An innovative, accessible, and free e-learning platform to enhance and develop financial literacy.

Our solution has been developed to promote financial literacy across marginalized and indigenous communities in underrepresented areas where financial education accessibility is limited. The scale of this issue is global where over 3.5 billion individuals are exposed to financial illiteracy. 

Using digital tools, our solution is a means to try to solve the financial illiteracy that exists in our society where disadvantaged individuals lack the necessary tools, skills, knowledge, and competencies to financially sustain themselves independently. 

Our solution is an e-learning platform developed on a web platform such as builder.ai which will feature financial literacy content for children over 12 years of age that is taught in simple english language however it can also be taught in their respective national language. The content will be created and taught by volunteer teachers who have experience in teaching basic finance from all over the world. There will be around 10 modules outlining topics such as: what is money? how to save, the importance of financial literacy in today's world, growing your wealth, funding options, what banks do, etc. 

Children will be able to enrol for free and the classes will be taught online by volunteer teachers. For every child that successfully passes the course and graduates, a child in need will be gifted a free basket of financial literacy enhancing games, a jigsaw puzzle, a coloring book, and a monopoly board game to incentivize children to take part and contribute to economic disparity alleviation while fostering financial inclusion.

Our solution serves those who are lacking the resources to learn, the opportunities to grow, and the nurturing environment to progress their personal development and societal growth at large. The target population are individuals who are 12+ and currently in regions of the world where financial literacy/knowledge is not readily accessible. 

Currently, such populations around the world are underserved because they are not given the necessary tools and knowledge to be able to improve their circumstances. Due to war, political unrest, resource shortages, or natural disasters, they have been unable to establish a stable educational platform, which allows them to better their livelihoods in numerous ways. 

Our solution of providing an e-learning platform and a bundle of physical educational resources ensure that those enrolled in our program are receiving the financial knowledge that is required to successfully develop and progress in both their personal lives and societal development.

This team is very well suited to tackle the issue at hand, because we possess strong global awareness and understanding of those who we are trying to serve. Given that this team consists of members that are located in vastly different parts of the world, we possess a holistic awareness towards global technological and economical issues. We are able to approach the issue from all angles, given that we view the same issues, but from different parts of the world. 

The team’s proximity to the communities we are focusing on is close, as the team members come from regions of the world where poverty, inequality, political issues, and war are common. Given that the team is made up of members from Pakistan and India, the team has firsthand experience in witnessing the end results on a community of a technological or economic crisis. We are taking into account our experiences, our knowledge, and what we have observed that the community needs in order to be able to progress their lives towards financial betterment. 

By implementing both an e-learning platform and a physical bundle of learning materials, we are able to successfully reach each member of the community that we are targeting, and provide them with the necessary tools that work best for them.

The stage above, prototype, was selected because the basic course content has been developed with the course syllabus having been scripted and ready for use using builder.ai. We have tested the prototype amongst 5 volunteers so far. 

Although there are changes that need to be made to the e-learning platform developed, we have fundamentally created a framework and working model of our prototype. 

I am applying to SOLVE to bring awareness about a critical issue I believe is essential to tackle as over 33% of individuals are financially illiterate and underserved with financial knowledge vital for day-to-day living. 

By bringing the issue of financial illiteracy due to a lack of resources, knowledge, or accessibility; economic prosperity is a possibility as by gaining the financial knowledge needed to successfully lead a secure financial future, particularly for those in underserved communities, there is a higher chance for economic growth through job creation. 

Being the owner of two non-profit organizations, this challenge aligns with my personal beliefs and values to contribute to a wider cause in society that will bring the greatest good for all hence I express enthusiasm in partaking this challenge and using my creativity to drive promising change.  

The e-techonomics platform revolutionizes financial education for marginalized communities in several innovative ways. Firstly, it employs interactive and engaging e-learning methods tailored specifically for 12+ year olds, ensuring that the content is not only informative but also captivating for the target audience. By making financial education accessible and engaging, e-techonomics breaks down barriers to learning and empowers young individuals with crucial skills for their future.

Moreover, e-techonomics adopts a holistic approach to financial education, covering a wide range of topics relevant to real-life situations faced by marginalized communities. This comprehensive curriculum goes beyond traditional financial literacy programs by addressing not only basic concepts like budgeting and saving but also more complex issues such as entrepreneurship, investment, and navigating financial systems.

Furthermore, e-techonomics leverages technology to provide personalized learning experiences, allowing each student to progress at their own pace and focus on areas where they need the most support. Through adaptive learning algorithms and data analytics, the platform continuously tailors its content to the unique learning styles and preferences of individual students, maximizing learning outcomes.

