Hedge School on mission mode to spread financial literacy in Kerala
‘Gateway to Financial Freedom’ programme aims to change people’s investment habits
Kerala can boast of the top spot in literacy. But when it comes to financial literacy, the State is at a lower rung. According to statistics, the majority of the people are financially illiterate and rely mostly on traditional investments.
It is in this background that Hedge School of Applied Economics has taken up a knowledge initiative to spread the concept of financial literacy from government offices to corporate houses through its “Gateway to Financial Freedom” (GTFF) programme.
“The objective is to spearhead a revolution to change the investment habits of people and tell them that wealth creation is within their reach,” says Alex K Babu, Managing Director, Hedge Group.
Though the majority of the people in Kerala earn sizeable incomes, their expenses seem to have skyrocketed due to lifestyle changes. With massive amounts spent on EMIs, shopping, healthcare, etc., there is a feeling among people that wealth-creation is a but a dream, he said.
The response to GTTF, Babu said, has been encouraging.“Since August 15, we have been able to conduct over 200 programmes, reaching over 4,500 people. The plan is to carry out 500 events before 2018. Through this, people are made aware of the various financial products they can invest in by calculating the risk-return tradeoff for each.
Gung ho response
“We started this as a CSR exercise, but at the end of each session we circulate a feedback form asking if they needed help in financial planning. Interestingly, more than 60 per cent responded positively. We are seeing more than a 200 per cent jump in customer acquisition and our assets under advisory have already grown by 100 per cent to ₹750 crore,” he said.
GTFF aims to spread the benefits of financial literacy by helping people to manage their money and at the same time improving their chances to realise all their financial goals. Through this financial Alex K Babu, MD, Hedge Group
literacy initiative, Hedge School is spreading the message that no matter how small the amount of income, investments can be done and wealth can be created.