Gurgaon school student develops mobile app to promote financial literacy
A Class 11 student in Gurgaon has developed a mobile app to spread financial literacy and empower users to manage their income and savings in an informed way. Aryan Jain, a student from Sun City School in Gurgaon, plans to make 7,500 Indians financially literate in the next 75 days using the app which is currently only available on Android.
“According to a SEBI report, only 27% of the Indian population is financially literate. Greater financial literacy is needed, especially in Tier 2 and Tier 3 cities. The app is an effort to empower each person to better manage their income and savings, be aware of their short-term financial needs and long-term, to save and invest for future needs and emergencies, and to invest money to create a secure future for themselves and their families,” he said.
The app named “DhanDanaDan” will not only promote financial literacy but also encourage young people to learn the skill early in life, Jain added. Through a series of five animated videos in an urban setting and teenage character-driven storytelling format, DhanDanaDan explains several basic and important financial planning concepts in a simplified Hindi way. There is a quiz at the end of each module to help the individual assess their learning achievement and a reward in the form of a certificate and badge for those who perform well.
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“There are five modules in the app. The first 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 an eye on the regularity of income inflows from different sources, the difference between active and passive income, regular and irregular sources of income, the need to keep a financial diary and advice on creating more sources of passive income,” Jain said.
The third, fourth and fifth modules focus on expense management, savings, options and plans. However, this is not the first mobile application developed by Jain. In 2021, he was the only Indian among the winners of NASA’s Artemis Next-Gen STEM Moon to Mars App Development Challenge, where he developed, together with students from other countries, an app to assist in the efforts of the Artemis generation to land astronauts on the moon by 2024. .
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