By catalyzing broader positive impacts, e-techonomics has the potential to transform the landscape of financial education in marginalized communities. By equipping young individuals with essential financial skills and knowledge, it can empower them to break the cycle of poverty and achieve economic independence. Additionally, by fostering a culture of financial literacy and empowerment, e-techonomics could inspire other organizations and stakeholders to invest in similar initiatives, ultimately leading to a more financially literate and economically resilient society.

In terms of changing the market/landscape, e-techonomics disrupts traditional approaches to financial education by leveraging technology to deliver scalable, cost-effective, and impactful solutions. As more communities recognize the importance of financial literacy in breaking the cycle of poverty, there is a growing demand for innovative platforms like e-techonomics. This increased demand could incentivize other edtech companies, non-profits, and educational institutions to invest in similar initiatives, leading to a more competitive and dynamic market for financial education solutions tailored to marginalized communities.

The theory of change for e-techonomics begins with its core activities, which involve delivering interactive and engaging e-learning modules tailored specifically for 12+ year olds in marginalized communities. These activities aim to directly impart financial skills and knowledge to the target population. The immediate outputs of these activities include increased access to financial education resources, improved understanding of financial concepts, and enhanced engagement with the learning material.

These outputs are expected to lead to several longer-term outcomes for the target population. Firstly, increased financial literacy among young individuals can empower them to make informed financial decisions, manage resources effectively, and avoid common financial pitfalls. This outcome contributes to the broader goal of promoting economic independence and resilience within marginalized communities.

Moreover, by equipping young individuals with essential financial skills, e-techonomics aims to foster a culture of financial empowerment that transcends generations. As students apply their knowledge to real-life situations and share their learnings with family and peers, the impact of financial education extends beyond individual learners to their families and communities.

Evidence supporting this theory of change can be drawn from various sources, including third-party research on the effectiveness of e-learning platforms in improving financial literacy, findings from evaluations of similar initiatives targeting marginalized communities, and data collected through interviews or surveys with the target population.

Overall, the theory of change for e-techonomics illustrates the logical links between its activities, outputs, and longer-term outcomes, providing a framework for understanding how the platform can create meaningful and sustainable impact in the lives of young individuals in marginalized communities.

The impact goals of e-techonomics are aimed at creating transformational changes in the lives of 12+ year olds in marginalized communities by equipping them with essential financial skills and knowledge. These impact goals orient all aspects of our work and guide our efforts towards achieving meaningful outcomes. 

1. Increased Financial Literacy: Our primary impact goal is to significantly increase the level of financial literacy among 12+ year olds in marginalized communities. We measure progress towards this goal through indicators such as pre- and post-assessment scores on financial literacy quizzes, tracking the percentage of students demonstrating improved understanding of key financial concepts over time.

2. Improved Financial Decision-Making: We aim to empower students to make informed financial decisions that positively impact their lives and the lives of their families. Progress towards this goal is measured through qualitative data, including self-reported changes in financial behaviors and decision-making skills, as well as anecdotes or case studies highlighting real-world applications of financial knowledge gained through the platform.

3. Enhanced Economic Empowerment: Our overarching impact goal is to contribute to the economic empowerment of marginalized communities by breaking the cycle of poverty through education. We measure progress towards this goal by tracking indicators such as increased rates of savings among students and their families, participation in entrepreneurship or financial planning activities, and improved access to economic opportunities within the community.

By focusing on these impact goals and measuring progress through specific indicators, e-techonomics strives to create lasting positive change in the lives of young individuals in marginalized communities, fostering a culture of financial literacy, empowerment, and economic resilience.

E-techonomics embodies the spirit of using technology to address a pressing societal challenge by leveraging modern e-learning methods to educate 12+ year olds in marginalized communities about financial skills and knowledge. Through the utilization of digital platforms, such as mobile apps or web-based software, e-techonomics delivers accessible and interactive financial education content to communities where traditional educational resources may be limited or inaccessible.

Furthermore, e-techonomics harnesses the power of data analytics and personalized learning algorithms to tailor its content to the unique needs and learning styles of individual students. By utilizing AI-driven adaptive learning technologies, the platform ensures that each learner receives a customized educational experience that maximizes engagement and comprehension.

In addition to modern technology, e-techonomics also acknowledges the value of combining traditional knowledge systems with contemporary approaches. The platform may integrate culturally relevant financial practices and teachings into its curriculum, respecting and honoring ancestral wisdom while providing practical solutions for navigating modern financial systems.

By leveraging technology in innovative ways, e-techonomics seeks to benefit both people and the planet. Through improved financial literacy and empowerment, the platform aims to uplift marginalized communities by equipping individuals with the skills and knowledge necessary to navigate economic challenges and build sustainable livelihoods. Ultimately, e-techonomics contributes to driving positive social and economic change, aligning with MIT Solve's mission to harness innovation for global impact.