In the rapidly evolving world we are in, it has become highly important to make sure children have basic lessons in financial literacy. At instrucko, we understand how important it has become to give young minds all the assistance they need in making sound financial judgments. It is for this reason that we are proud to introduce our online financial literacy service for kids.
Understanding the Basics
Our Financial Literacy initiative begins with offering fundamental financial literacy to the kids. They are exposed to basic but essential lessons on budgeting, saving, spending, and the value of money in an engaging manner, and we firmly believe that basic truths of financial literacy could instill healthy practices among kids right from a very early age to handle money.
Exploring Real-World Scenarios
One of the essential facets of our class is practical scenario integration. While engaging our students in practical scenarios, we, as instructors, give them the opportunity to apply what they have just learned. These applications vary from making a budget plan for a family vacation to making financial objectives for buying a new product in the future. They learn how to think critically and make smart financial choices.
Interactive Learning Experience
At instrucko, we realize that learning can also be fun. The Financial Literacy course is full of activities, games, and tests that are sure to hook children and keep them motivated. Whether it is learning to handle a mock online banking account or a game of stock market, children not only take an active part in learning but learn all about finances in a different manner.
Expert Guidance
The course is supervised by qualified tutors who are passionate about teaching children how to be self-reliant in finances. The tutors are well-learnt in finance and teaching. Therefore, children are given the utmost support by the tutors. The children are confident in finance. They are able to ask questions and develop new ideas.
Preparing for the Future
Ultimately, the overall aim of our Financial Literacy Online Course is to empower children to make the best use of their financial experiences once they are grown. By imparting to them the essential financial skills and instilling a habit to make them financially responsible, we can empower them to take control of their financial fate themselves.
instrucko’s Financial Literacy lesson goes like this
Teamwork | • Describing team and team works • Requirements of teamwork • Benefits of team work |
Introduction to financial literacy | • Basic financial concept • Concepts of the Barter system • Needs vs wants • Trade and Money • Bills/Cash Memos |
What is money? | • Evolution of money • History of money |
Money exchange system | • Money as a medium of exchange • Bartering • Use of currency |
Key characteristics of money | • Functions of money • Medium of exchange • Standard of value or unit of account • Store of value |
Banking | • Evolution of money • Origin of bank • Types of banks - their services and products • Key banking operations • Importance and purpose of Banks • The functions performed by Banks |
What is a bank account? | • What is a bank, and what does it do • How to open a bank account • How to deposit or withdraw cash • What are the bank account holder's document • Types of bank account • Electronic banking |
Security | • Role and importance of the Reserve Bank of India (RBI) • Introduction to digital banking and the Digital India Initiative |
Modes of Digital payments - Card based | * Kinds of bank cards * POS and mPOS * Types of ATMs |
Debit and credit cards | • What is a debit card • What is a credit card • Pros and cons of debit and credit cards • Do's and don'ts • How to choose a card • Financial identity theft • Safeguard |
Using credits wisely | • What is credit • Components of a loan • Types of credit • Benefits of credit • Cost of credit • Why do people want credit • Cash flow • Impact of credit decisions • Tips to use credit wisely |
3C's credit | • Credit report and its elements • Credit bureaus • 3C's of credit • Credit score, its factors and importance • Credit application |
Modes of Digital Payments − Biometric Based | • Role and definition of UIDAI, Aadhaar and AePS • Purpose and benefits of Micro ATM machines |
Modes of Digital Payments − Mobile-Based Banking and others: | • Various forms of digital payments including Internet banking and mobile banking • Digital Platforms: UPI and mobile wallets • USSD and its application |
Financial planning (I) | • What is financial planning • Importance of financial planning • Components of financial planning • Financial planning process • Types of risk • Factors influencing financial planning • Life situation • Money values and economic conditions • Benefits of financial planning |
