Students take financial literacy test

Gurvinder Singh

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Tribune News Service

Ludhiana, November 28

Students from the city took the National Financial Literacy Assessment Test (NFLAT) here today.

The national-level online test was conducted by the National Centre for Financial Education, which has been set up with the support of all financial sector regulators in the country, including Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory (PFR) and Development Authority and Forward Markets Committee (DAFMC).

The centre for conducting the online test in the city was made at BCM Arya Model School.

Students of classes VIII, IX and X were eligible for the test. The hour-long online test comprising 75 objective type questions was conducted in several sessions today. It is going to be conducted at the school tomorrow as well.

Bhupinder Singh, Head of the Department of Financial Market Management at BCM Arya Model School, said more than 1,100 students from the school were taking the test. Students from other schools, including St GDS School, Harvest International School, Guru Nanak Public School, DAV Public School, etc, also took the test.

“The online test is being conducted for the past three years. It is meant to increase the financial literacy among students at the school level. Financial literacy is increasingly becoming important nowadays. So, the test is a great encouragement for students to gain knowledge about everyday financial terms and topics,” he said.

“Students must know how to calculate the right EMI, which insurance policy is the best and not get enticed by insurance agents. They must know how stock markets work, how to invest and how to achieve budget goals. These are day-to-day financial matters that people need to know about. It is good that students are learning these things at the school level as schooling without making students learn this important aspect in incomplete,” he said.

Students were also enthused about taking the test. “I had prepared for the test very well and got most of the answers right. I have my fingers crossed about the results to be declared on December 16,” said one of the students.