Mumbai Student Tops India’s First National Financial Literacy Exam

The results of India’s first national test measuring financial literacy among students are in – and Abhinav Agarwal, a Class X student from Kendriya Vidyalaya ONGC, won top placement.  Students from approximately 2,000 schools throughout India participated in the test and, with Agarwal scoring 95 out of a maximum of 100, he surpassed all other students in his knowledge of financial topics.

The National Financial Literacy Assessment Test (NCFE-NFLAT) tested students on their basic financial knowledge of a broad range of topics, including budgeting, savings, banking, investments, insurance and retirement planning.  The test represented the first of its kind in India, with a particular focus on enhancing the basic financial skills and understanding that are believed to be important in best preparing individuals to make informed decisions with respect to their personal financial affairs.

Students who achieved top scores on the test at both the national and regional levels received several types of rewards, which many believe incentivized a greater number of students and schools to participate.  The rewards included certificates of achievement, medals, laptops, and tablets.

The test also represented the latest of many recent efforts by both developed and developing countries to “nationalize” their financial literacy strategies as they aim to reduce the high levels of financial illiteracy in their respective nations.  While Agarwal is celebrating his great achievement on this test, India should also be celebrating for the success it had in administering its first national test of this kind, while sparking a great opportunity for students to strengthen their financial education.