Financial Literacy And Capacity Building

Pakistan has a population that is in excess of 180 million people. However, penetration in the financial sector is extremely low, with only 2.4% of the population having access to credit from formal financial sources. Out of the total adult population of Pakistan, the financially excluded population make up 53%. One of the major reasons for why large portion of population is unbanked is the lack of awareness of financial products and their usage. A large portion of population also lacks basic money and financial management skill. The concepts of budgeting, investing savings etc. are novel for them.

State Bank of Pakistan launched the Pakistan’s first ever Nationwide Financial Literacy Program (NFLP) on 20th January 2012 to promote financial inclusion through spreading financial education for inclusive economic growth and stability across the country. The Program intends to target middle income households and youth through building partnerships with education institutions in a phased manner. The program envisions educating around 0.5 million low income households in first phase.

The key objectives of the program are:

  • Imparting knowledge and understanding of, financial concepts, banking/financial products and services.
  • Develop skills and attitudes towards budgeting, savings, investment, debt management, financial negotiation, rights and obligations, etc.

Facilitate behavioral changes and practices to improve financial outcomes; including financial well-being through increased savings, improved debt management, perceived financial stress or satisfaction

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    Last Update: 11/12/2024 06:53

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