Principal Mutual Funds and Money Wizards have rolled out what they term India’s largest personal financial education initiative `YouthMoneyOlympiad' (YMO), which promises to address the subject of personal finance knowledge, not covered in our formal educational curriculum.
By making students aware of the importance of managing money well even before they start earning, YMO intends to prepare them for their life with this very important skill.
YMO will reach out to over 100 colleges across the 31 state capitals. The entry is by invitation only, and top institutions are being invited for this educational rollout. YMO will be administered as a personal finance assessment test in the multiple choice question format, amongst the students. The quiz will help students evaluate their personal finance quotient and simultaneously benchmark their financial IQ against their peer group.
Rajan Ghotgalkar, Managing Director, Principal PNB Asset Management Company said, ``The objective is to create greater awareness amongst the youth of India about savings and investments and prepare them for the rest of their working lives.''
Venkatesh Varadachari, Co-founder and Director, Money Wizards said, ``The YMO is India's first financial literacy initiative targeted at college students. Conceptualised and designed by Money Wizards, The YMO 2015, a part of the educational initiative of Principal Mutual Fund, attempts to address a need gap. Over the next few years, we expect the YMO to be available to colleges across tier II and tier III towns and cities.''
The competition will be held across Mumbai, Chennai, Bangalore, Hyderabad, Patna, Delhi, Panaji, Gandhinagar, Chandigarh, Thiruvananthapuram, Bhopal, Bhubaneshwar, Jaipur, Lucknow, Kolkata, Itanagar, Dispur, Raipur, Shimla, Srinagar, Ranchi, Imphal, Shillong, Aizawl, Kohima, Gangtok, Agartala, Dehradun and Pondicherry, the company said in a statement.