A Class 11 student of Sun City school in Gurgaon has recently developed a mobile application to promote financial literacy. This mobile app will also help and empower users in managing their income and savings in a knowledgeable manner. Through this initiative, Aryan Jain plans to literate 7,500 Indians financially over the duration of the upcoming 75 days.

The Mobile Application 'DhanDanaDan' is currently available only on Android to download.

He said, "According to a SEBI report, only 27 percent of India’s population is financially literate. There is a need for greater financial literacy, particularly in tier 2 and 3 cities. The application is an effort to empower each person to manage their income and savings in a better way, be aware of their short and long-term financial needs, save and invest for future needs and emergencies, and invest money to create a secure future for themselves and their families". He further added that the app will advertise financial literacy as well as also benefit the youth in learning this important skill.

The app DhanDanaDan has been divided into a series of 05 animated videos in an urban design with a storytelling format. A teenage character directs the narrative by explaining various basic and important financial planning concepts in Hindi. At the end of each module, there is a quiz to aid the user to evaluate their learning outcomes and the participants who score well will be granted a reward i.e. a certificate and a badge.

There are 05 modules in the app:

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  First Module: Explains the significance of financial planning. It also briefly talks about the sources of income, types of expenses, types of financial needs, and major financial terminology.

  
  


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  Second Module: Focuses on understanding income and includes topics related to income and its sources, regularity of inflow of income, regular and irregular incomes sources, the difference between active and passive income, and the need to maintain a proper record of passive income

  
  


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  Third, Fourth, and Fifth Modules: Focuses on expense management, options, savings, and schemes.

  
  

Jain, in 2021, was also the only Indian amongst the winners of the 'Artemis Next-Gen STEM – Moon to Mars App Development Challenge of NASA' where he along with other countries' students developed an app to take part in the Artemis Generation endeavours.

Source: PTI