ESAF Bank and IIM Kozhikode collaborate to expand financial education for school children aged 10-12

Kozhikode: ESAF Bank has joined hands with Indian Institute of Management Kozhikode (IIMK) to expand the ESAF Balajyothi Financial Education curriculum. Targeting children in the critical age group of 10-12 years, this innovative curriculum aims to inculcate financial discipline through participatory theatre and other creative methods, laying a strong foundation for healthy financial behaviours in future generations.

This collaboration was formalized through an MoU signed between ESAF Bank and the Research Team at IIM Kozhikode, comprising Prof. Ashok Thomas and Prof. Chitwan Lalji from the Economics Area. The updated program now features interactive lectures, discussions, and a participatory theatre model that uses real-life scenarios to teach critical financial concepts like earning, responsible spending, saving, and developing altruism. Essential aspects of digital safety have also been included in the curriculum to cater to today's digital age.

With joint funding from IIM Kozhikode's Large Grant Project and ESAF Bank, 700 students across 45 schools in Kozhikode and Malappuram districts will be monitored over the project's span to assess the program's impact on financial knowledge, attitudes, and behaviours. Out of these schools, 30 will receive the enhanced curriculum, while the remaining 15 will serve as a control group. 

Prof. Debashis Chatterjee, Director of IIM Kozhikode, remarked, "This initiative aligns with IIM Kozhikode's mission to globalize Indian thought and contribute meaningfully to society. By focusing on financial literacy for young minds, we are investing in the future leaders of our nation."

Speaking on the collaboration, Mr K. Paul Thomas, MD and CEO MD & CEO, ESAF Small Finance Bank and Founder of ESAF Group of Social Enterprises stated, "We believe that financial education at a young age is the key to building a financially disciplined society. Our partnership with IIM Kozhikode brings together the best of academic and industry expertise to shape the financial future of our children."