Kozhikode: In a significant step towards addressing the pressing need for financial education at an early age, ESAF Bank, the Thrissur-based small finance bank, has joined hands with the 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 behaviours in future generations. 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. They have meticulously reviewed, enhanced, and expanded the ESAF Balajyothi curriculum. The updated programme 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 partnership highlight is the rigorous scientific evaluation of the programme’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 programme’s impact on financial knowledge, attitudes, and behaviours. 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).
The training team for the programme 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 project was officially inaugurated at Silver Hills Higher Secondary School, Kozhikode.
Kerala Biz News