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ICICI Pru MF, My Financial Advisors presents FPL

A Financial edutainment initiative for school children across Mumbai

September 24, 2012 4:36 IST | India Infoline News Service
ICICI Prudential Mutual Fund has taken a new initiative to extend financial literacy to the school level through the innovative and educating Financial Premier League (FPL). Launched under the company’s “Tarakki Ahead Investor education and Financial Literacy initiative”, FPL is a fusion of cricket and personal finance and is aimed at educating school children on the benefits of financial concepts and familiarizing them students with terms such as investments, savings, insurance, mutual funds etc.

FPL has been planned over two phases. In Phase 1, 35-40 schools were approached to take part in this activity. Over 40 students have been selected (four students from ten schools each) from over 6,000 students through a Financial Quotient (FQ) quiz. Four students from each school were shortlisted basis their score in FQ (2 from the junior batch-std III to std-V and 2 from the senior batch std V to std IX). In Phase 2, the two teams (senior and junior) played the inter school game FPL finale on 22 September.

The finale was held at IES Manik Sabhagraha, Bandra Reclamation. FPL is a valuable opportunity for school children to learn financial skills without the traditional classroom model. FPL is a primer for children on how to develop good money habits, and understand what savings, expenses, banking, mutual funds insurance, investments and charity is all about.

FPL had two different rounds and panels. Round 1 is the ‘Score Panel’ wherein runs scored will be converted into money. Round 2 is the ‘Game Panel’ wherein the player needs to make smart choices with the money earned on the score panel. Participant who makes right financial decisions during the game and acquires maximum amount of cash and assets will be announced a winner.

Prize of Rs 25000 was awarded to each player from junior and senior team. The prize money will be invested in their name in mutual funds schemes of ICICI Prudential Mutual Fund after individual financial counseling of the guardian.

Mr. Aashish Somaiyaa (Head Retail Business–ICICI Prudential Mutual Funds) said, “As an investment management company, we try to reach out to adults through our awareness initiatives and educate them on the "why" and "how" of investing. While we continue on this mission, it is amply clear that our children need to be oriented into financial literacy at a much early age. Children rightfully expect the world from their parents, and in their own way parents try to give them their best, but do children understand and appreciate what goes into all of this? Can we prepare them better for their own future? Our educational system prepares children for earning money as they grow, but having earned how does one make that money earn more money? As we see the paradigm of money change before our very eyes, we need to get children to understand the value of money as they "see" and "understand" and not just by what they read as part of their academic process.

The man behind designing the FPL Amar Pandit, CEO, MFA said “We strongly believe that financial literacy should be initiated at an early age. This is because as kids grow into teenagers they develop strong habits and become hardwired because of peer pressure and the external environment. By then they would want to buy mobile phones, gadgets, branded clothes and do many things that their friends are doing. Telling them to spend rationally and responsibly might be a tall order if you have not inculcated good habits early on. ” 

Taking the baton of investor education and awareness ahead, ICICI Prudential Asset Management Company has launched “Tarakki Ahead”. All investor awareness initiatives from ICICI Prudential Asset Management Company (IPAMC) have been clubbed under this platform aimed at bridging the gap between mutual funds and the investor. As part of this effort, the IPAMC will associate with several partners such that it cuts across the diaspora of Indian investors. The initiative will go on to include various investor education and awareness programmes like, FPL Investor Camps, monthly communication to its investors reviewing the global and domestic movements and trends to guide them on their investments.

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