Everest Fin-Learn Bank: Empowering Students with Financial Literacy at Everest Academy
In a rapidly developing country, children and students are often exposed to a variety of options, be it in food, technology, or other consumer goods. This abundance, while a sign of progress, also brings about a significant challenge: the lack of financial literacy among the younger generation. Many students understand how to spend money but have little awareness of how it is earned or managed.
Recognizing this gap, Everest Academy has taken a revolutionary step by establishing the Everest Fin-Learn Bank. This initiative aims to instill practical financial skills and a deep understanding of money management in its students. Unlike theoretical lessons in textbooks, this project provides real-life banking experience within the school environment.
*A Real Bank, Run by Students*
The Everest Fin-Learn Bank is not just a school project; it functions as a real bank within the academy. Students are both employees and shareholders of this bank, providing them with hands-on experience in financial operations. They can open bank accounts for themselves, their peers, and even their teachers. This level of involvement fosters a sense of responsibility and ownership among the students.
*Loan Services and Investments*
One of the unique features of the Everest Fin-Learn Bank is its ability to provide loans to both students and teachers. Teachers can avail themselves of loans and are required to pay interest over time, just like in any other banking institution. This practical aspect of banking teaches students about interest rates, repayment schedules, and the importance of timely payments.
Furthermore, the bank reinvests the money it earns into purchasing school supplies such as pencils, cutters, and meters. These supplies are then sold to students, generating additional revenue for the bank. This cycle of earning and reinvesting helps students understand the principles of commerce and the impact of wise investments.
*Empowering Financial Literacy*
The Everest Fin-Learn Bank is a pioneering initiative that bridges the gap between theoretical knowledge and practical application. By involving students in real banking activities, the academy ensures that they learn the value of money, the importance of saving and investing, and the fundamentals of financial management.
In conclusion, Everest Academy’s Everest Fin-Learn Bank is more than just an educational tool; it’s a transformative experience that prepares students for the financial realities of the future. Through this innovative program, students gain invaluable skills that will serve them well in their personal and professional lives.
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