Entrepreneurs Nepal has conducted several programs over the course of its four years of operation, as part of our research. Of all the 10 different types of programs we conducted and evaluated, FIN-TEACH proved to be the best one because of the following outcomes:
- Measurable impact
- Low cost per impact/reach
- Well established learning outcomes
- Sustainable impact
- High on engagement/participation
- Flexible modular design to carter the diverse need
- Continuous testing and improvement
To determine the appropriate target for our new project, we tested three types of programs designed for two audience groups,
Case 1 : Conducting programs for parents
Case 2 : Teaching school going children (Without home task)
Case 3 : Teaching school going children (With home task)
We conducted a program designed to attain to people’s personal finance management with applicable tips in daily lives. This program was conducted for a group of 30 parents (22 Female, 8 Male). It was a one-day 4 hour session where several topics and financial concepts such as saving, banking, reducing unnecessary expenditure, insurance, investment avenues, etc. were discussed. The energy throughout the program was great and audience participation was observed to be high. However, a follow-up after a week of the program revealed some unexpected outcomes.
Out of the 30 participants, 9 female participants shared the learnings to their husbands, 2 females shared the learnings to their children, 2 males shared the learnings to their wife and none of the males shared the learnings to their children. We found out that 11 participants (9 female and 2 male), were serious about our teachings and the implemented our teachings somehow.
|Shared with spouse||2||9|
|Shared with Children||0||2|
|Did not share||6||11|
We conducted similar program designed for school students. 46 school children, aged 9-14 participated in this program. In a one-day, two hour class, we talked about general financial concepts like money, expenditures, saving, banking, insurance and investment. Contents of the program were designed in such a way that it would be easier for students to understand. Innovative and interesting modes such as storytelling, musical performances, poetry, drama, simulation games were used to deliver the message. We did not assign any tasks to the children to be done at home.
The participation of all students was very high and they showed great interest to learn new concept through our practical and interactive approaches. Out of the 46 participants, 21 of them talked about the program to their parents or guardians. 17 of them talked to their mother only, 14 of them talked about the program to their father only, whereas, 10 of them talked to both of their parents.
We conducted a program that was similar in nature of the one presented in Case 2. There were 46 students that participated in this program who were aged between 9 and 14. The contents discussed in the program was same and the approaches used were also the same as Case 2. However, in this program, we assigned them tasks to be completed at home with the help of their parents which included questions like asking family’s monthly income and expenditures.
After a week, we went back to the school for a follow-up. Out of the 46 participants, all of them had had an interaction with their parents related to our program. 37 of the students talked to their mother, 40 of the students talked to their father, and 31 students talked to both their parents. The students also shared that their parents themselves were unaware on some topics such as insurance and investments.
The third case proves to be very much effective than the first two cases because the third program improves financial knowledge of students as well as parents. Thus, the findings from these different programs, led us to believe that financial literacy programs are better implemented or at least talked about when they are taught to a younger audience. Hence, we have come up with our new project “FIN-TEACH” which is targeted towards school children of grade 6, 7, 8 and 9. We have constructed a course designed to cater to children’s level of understanding of the various financial concepts.
FIN-TEACH is a financial education program designed by Entrepreneurs Nepal after rigorous evaluation of 100+ financial literacy programs and 4 years of continuous research. After evaluating 10 different types of program (from community based programs to digital lab) targeted for different audience group and conducting programs in different geographical locations (from Jhapa to Doti) we came up with FIN-TEACH.
FIN-TEACH is designed in such a way that it triggers financial discussion in a family and gets all the family members involved. It is a practical oriented financial concept delivery model which is divided into two steps:
Step 1: Teach the basic financial concepts to the direct target group (audience 1) as per their ability to understand in classroom setting.
Step 2: Give audience 1 the complex assignment, so that it needs the involvement of their parents who are the indirect target group (audience 2).
Direct target audience 1: Students of class 6 to 9 and 11 and 12.
Indirect target audience 2: Family members of target audience 1.
Indirect target audience 3: Fellows, volunteers, teachers and Local elected representatives
Students of management (BBA, MBA, BBS, MBS, BA/MA Economics etc.)
Management Professionals (Bankers, Investment Bankers, Insurance Professionals etc.)
Volunteers with financial knowledge
FIN-TEACH Fellowship is a tutoring model where the eligible and competent candidates are selected based on the fellow’s ability to execute required roles. This fellowship implies the concept of learning by doing where in the process of teaching students, fellows themselves will learn about the importance of financial education and its effects on daily lives. After being selected, fellows will receive a training to ensure their ability of delivering the curriculum.
Rather than traditional teaching and learning methods implemented in schools, FIN-TEACH comes with activity-based learning which will create awareness effectively and make the students able to understand the basic financial concepts.