back Back

Only 16.7% of Indian Teenagers are financially literate: Streak Survey

By Leandra Monteiro

January 12, 2022

  • Digital Transformation
  • Financial Literacy Championship
  • FinTech
Share

StreakThe Financial Literacy Championship, an online financial quiz for school students was conducted by Streak, a teenage-focussed, Neobank. A global survey shows that the financial literacy rate of adults in India is ~27%, which is lower when compared to countries like the United Kingdom (67%), Singapore (59%), or the USA (57%).

In the quiz conducted by Streak, a teenage-focused neobank, only an astonishing 16.7% of Indian children had an average passing score in the quiz. The results show that respondents from South India performed the best with an average score of 47.86% and East India underperformed with an average score of only 39.41%. City wise performance shows that teens from Gurgaon had the highest average score of 52.3% and Jaipur has the lowest average score of 38.41%.

The quiz garnered more than 3000 signups from 100+ schools across the country between the age group of 11-17 years. The quiz tested the school students on topics like banking products, currency, personal finance, payment systems, credit & loans, and investment.

One of the most under-tapped markets in the Indian banking industry is that of young adults or teenagers. 45% of the students do not know how to create a budget, and approximately 60% of the students do not understand investments, the concept of risk to reward, or the time value of money. More than 50% of the students scored below-average on topics like budgeting, investments, diversification, the risk to return of investments. On the flip side, students had a marginally better understanding of topics like interest calculation, banking products, and basics of inflation.

“The quiz was an eye-opening event for everyone working at Streak. It strengthened our belief in our goal and vision as a company – to build a solution that will enable the next generation to get smart with money and make prudent and educated financial decisions in the future. Personal finance is a soft skill and we are here to let teens experience the learning process that is different from how they learn math or physics,” said Mitul Mehta, Co-founder, Streak.

Previous Article

January 12, 2022

BondCliQ closes initial Series A funding

Read More
Next Article

January 12, 2022

Transcend and Acadia form joint collateral validation service to mitigate UMR challenges

Read More

IBSi Prime News

The Weekly Wrap

January 21, 2022

Digital Transformation

The Weekly Wrap: all you need to know by Friday COB | Jan 21st

Read More
  • Daily insightful news analysis
  • Weekly snapshots of industry deals, events & insights
  • Sectoral deep dives on the hottest FinTech trends
  • Exclusive interviews featuring c-level executives who are shaping the industry
  • Profiles of the most influential established and emerging companies in the sector
  • Weekly global FinTech use cases
  • Chart of the Week curated by IBSi’s Research Team
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

January 21, 2022

M2P Solutions raises $56m in a round led by Insight Partners

Read More

January 21, 2022

Banque du Trésor upgrades agreement with Capital Banking Solutions

Read More

January 20, 2022

Iroquois Federal partners with Nymbus to launch and grow digital-only brand, Hitched

Read More

Related Reports

Sales League Table Report 2021

£1,500 / year

Know More
Applications of Artificial Intelligence In Banking 2021

£500

Know More
Global Digital Banking Vendor and Landscape Report Q4 2021

£1,500 / year

Know More
Wealth Management & Private Banking Systems Report Q4 2021

£1,500 / year

Know More
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More