The Chartered Financial Analysts (CFA) Society India (India Association of Investment Professionals), a member of the CFA Institute Global Network of Societies, has undertaken a first-of-its-kind initiative to promote financial literacy.
Titled ‘Jan Nivesh Abhiyaan’, the initiative is a 14-day campaign which will see volunteers from the CFA society cycle across 26 locations in the country conducting sessions on financial literacy for local people.
“We are a country that is moving towards becoming a $5 trillion economy. However, the lack of financial literacy among Indians can be a huge hindrance. According to Standard and Poor’s Global Financial Literacy Survey 2016, India holds the 121st rank among 150 countries, with an overall financial literacy of 24%. We have been striving to promote awareness and increase financial literacy among people. This is the idea behind Jan Nivesh Abhiyaan,” Rajendra Kalur, director of CFA Society India, said at a press conference on Monday.
The tour will be flagged off simultaneously from Mumbai and Gurugram on November 15 and the volunteers will cover a distance of 1,300 km across Maharashtra, Gujarat, Madhya Pradesh and Rajasthan. Volunteers from Mumbai and Gurugram will cycle to Ahmedabad, from where they will continue their journey to Indore. The campaign, which will end on November 29., hopes to reach more than 5,000 people across the country.
“Often, finance and finance-related terms sound like academic jargon beyond the grasp of common people. We want to appeal to them, and educate them in the field of finance in their own language, so they become better and smarter investors,” Mr. Kalur said.
The members will explain basic concepts with a focus on investments and need for life insurance, and terms related to the capital markets in various languages.
Navneet Munot, chairman of CFA Society India, said the Jan Nivesh Abhiyaan is a step forward from the government’s Pradhan Mantri Jan Dhan Yojana (PMJDY), unveiled in 2014. “Because of the PMJDY, the poorest of the poor were able to open bank accounts. Now, we want them to be aware about the importance of life insurance and capital investments,” Mr. Munot said.
Asked why they had chosen cycling, Mr. Munot said it is a vehicle of the common people. “We also aim to create awareness about environment and pollution,” he said.
National Securities Depository Limited (NSDL), the country’s premier depository, has pledged its support for the drive. Manoj Sathe, Vice President, Investor Relations, NDSL said they would appreciate other government organisations joining the initiative.
CFA Society India, established in 2005, consists of portfolio managers, security analysts and other financial professionals.
