Haryana to Organize Competitions on Financial Literacy

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Haryana School Education Department has decided to organise competitions on financial literacy at block, district and state level to raise awareness among the children.

Stating this here today, School Education Director Vijayendra Kumar said, "Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finances.

Raising interest in personal finance is now a focus of state-run programs in countries including Australia, Japan, the United States, India and UK.

"The Organization for Economic Co-operation and Development (OECD) started an inter-governmental project in 2003 with the objective of providing ways to improve financial education and literacy standards through the development of common financial literacy principles. In March 2008, the OECD launched the International Gateway for Financial Education, which serves as a clearing house for financial education programs, information and research worldwide. In the UK, the alternative term 'financial capability' is used by the state and its agencies: the Financial Services Authority (FSA) in the UK started a national strategy on financial capability in 2003. The US Government also established its Financial Literacy and Education Commission in 2003", he added.

He said that in July 2010, the United States Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which created the Consumer Financial Protection Bureau (CFPB). The CFPB had been tasked, among other mandates, with promoting financial education through its Consumer Engagement and Education group.

In 2010, the Reserve Bank of India initiated a project on Financial Literacy to disseminate information regarding the Central bank and general banking concepts to various target groups including school children, women, rural and urban poor, defence personnel and senior citizens, he said, adding that the project was designed in two modules - one on role and functions of RBI and the other on banking concepts. The two comics are available for download.

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