Financial literacy test for Indian students. Yes it’s true. National Centre for Financial Education (NCFE) has announced India’s first national-level test to measure the level of financial literacy among school students. The test is open to all students of classes VIII to X.
What is this financial literacy test?
The National Centre for Financial Education (NCFE) will hold a national level test on finance for school students called . The National Financial Literacy Assessment Test (NCFE-NFLAT) for students studying in classes VIII to X. It is India’s first of it’s kind national-level test to measure the level of financial literacy among school students. The Assessment would test students about their basic financial knowledge on topics such as money, budgeting, investment, banking, savings, insurance, retirement planning and financial planning. This is the first of it’s kind test in India aimed at encouraging students to obtain basic financial skills and also giving a measure of Financial Literacy of students at the national-level. There is no FEE for the test.
Website NCFE-National Financial Literacy Assessment Test
Who is conducting the test ?
National Centre for Financial Education (NCFE) is conducting the test. NCFE has been set up by National Institute of Securities Markets (NISM) with the support of all the financial sector regulators in India such as Reserve Bank of India (RBI) ,Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority (IRDA), Pension Fund Regulatory and Development Authority (PFRDA) and Forward Markets Commission (FMC). NCFE under the aegis of National Institute of Securities Markets (NISM) undertakes various activities to further the cause of financial literacy and inclusion in India in a collaborative manner.
What is the pattern of the test?
To be conducted on January 12, 2014, the test would be of 60 minutes and would contain 75 questions. The test would be conducted in both, English and Hindi and it would include topics related to basic concepts of finance. It is a multiple choice test. There will combination of 1 mark, 2 mark and 3 mark questions with 4 options (alternatives) for each question There is Negative marking of 25% for wrongly attempted questions i.e., -0.25 for 1-mark questions, -0.5 for 2-marks questions, -0.75 for 3-mark questions, etc. A sample test will be made available on their website soon.
What is the Syllabus of the test?
The test would cover the following topics:
- Money Matters: Smart Goals and Financial Analysis
- Budgeting: Balancing the Means and the Ends
- Understanding insurance and risk management
- Understanding Investments
- Basics of Banking
- Introduction to Stocks and Bonds
- Investments: The wider Spectrum
- Beyond Savings: Borrowing
- Retirement as a financial goal
Download Detailed Test Syllabus
Is there some Study material that students can use ?
Yes some study material is given below :
- NISM Study Material
- Download Pocket Money Material (ENGLISH)
- Download Pocket Money Material (HINDI)
- RBI Study Material
- Links to RBI Financial Education Material
- IRDA Study Material
- Links to IRDA Financial Education Material
- SEBI Study Material
- Download SEBI’s Financial Education Material (ENGLISH)
- Download SEBI’s Financial Education Material (HINDI)
- PFRDA Study Material
- Download PFRDA Reference Material
What is the procedure for registration?
Registrations are open from 1st November, 2013 and will be through schools only. Registration would close on November 29, 2013. No individual registrations would be entertained. Schools are requested to register themselves first and then register their students. One can register here.
What are important dates related to test?
Important details of NCFE-NFLAT are:
Particular |
Date |
Registration Opens |
November 1, 2013 |
Registration Closes |
November 29, 2013 |
Examination Date |
National Youth Day, January 12, 2014 (Sunday) |
Result Declaration |
Netaji Subhash Chandra Bose’s Birth Anniversary, January 23, 2014 |
What would Students get for giving the test.
School students appearing for the National Financial Literacy Assessment Test (NCFE-NFLAT) can check their Financial Literacy score and also get an opportunity to win lots of prizes like laptops, tablets and cash rewards! There are prizes for schools too! NISM Webpage rewards for Student has more information
Bemoneyaware’s take on the test
While it is good news that financial literacy test is being conducted at a national level but
- We do not like the portion for test . Subjects such as insurance, retirement planning and financial planning would not make much sense for children in classes VIII to X who are around 11 to 15 year old.
- Negative marking does not make sense, it encourages kids to leave question.
- Kids are burdened with school portion, Olympiads so would not like to give the test.
- Who will teach kids the portions, parents, school?
Test on financial literacy
A test on financial literacy for kids, not related to NCFE test is given below (click on image to enlarge)
Test about money for kidsA simple test for adults is given below (click on image to enlarge)
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this is the worst exam that i never prepared
nflat studymaterial do not downloaded
Thanks for info. Shall update the links soon
Though it seems to be for Children. But it has quite a good information in general for adults as well. Thanks for sharing it across. I enjoyed reading this one. SEBI Study Material.
Rightly said. Yes study material is good. I am not sure whether kids will read or not but if parents read that is also an advantage.
What did you like in Sebi study material
Rightly said. Yes study material is good. I am not sure whether kids will read or not but if parents read that is also an advantage.
What did you like in Sebi study material?