Empowering School Students to Become Money Smart: The Story of a Gurugram Startup
Parichita Bansal and Ruchir Bansal founded Young Wealth Creators Organisation (YWCO) in 2020 with a mission to empower children with money management skills. Their vision is rooted in providing education, experience, and exposure, enabling the next generation to consciously, consistently, and constantly pursue their dreams. Parichita highlights the significance of the school environment, stating, "To sustain this empowerment, we believe in building an enriching environment, and what better place than school?"
YWCO offers a unique five-month educational program designed by Parichita Bansal, a serial entrepreneur and retail investor. This one-of-a-kind initiative caters specifically to school children, teaching them the value of investments and introducing them to the essentials of budgeting, savings, investments, and risk management. The curriculum also covers crucial topics such as planning for retirement, healthcare, and unforeseen emergencies, providing students with valuable knowledge to navigate money-related matters and establish stable sources of income.
The startup's approach involves integrating financial education into the existing school system, ensuring that students have the necessary tools to become financially responsible individuals. By bridging the gap between theoretical knowledge and real-world application, YWCO prepares students to confidently face financial challenges throughout their lives.
YWCO's program goes beyond traditional classroom teaching, offering a comprehensive learning experience. Students not only acquire theoretical knowledge but also engage in interactive sessions, case studies, and hands-on activities. Through simulations and decision-making exercises, students gain a deeper understanding of financial concepts while honing their problem-solving skills.
Recognizing the importance of instilling financial literacy from a young age, YWCO empowers children to develop positive financial habits and make informed decisions as they grow older. The startup equips students with the knowledge to take control of their financial future, enabling them to pursue their dreams and aspirations with confidence.
Since its establishment, YWCO has garnered positive feedback from students and parents alike. Many have witnessed remarkable improvements in their children's financial knowledge, confidence, and decision-making abilities. The startup's impact extends beyond the classroom, as students apply their newfound skills to manage personal finances and set meaningful financial goals.
Looking back at the journey, Parichita initially taught underprivileged children before transitioning to virtual workshops for parents interested in teaching financial literacy to their children. The startup conducted beta tests in 2022, refining the program's content and delivery based on user engagement and feedback. With an aim to continuously improve, YWCO introduced innovative features such as Career Day and Meet the CEO, exposing students to diverse career paths and wealth-creation opportunities.
YWCO operates on a B2B model, charging schools an annual fee of Rs 499 plus GST per student to access the content on their website. The startup generated a revenue of Rs 1.2 crore in FY22 and aims to reach Rs 2.5 crore in FY23. Currently partnering with esteemed institutions like Xavier's, DAV, Sarvhitkari, St Kabir's, SIL International, and Sacred Heart Convent School, YWCO envisions expanding its reach to rural areas and government boards by creating regional content.
In conclusion, Young Wealth Creators Organisation (YWCO) is revolutionizing financial education for school students in Gurugram. Through their comprehensive program, Parichita and Ruchir Bansal are empowering young minds to become financially savvy, equipping them with the skills and knowledge necessary for a secure and prosperous future. YWCO's commitment to financial literacy is commendable, as they contribute to creating a generation of financially responsible individuals ready to tackle the complexities of the financial world.