NJ FLAP is an initiative by the NJ Group, designed to promote financial awareness and literacy among the youth. It is an online training module which guides participants on how to insure, save, and invest effectively for a secure future. Through easy-to-understand topics and videos, participants can learn the importance of investment and explore potential career opportunities in the financial sector.
The Department of Commerce & Management successfully organized the Financial Literacy Awareness Program (FLAP) for the students across all programmes on August 10th, 2024. This course was offered by The Nave Marg Foundation in collaboration with NJ FLAP, which aims to deepen students’ understanding of essential financial concepts and equip them with the knowledge needed for informed financial decision-making.
Course Structure:
The course was delivered through a series of video lectures, totaling 10 hours in duration. These lectures covered a comprehensive range of topics, designed to provide students with a solid foundation in financial literacy. The key areas covered included:
- Savings and Investment:Introduction to the importance of savings and the various investment avenues available.
- Basics of Equity and Debt: Understanding the fundamental concepts of equity and debt instruments.
- Mutual Funds:Overview of mutual funds, including types, benefits, and risks associated with them.
- Risks in Investment:Insight into the different types of risks investors may encounter and strategies to manage them.
- Insurance:Explanation of various types of insurance, their importance, and how they fit into financial planning.
- Financial Market:Overview of financial markets, including the capital market and its role in the economy.
- Capital Market Overview:Detailed understanding of capital markets, including instruments traded and market participants.
- Goal Planning:Techniques for setting and achieving financial goals.
- Risk Profiling and Asset Allocation:Understanding individual risk tolerance and how to allocate assets accordingly.
- Financial Planning:Comprehensive guide to creating a financial plan that aligns with personal goals.
- Tax Saving:Strategies to save on taxes and make the most of tax-efficient investments.
- Business Opportunity and Career Prospects in Mutual Fund Industry:Exploration of career opportunities within the mutual fund industry and the skills required.
To assess their understanding of the topics covered, students were required to participate in the quiz at the end of each module and give feedback. Those who scored 50% and above were awarded certificates. Out of the 420 students that registered for the program, 351 successfully qualified and participated in the FLAP graduation ceremony held at Kala Academy, Panjim, Goa, on the 16th of August 2024. VVM’s Shree Damodar College of Commerce & Economics was awarded as the winners for this program with maximum number of FLAP graduates in the entire state of Goa.
The teachers in-charge for this activity were Asst. Prof. Sushrusha Khandekar from the BBA (FS) Department, Asst. Prof. Edrea Picardo from the PG Department and Asst. Prof. Vinaya Kirloskar from the Department of Computer Science.
Expected Outcome of the Activity:
The Financial Literacy Awareness Program was well-received by the students, with a significant number of participants expressing that the knowledge gained would be invaluable in their personal financial planning and future careers. The certification provided a tangible acknowledgment of their efforts and understanding, adding value to their academic and professional portfolios.
This initiative proved to be an enriching experience for students, providing them with crucial financial literacy skills that will serve them throughout their lives. The program’s comprehensive curriculum and the opportunity for certification made it a highly effective and beneficial educational endeavor. The entire activity was meticulously planned and executed by Asst. Prof. Pooja Shanbhag, from the B.Com Programme.