What is financial planning? (II) | • Setting goals • Analysing information • Creating a plan • Implementing the plan • Monitoring and modifying the plan |
What is income? | • Income • Taxes and other deductions |
Types of income | • Heads of income • Income from salary • Income from business and profession • Income from house property • Conditions for taxation • Capital gains |
Components of salary | • What is salary • Types of pay • Basic salary • Different types of allowances • Perquisites • Deductions • EPF • TDS • CTC |
What are expenses? | • Fixed expenses • Variable expenses • Building your budget |
Why save | • Disposable income and saving • Calculating simple and compound interest |
Setting goals | • Goals • How to set a goal • SMART goals • How to achieve goals |
Systematic savings and investments | • What is savings • Investment and types of investments • Time value of money • Systematic investment plan • Net asset value |
Decision making | • What is decision making • PACED decision-making model • Trade off • Opportunity cost • Decision-making biases • Benefits of decision-making • Skills needed for making good decisions |
Making a budget | • Budgeting • Household budgeting • Tips for preparing household budgeting • Personal budget • How to adhere to your budget • Types of expenses |
Insurance | • What is insurance • Risk and its management • How does insurance work • Component of insurance • Cost of insurance • Advantages and disadvantages • IRDAI & insurance ombudsman |
Types of insurance | • Life insurance • Linked insurance plans and their pros and cons • Endowment plan • Child insurance plan • Retirement insurance plan • General Insurance • Health insurance • Home Insurance • Motor insurance • Travel insurance • Commercial insurance |
Debt management | • What is debt • Credit and debt • Types of debt • Good vs bad debt • Signs of a debt trap • How to get out of debt • Debt to income ratio • Debt action plan • Repayment strategies |
Taxes | • What are taxes • Income tax • What are taxes used for • Tax collection • Taxable and non-taxable income • Income tax department of India • Income tax return • Form 26AS • Form 16 • PAN and TAN |
Types of taxes | • Different types of direct and indirect taxes • GST • Import duty • Administration of tax laws • CBDT and CBIC |
Investment basics: | • What is investment • Purpose of investment • When to start investing • Care to be taken while investing • Interest and rate of interest • Short and long-term financial options for investment • Stock exchange • Equity/share • Mutual fund • Debt instrument • Derivatives • Index • Depository • Dematerialisation |
Securities | • What are securities • Function of securities markets • Regulator • Participants |
Primary market | • Role of primary market • Issue of shares • Market capitalisation • Foreign capital issuance |
Secondary market | • What is secondary market • Difference between primary and secondary market • Stock exchange • Stock trading • Products in the secondary market • Equity investment • Debt investment |
Derivatives | • Types of derivatives • Commodity exchange |
Depository | • Depositories in India • Benefits of participation in a depository |
Mutual funds | • SEBI • Benefits of investing in mutual fund • Types of mutual fund • Investment plans under mutual fund • Rights available to mutual fund holders in India • Active and passive fund management • Exchange trade fund |
Corporate actions | • What is meant by 'dividend' declared by companies • Stock split • Buyback of shares • Index (NIFTY) • Clearing & settlements and redressal |
Concepts and modes of analysis | • Simple interest • Compound interest • Time value of money • Annual report • Balance sheet • Profit and loss account |
Money decision | • Money choices • Money style • Saver, spender, and avoider • Money circle • Money values |
Early entrepreneurship | • Entrepreneur • Skills requires • How to become an entrepreneur • Challenges |
Crypto | • Web 3 • Blockchain • Cryptocurrency • NFT • Metaverse |
Fintech | • What is Fintech • Technologies in Fintech • Fintech applications |
Conclusion
At instrucko, we firmly believe that no child should be denied knowledge and skills that will enable them to succeed in this complex world that we live in today. The Financial Literacy Online Course that is offered by us is but one step towards ensuring that your child gets to experience the very best and gets to live the life that is their birthright. Help your child become independent and gain knowledge to live life to the fullest.
