Promoting Financial Literacy and Investor Education for Effective Protection

The IEPFA, Ministry of Corporate Affairs and the NCAER, New Delhi, in collaboration with Pardada Pardadi Educational Society, Anupshahr, Uttar Pradesh organised an insightful workshop for school girls on “Promoting Financial Literacy and Investor Education for Effective Protection” on Friday, July 19, 2024, at Pardada Pardadi Educational Society, Anupshahr, Uttar Pradesh. The workshop had a highly interactive gathering of around 400 school children aimed to foster financial literacy and investor education among rural school children and the wider community. This initiative was a part of the continuous efforts by IEPFA and NCAER to empower individuals with the knowledge and skills necessary to navigate the financial landscape effectively and securely.

In his welcome address, Principal of PPES Shri K K Sharma expressed his delight on IEPFA and NCAER for organising this workshop which is going to be very useful for the students of PPES as it will not only impart valuable financial education to them but also encourage faster financial inclusion in general. Citing the large number of students of PPES, he hoped to get opportunity for more workshops of similar nature in near future.

Ms. Anita Shah Akella, CEO of IEPFA and Joint Secretary in the Ministry Corporate Affairs, in her message, conveyed that investor education and protection is on the national agenda and highlighted IEPFA’s efforts in creating a more informed, protected, and empowered community of investors.

Through her message, she encouraged the students to actively participate, engage with IEPFA initiatives and take this opportunity to enhance their understanding and promote advocacy of investor rights and education. Ms Akella called for involvement of the youth in driving the progress IEPFA aims to achieve in safeguarding the interests of investors across the nation.

Dr. CS Mohapatra emphasized the importance of financial literacy as the foundation for economic empowerment and financial security. He discussed how educating school children about money management can lead to a more financially responsible generation and preparing school children to understand the complexities of the financial world from a young age.

Dr. Mohapatra highlighted various educational initiatives that can be implemented in schools to teach students about saving, budgeting, and investing, ensuring they develop good financial habits early on. Making informed decisions will protect themselves from financial risks in the future and improve their financial well-being, he stated. Explaining the key financial concepts such as budgeting, saving, investing as also do’s and don’ts of financial investment, including how to be safe from cyber frauds, he emphasized that a culture of imparting financial knowledge and prudence from early stage is immensely beneficial to society.

The panel discussants — Mr Sumit Aggarwal, AGM, IEPFA, Ministry of Corporate Affairs, Ms Himani Lath, Former Manager, NSDL, Financial Literacy Expert and SMART Trainer, SEBI, Mr Naveenchandra Bansal, Former Senior Manager, PNB and Financial Literacy Counsellor, and Mr Himanshu Yadav, Chief Manager (Deposits and Value-Added Services), State Bank of India discussed the importance of financial literacy rigorously and different initiatives taken by the Government as well as regulators, including IEPFA, in promoting financial literacy and financial inclusion.

Mr. Sumit Aggarwal eloquently highlighted the IEPFA’s remarkable achievements over the past years and shared an inspiring vision for the future. He passionately encouraged everyone to engage in IEPFA’s initiatives, emphasizing that true transformation begins at the grassroots level.

Ms. Himani Lath interacted with the students and briefed them about the structure of capital markets and the role of SEBI in educating the masses and the initiatives taken for making the capital market transparent and secure for the investors. She also explained about how to start investments in stocks and mutual funds.

Mr. Naveenchandra Bansal drawing from his experience as a financial literacy counsellor, highlighted the importance of interactive and engaging educational methods. He demonstrated how tailored educational efforts can significantly improve students’ financial understanding and behaviour and Government initiatives and programme to promote financial inclusion.

Mr. Himanshu Yadav discussed the banking sector’s initiatives to promote financial literacy among young people. Mr. Yadav emphasized the importance of building trust and transparency in banking services, and how educating students can enhance their confidence in the financial system, thereby contributing to their financial well-being and overall financial sector development.

This proactive educational effort is expected to yield immense long-term benefits for the economy and society as a whole. By equipping students with essential basic financial literacy and investor education, we are not only preparing them for their personal financial futures but also, in long term, contributing to the overall financial health and stability of our nation.