In a significant step towards addressing the pressing need for financial education at an early age, ESAF Bank, a renowned Social Bank, has joined hands with the prestigious Indian Institute of Management Kozhikode (IIMK) to expand the ESAF Balajyothi Financial Education curriculum. Targeting children in the critical age group of 10-12 years, this innovative curriculum aims to inculcate financial discipline through participatory theatre and other creative methods, laying a strong foundation for healthy financial behaviors in future generations.
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Even with India’s growing economy, stories of financial distress persist, highlighting the need for financial education as a pillar of a healthy society. Studies show that financial education programs for adults in the workplace, while improving financial knowledge, have had limited success in changing financial behavior. One reason for this is that financial attitudes are formed much earlier in life, often during childhood.
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Recognizing this, ESAF Bank has been actively engaging with school children through its annual Balajyothi Week every November, which brings financial education programs to hundreds of schools. However, realizing the need for a more sustained and scientifically-backed approach, ESAF Bank partnered with IIM Kozhikode to elevate the curriculum to the next level.
This collaboration was formalized through an MoU signed between ESAF Bank and the Research Team at IIM Kozhikode, comprising Prof. Ashok Thomas and Prof. Chitwan Lalji from the Economics Area. Together, they have meticulously reviewed, enhanced, and expanded the ESAF Balajyothi curriculum. The updated program now features interactive lectures, discussions, and a participatory theatre model that uses real-life scenarios to teach critical financial concepts like earning, responsible spending, saving, and developing altruism. Essential aspects of digital safety have also been included in the curriculum to cater to today’s digital age.
A key highlight of the partnership is the rigorous scientific evaluation of the program’s impact. With joint funding from IIM Kozhikode’s Large Grant Project and ESAF Bank, 700 students across 45 schools in Kozhikode and Malappuram districts will be monitored over the project’s span to assess the program’s impact on financial knowledge, attitudes, and behaviors. Out of these schools, 30 will receive the enhanced curriculum, while the remaining 15 will serve 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.
The training team for the program includes officers from ESAF Bank, who were specially trained at IIM Kozhikode. Under the guidance of Vijesh, a theatre artist specializing in child theatre, theatrical elements were woven into the program to make the learning process more engaging and effective. The data collection for the impact assessment will be conducted by interns from IIM Kozhikode’s Economics area, coordinated by Dr. Biju Mathew, Professor at Calicut University.
Prof. Debashis Chatterjee, Director of IIM Kozhikode, remarked, “This initiative aligns with IIM Kozhikode’s mission to globalize Indian thought and contribute meaningfully to society. By focusing on financial literacy for young minds, we are investing in the future leaders of our nation.”
Speaking on the collaboration, Mr K. Paul Thomas, MD and CEO MD & CEO, ESAF Small Finance Bank and Founder of ESAF Group of Social Enterprises stated, “We believe that financial education at a young age is the key to building a financially disciplined society. Our partnership with IIM Kozhikode brings together the best of academic and industry expertise to shape the financial future of our children.”
The project was officially inaugurated at Silver Hills Higher Secondary School, Kozhikode, today in the presence of Mr Paul Thomas, Prof. Ashok Thomas (IIMK), Prof. Chitwan Lalji (IIMK), Fr John Mannarathara (Principal, Silver Hills HSS), Mr George Thomas (Executive Vice President – HR, ESAF), Dr Biju Mathew (Professor, Calicut University), Reji Daniel (Vice President and Head, Sustainable Banking ESAF).
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With the Alpha generation (born after 2010) emerging as the largest consumer market globally, this initiative by IIM Kozhikode and ESAF Bank aims to equip young minds with the right financial precepts at the right time, fostering a culture of financial discipline that will benefit society at large.
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