National Centre for Financial Education is going to conduct National Financial Literacy Assessment Test for the third time in the Country for which the registration was opened on 1st September 2015. First ever NFLAT was conducted in the year 2013-14. Government has undertaken the step to aware students about the financial world. Financial literacy is an important life skill for the holistic development of each student and hence the National Financial Literacy Assessment Test is a major step towards achievement of the skill. The test serves as a medium to measure the level of financial literacy among school students.
Securities and Exchange Board of India (SEBI) took an educational initiative for the accomplishment of the National Strategy for Financial Education and appointed the National Institute of Securities Markets (NISM) as the nodal agency. NCFE was set up by NISM with the support from all financial sector regulators – Reserve Bank of India, SEBI, Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) ad Forward Markets Commission (FMC). NCFE aims to encourage school students to obtain basic financial skills which are essential for their full participation in society.
NCFE NFLAT would be conducted as an online test based on the topics like money, savings, banking, budgeting, insurance, investment, retirement planning, stocks, etc. Students of Class 8 to Class 10 are eligible to take part in the test. NCFE has also declared that there will be no passing marks for the test and all the participating students would be given a certificate.
Recently the registrations for the National Financial Literacy Assessment Test were opened, the online registration process would conclude on 17 October. All the registrations are being done on the first come first serve basis and students are required to register through their schools. The online test would be conducted on 28 and 29 November at more than 250 test centres across the Country.
NCFE has decided that there will be no registration fee for the NFLAT. The students will have to answer 75 questions in 1 hour, all the questions being multiple choice. The test paper will be in English and Hindi and will consist of 1 mark, 2 marks and 3 marks. 25% negative marking will also apply in the test.
The results of the National Financial Literacy Assessment Test will be announced on 16 December. The winners of the test will be facilitated with certificate of accomplishment. A medal and laptop would be awarded to top 5 students at national level while top 15 students from all regions (north, south, east, west and central) would be awarded a medal and tablet. Rs 25000 and a Trophy/Shield would also be given to top 25 schools based on highest number of student participation in the test.