In a bid to make its students more aware and educate them on the current fiscal scenario, the Central Board of Secondary Education is going to hold the first ever National Financial Literacy Test (NLFT) across the country.
Meant for students from classes VIII to X, the National Financial Literacy Test (NFSE) is India’s first national-level test to measure the level of financial literacy and basic knowledge on economics among school students. CBSE is collaborating with the National Institute of Securities Markets (NISM), Mumbai, for the exam.
The initiative is aimed at encouraging students to obtain basic financial skills and give them a measure of financial literacy. It is part of a larger plan of the Board to train students in different skills such as communication, leadership and management, among others, as part of the CCE.
“In today’s day and age it is important to educate the next generation on economics. Fiscal knowledge plays such an important role in our lives that crucial decisions depend on it. This test would help children study in this direction and understand economics better,” CBSE chairman Vineet Joshi said, speaking about the test.
The test is scheduled on January 12, 2014, and is a bilingual (Hindi and English) test, comprising of 75 questions analysing the basic concept of finance and business.
NISM is the nodal agency for implementation of the National Centre for Financial Education (NCFE) in association with the CBSE. NCFE is a joint initiative of India’s financial services regulators, Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), Pension Fund Regulatory and Development Authority (PFRDA) and Forward Markets Commission (FMC).