DhanDanaDan App Created by a 15-Year-Old Boy Aryan Jain to Make India Financially Literate.
DhanDanaDan app is developed by Aryan Jain with the intention to create awareness about and promote financial literacy in India. Available on Android (Play Store) for free, the app has five easy-to-understand modules with engaging narratives in Hindi.
Financial Literacy: Meaning and Need
Financial literacy refers to our relationship with money and our ability to understand and use various financial skills such as budgeting, investing, debt management and many more. In the present times, financial literacy has become an essential skill for maintaining one’s financial health. However, according to a SEBI report, in India, only 27% of the population is financially literate. The numbers are even more dismal in tier-2 and tier-3 cities.
This lack of understanding regarding the management of one’s financial resources was brought to the fore during the Covid-19 pandemic. A major chunk of the Indian population was left in the lurch as they were unaware of the management of their finances. People experienced job losses, salary cuts or delayed payment of dues, loss of sole-earning members, and depleting savings due to increased health emergency-related expenditures.
The Inception and Development of the App:
DhanDanaDan app founder Aryan Jain had the realization that the savings of people in the low and middle-income groups were inadequate to deal with such unforeseen emergencies. The plight of these groups during covid pandemic motivated the 15-year-old to conceptualize the idea and set up the app. His main motive behind the idea was to help the masses understand the necessity of managing their finances and thus make them financially literate. However, he realized that to make a greater impact he will have to reach the maximum number of people which is a physically daunting task. Hence, the idea of developing an app was birthed.
Before setting up the app, Aryan Jain thought of uploading the content to YouTube but eventually changed his mind. He wanted to have an evaluation system for the learners which was difficult to achieve on YouTube. Thus, being a technology enthusiast, he decided to develop an app for the same. Starting in July 2021, he worked on the content to be included in the modules, programmed and coded the app as well as created animations.
Motive of the DhanDanaDan App:
The DhanDanaDan app was launched on 15th August 2022, which was celebrated as India’s 76th Independence Day. He also set a target of financially educating 7500 Indians within 75 days of the launch of the app. Once achieved, higher targets will be set to educate more people. Not only the youth but women as well as older adults would be encouraged to become financially literate.
Through the medium of the DhanDanaDan app, founder Aryan Jain plans to educate people about managing their income and savings in a better way, create awareness about long-term and short-term financial needs, investments to supplement income as well as the importance of saving for future emergencies.
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The app has five 12-15 minute long modules or animated videos with a teenage character named Sudhir, explaining the basics of financial planning in an easy-to-understand format. These modules have made use of the art of storytelling and built engaging narratives to simplify concepts. Additionally, the modules are in Hindi to make them accessible to more people. The app even has a quiz at the end of every module to evaluate the learners and offers certificates and badges to better performers.
The topics covered under the modules are:
Module-1: The first module deals with the importance of financial planning in our lives. It explains relevant financial terminology and elaborates on sources of income, types of expenditures, etc.
Module-2: The second module covers the topic of income. It talks about sources and types of income. It also stresses the need to maintain a financial record of all the income earned from different sources. Further, the difference between regular and irregular income as well as active and passive income is established. Ways to generate passive income are also explored in this module.
Module-3: This module covers the topic of expenditure. It explains the need to divide expenses into essential and non-essential categories to prevent wasteful expenditure. Expenses should also be categorized into short-term and long-term so as to mobilize savings accordingly.
Module-4: This module covers the topic of savings. It educates about the habit of saving regularly and budgeting to avoid unnecessary expenditures that further reduce savings.
Module-5: The last module deals with the multiple saving options available. The different options are explained along with their pros and cons in accordance with the saving goals of the individual. The module makes it easier for people to smarter choices.
Apart from these modules, Aryan Jain- founder of the DhanDanaDan app has also taken up the task of conducting offline educational sessions for underprivileged sections of society as their financial health is the worst affected during any crisis. His aim to raise the level of financial literacy and secure the present as well as future of the masses is commendable. Further, his plans to use technology to solve real-life problems are bound to bring a positive change in society.
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