To empower young minds, we must equip children for a safer financial future

In a world increasingly driven by digital transactions and online banking, financial literacy has become as critical as traditional education. As India embraces technologies such as Unified Payments Interface (UPI), digital wallets, social media and e-commerce, children too are becoming active participants in this financial ecosystem.

While the global financial literacy average stands at 65 per cent, India lags far behind. Fewer than 3 in 10 people (about 27 per cent) are financially literate in the country and only 16.7 per cent of Indian students have any exposure to finance and money management.

And the consequence? Cyber financial fraud, from one-time password (OTP) scams to dubious gaming apps, accounts for 85 per cent of India’s cybercrime reports. Not only this, a staggering 900 per cent increase in cyber fraud has been reported over the last four years by the National Cyber Reporting Platform under the Union Ministry of Home Affairs.

While specific data on the exact number of online financial fraud cases targeting children and young adults in India is limited, the National Crime Records Bureau (NCRB) has reported a sharp increase in cybercrimes against children in 2022 compared with the previous year. According to NCRB figures, 1,823 cases were recorded in 2022, up 32 per cent from 1,376 cases in 2021.

Why financial awareness should start early

With the rise of online payment platforms, gaming apps and social media marketplaces, today’s children are more vulnerable than ever to phishing, identity theft, OTP-related fraud, scams involving digital wallets and fake financial offers. Unlike adults, many young users lack the knowledge and awareness to spot red flags, making them easy targets for cyber fraudsters.

Building awareness around cyber financial fraud is, therefore, essential. It empowers young people to recognise threats, make informed decisions and safeguard their digital and financial identities, laying the foundation for a safer, smarter generation of digital citizens.

It was in this context that CRY-Child Rights and You designed a volunteer-driven, pan-India programme, #FinSmart Heroes, to instil financial awareness in school-going children. The objective was to introduce basic financial principles to children aged 12-15, with a focus on students from government and underprivileged schools. Interactive, multilingual sessions covered savings, budgeting, inflation, financial fraud and loans.

CRY rolled out the #FinSmart Heroes programme across 97 schools in six states, Uttar Pradesh, West Bengal, Assam, Maharashtra, Karnataka and Telangana, reaching 17,824 students.

Conducted through 108 interactive classroom sessions, the programme focused on both government-run and private schools, including CRY centres. A team of 359 trained CRY volunteers made this possible, delivering sessions in English, Hindi, Bengali, Kannada and Marathi. Importantly, 52.6 per cent of the students reached were girls, ensuring the programme was gender-balanced and inclusive.

Topics covered included the basics of saving and budgeting, the impact of inflation, techniques for identifying financial fraud and navigating harmful situations and understanding the fundamentals of loans and credit. The curriculum was adapted from open-source financial literacy modules developed by the Reserve Bank of India.

“I now understand how my parents manage our household budget and school fees. I also know how to use credit and debit cards safely,” said a Class 9 student from Jorhat, Assam. “Henceforth, I’ll be more careful while sharing information online.”

This sentiment was echoed across the programme’s footprint, as shown by measurable gains in post-session impact analysis. In the northern states, 61.5 per cent of students reported an understanding of the importance of micro-saving; 84.6 per cent became aware of the need to keep bank information (such as Personal Identification Number or PINs) private; and 61.5 per cent gained basic knowledge of loans. 

In the western region, 50 per cent of students correctly recognised that saving in a piggy bank helps grow savings. However, performance in the eastern region was weaker, underlining the need for continued sessions to strengthen financial literacy.

Teachers and volunteers helping catalyse change

For CRY’s youth volunteers saw it as more than just a programme – it became a mission. Madhavi, a volunteer from Pune, said: “Watching students become more curious and confident about financial matters was deeply rewarding. I look forward to doing more.”

“We had a great time interacting with children, answering their curious questions and seeing their eagerness to learn new things,” said Managya, another CRY volunteer from Uttar Pradesh.

Teachers, too, played an important role, helping to reinforce the learning. Deepti Sharma, a teacher from Samsidh International School, Bengaluru, said: “The content was clear, age-appropriate and made complex concepts easy to understand. It was an eye-opener for many students.”

Anurag Singh, a teacher from Kendriya Vidyalaya, Picket, Tamil Nadu, said: “The session was very informative and useful for children. I hope these efforts continue, with regular refresher sessions.”

As India races ahead in an era shaped by Artificial Intelligence and rapid digital innovation, initiatives such as FinSmart Heroes are not just educational – they are transformative. Designed as a volunteer-led movement, the programme places knowledge directly in the hands of young people, enabling them to lead change within their schools, homes and communities.

At CRY, we believe that financial literacy is not only about handling money wisely, it is about building agency among children, ensuring their safety and enabling them to make informed choices. FinSmart Heroes builds a foundation that aligns with the National Education Policy 2020, which rightly emphasises early financial education.

By equipping children and adolescents with the tools to make informed financial decisions, we also nurture a generation that can question, lead and act. FinSmart Heroes is helping young people not only to protect themselves, but also to become champions of digital safety for others.

Because when children are empowered, they do not merely adapt to change, they shape it.