A class 11 student in Gurgaon created a mobile application to promote financial literacy and empower users to manage their income and savings more effectively.
Aryan Jain, a student at Sun City School in Gurgaon, intends to teach 7,500 Indians about money over the next 75 days using the app, which is currently only available on Android.
“According to a SEBI report, only 27 per cent of India’s population is financially literate. There is a need for greater financial literacy, particularly in tier 2 and 3 cities. The application is an effort to empower each person to manage their income and savings in a better way, be aware of their short and long-term financial needs, save and invest for future needs and emergencies, and invest money to create a secure future for themselves and their families,” he said.
“DhanDanaDan” app
The “DhanDanaDan” app will not only promote financial literacy, but will also encourage young people to learn this skill early in life, according to Jain.
DhanDanaDan explains several basic and important concepts of financial planning in Hindi through a series of five animated videos in an urban setting and a storytelling format guided by a teenage character.
At the end of each module, there is a quiz to help the individual assess their learning outcomes, as well as a reward in the form of a certificate and badge for those who score well.
“There are five modules in the application. The first one is to explain the importance of financial planning. It briefly discusses sources of income, types of financial needs, types of expenses and key financial terminology. The second module focuses on understanding income.
“It covers topics related to income and its sources, the need to keep a tab on the regularity of inflow of income from different sources, the difference between active and passive income, regular and irregular incomes sources, the need to maintain a financial diary and guidance on building more sources of passive income,” Jain said.
The third, fourth, and fifth modules cover expense management, savings, options, and schemes, respectively.
Jain’s first mobile application, however, is not his first. He was the only Indian among the winners of NASA’s Artemis Next-Gen STEM Moon to Mars App Development Challenge in 2021, where he and students from other countries created an application to participate in the Artemis Generation’s efforts to land astronauts on the moon by 2024.
Also Read: 13 years old Chennai teen designs robot with ’emotion’; doesn’t answer queries if scolded
