ESAF, IIM-K join hands to expand educational project for children
In a significant move towards addressing the need for financial education at an early age, ESAF Bank has joined hands with the Indian Institute of Management – Kozhikode (IIM-K) to expand the ESAF Balajyothi Financial Education Curriculum.
Targeting children in the age group of 10-12 years, this innovative curriculum aims to inculcate financial discipline through participatory theatre and other creative methods, establishing a strong foundation for healthy financial habits.
With joint funding from the IIM-K’s Large Grant Project and ESAF Bank, 700 students across 45 schools in Kozhikode and Malappuram districts will be monitored to assess the programmes impact on financial knowledge, attitudes, and behaviours.
Of these schools, 30 will implement the enhanced curriculum, while the remaining 15 will act as a control group. The results will be measured using Randomized Control Trials (RCT), a method endorsed by Nobel Laureates Esther Duflo and Abhijit Banerjee, according to a press release.
The project was officially inaugurated at Silver Hills Higher Secondary School, Kozhikode on Thursday. The collaboration was formalised through a memorandum of understandingsigned between ESAF Bank and the research team from IIM-K, comprising Prof. Ashok Thomas and Prof. Chitwan Lalji, Economics department.
The training team includes officers from ESAF Bank, trained at IIM-K. Under the guidance of Vijesh, a theatre artist specialising in child theatre, theatrical elements were incorporated into the programme to enhance engagement and effectiveness. Data collection for the impact assessment will be carried out by interns from IIM-K’s Economics wing, coordinated by Dr. Biju Mathew, Professor at Calicut University.
“This initiative aligns with IIM-K’s mission to globalise Indian thought. By focusing on financial literacy of young minds, we are investing in future leaders of our nation,” said Prof. Debashis Chatterjee, Director of IIM-K.
“We believe that financial education at an young age is crucial for fostering a financially disciplined society. Our partnership with IIM-K merges academic insight and industry expertise to shape the financial future of our children,” said K. Paul Thomas, MD and CEO of ESAF Small Finance Bank and Founder of ESAF Group of Social Enterprises.
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finance (general)