The RBI has invited schools & school students to take part in the National Financial Literacy Assessment Test. The test intends to measure the level of financial literacy in school students from class VI to XII and will be conducted in three categories.
Basic financial literacy has become a necessity & an important life skill at a time when multitude of banking & financial products are flooding the market. To this end, the National Centre for Financial Education (NCFE), a joint initiative of all financial sector regulators i.e. RBI, SEBI, IRDAI and PFRDA is inviting all school students from class VI to XII to participate in the National Financial Literacy Assessment Test (NFLAT 2017-18). The NFCE is setup to implement the national strategy for financial education.
About the NFLAT
The NFLAT is a first of its kind national level test intended to measure the level of financial literacy among school students. Through this test, NCFE aims to encourage the school students to obtain basic financial skills which are essential for their full participation in society and life time of well-being. NCFE-NFLAT was launched in the year 2013-14 by the NCFE.
Students can register only through the school
NFLAT 2017-18 Online Test is being conducted throughout the year till 31st December, 2017 for those who wish to advance to the next round of competition. However, students can take the test in the remaining period also, but they will be issued a certificate and they will not advance to the next round of competition. NFLAT for 2017-18 will be conducted in 3 categories.
- NFLAT Jr. 2017-18: For students of 6th to 8th Standard
- NFLAT 2017-18: For students of 9th and 10th Standard
- NFLAT Sr. 2017-18: For students of 11th and 12th Standard
All the three tests will be conducted in the respective schools. The schools having adequate IT Infrastructure and internet connectivity will be allowed to conduct the test at their premises. The Online test will be available regularly in different slots and timings till 31st December 2017. The school has to invigilate the online test for their own students and any assistance required for the online test shall be provided by NCFE.
The schools shall be paid a fixed incentive of Rs. 10 per student appearing the test to meet the cost toward infrastructure. Firstly, the school has to register itself online . Subsequent to the school registration, details of the students interested in the test need to be uploaded by the school. After that, the schools need to select the ‘Date and Slot’ on which they intend their students to take the test.
Test Pattern & Syllabus
NFLAT would cover the following topics
- Money Matters: Smart Goals and Financial Analysis
- Budgeting: Balancing the Means and the Ends
- Understanding insurance and risk management
- Understanding Investments
- Basics of Banking
- Introduction to Stocks and Bonds
- Investments: The wider Spectrum
- Beyond Savings: Borrowing
- Retirement as a financial goal
Detailed syllabus can be downloaded from here. While the syllabus for all the 3 categories is the same, the complexity of questions will vary. Relevant study material is also uploaded on the NFLAT website for students to go through. The following would be pattern for the 3 categories of students.
2nd Round of Competition (Regional & National rounds)
After the first round of test, the top 10 Schools (Pair of 2 top students) from each zone (South, East, West, North and Central) will be ranked. The selected school students will be called for the regional round Competition comprising of advance test and/or debate and/or quiz and/or presentation followed by final 3 school winners (Pair 1+1) to be declared from each zone.
All the top 3 school winners i.e. 15 School winners would be called for the national round comprising of advance test and/or debate and/or quiz and/or presentation and the top 3 National school winners would be declared.
All India top 10 Schools shall be awarded with a cash reward of Rs. 25,000 each in terms of highest participation and All India top 10 Schools shall be awarded with a cash reward of Rs. 25,000 each in terms of school performance (Success rate).
Apart from the above, the following awards are up for grabs.
Things to do
- For Schools: Please register online on the NFCE Portaland encourage students to apply and prepare for the assessment.
- For Students & Parents: Encourage the school management to register & participate in the competition. Parents could download the relevant study material and explain the same to their children.
For more details, write to firstname.lastname@example.org or Call at 022- 66734601/02