Develop and deliver need-based financial education modules to students of NavGurukul

Navgurukul (NG) as its name implies is a residential educational institution, but without any formal teaching & examination system. Challenging the discriminations in higher education in India, this institution brought in a new system, introduced one-year course for marginalized & underprivileged communities in Software Engineering.

Navgurukul is a non-profit alternative to the usual college education that have limited seats and higher fees, with English being a pre-requisite for entry. NG awards a diploma in Software programming, issued by Directorate General of Training, Government of India. NG began its journey in 2016, had around 10 students in year 2017. By today, they have successfully nurtured 100+ students who are working as coders, critical thinkers & changemakers. They are earning 20,000 to 60,000 per month in organizations such as Mindtree, Unacedemy, WhiteHat Jr, and other start-ups and SMEs. The students of NG belong to the low-income family and family at risk (e.g. child trafficking, sex worker,
sexually exploited women). Almost all the students and alumni lack awareness, knowledge of different financial products and services. Due to the lack of financial education, the students and alumni of NG is said to have reported challenges in managing their financial lives, pertaining to savings, insurance, social
security and loan. Due to the poor financial planning, the chances of their families going back to poverty are immensely high. They struggle to meet their needs and aspirations for savings, loan, insurance, investments.

NG sought OI EduFinance support in the development of need-based financial education modules and delivery model using technology (preferably mobile app, since all the target students use smartphone). The aims was develop in-house capacity of NG to provide financial education to its students on a ongoing basis without or minimal support from the OI EduFinance team.

Samavit was expected to support the ETAF India team in extending technical assistance to its ETAF partner (Navgurukul) in the areas of market research, financial education module design, pilot testing and module refinement and TOT training.

Samavit developed and delivered financial education modules for low-income students and alumni of Navgurukul, while mobilizing students from low-income families in partnership with Microfinance Institutions (MFIs) and small finance banks.

Key activities included:

1. Training Needs Assessment (TNA) report, based on Knowledge, Attitude, and Practice (KAP) mapping among Navgurukul students.
2. Customized financial education module covering:
   • Financial planning and budgeting
   • Savings and investments
   • Insurance and risk management
   • Pension and social security
   • Digital fraud awareness
3. Training of Trainers (ToT) on financial education for Navgurukul team.