ Activists Stages Protes Over Inaction Of Transgender Development Board