Financial education for a thriving Nepal

Nepal has witnessed many chaotic and progressive events in the last decade that have shaped the basic policies for the comprehensive development of the nation. Discussions in the political sphere have now shifted from centuries-old political ideologies to economic growth. We can see an increase in the use of financial products, an improvement in access to credit, and an increase in the volume of financial transactions. However, there is a looming question, how will a country progress economically when citizens are financially unaware and awake?

The post-Covid-19 scene has directed people towards secure cash flow for a stable life. In 2015, a similar disaster, the April 25 earthquake, shook the country physically and left its aftermath in personal finance for individuals. The earthquake highlighted the vulnerability of the majority of families in terms of financial risks arising from the unprecedented events. Five years after the earthquake in 2020, in the Covid-19 pandemic, once again in the same place at the wheel! Weak, without many options and measures to reduce financial risk, no contingency funds with individuals or organizations. This indicates that Nepal needs a strong structural framework on a sustainable and secure financial education policy that can guide and assist citizens in managing personal finance.

After the liberalization of the economy in 1991, many financial service providers started their operations. However, banks and financial institutions designed products from a supply perspective but neglected the social responsibility of educating the masses on financial matters. The lack of work at that time has now doubled into an urgent need for financial literacy in various sectors to achieve overall growth of the economy. Delaying it will create a huge disparity between the people who have access to financial knowledge and the people who are denied it.

story now

For sustainable prosperity, the nation must educate and prepare citizens to have a secure financial future. With the right approach to financial education, people can contribute more productively to inclusive growth and an improved quality of life. A comprehensive financial education policy will revitalize relevant institutions to focus on the economic well-being of individuals. It will enable people to learn about the value of money and resources, how to earn them, and make use of them.

Younger people nowadays face much more financial complications than their parents did. The financial products, services, and sectors have evolved significantly, requiring in-depth research on how to use them and selecting the right products from a range of competitive options available. Employer-sponsored benefits have now shifted toward private defined contributions. It shifted the responsibility of saving and investing from employers to employees. This means that the corporate ecosystem also makes individuals more responsible for their retirement and primarily responsible for their financial decisions. Not knowing about these issues will automatically put us behind in the race for financial security.

The growth in financial technology has revolutionized the way people make payments, handle expenses, and use credits. Seeking financial advice has also changed from the traditional formal means as before to more self-explanatory digital content. The changing financial education landscape needs guidance that protects the right to education in such an important matter.

The rapid development of digital financial services and a low level of financial literacy may mean unbalanced financial behavior among individuals, with users potentially falling into a debt trap. We need to be clear that fintech is not a substitute for financial literacy, but rather enhances the use and applicability of fintech.

Tomorrow’s story

Nepal is not well prepared to provide financial education and literacy to children, women, entrepreneurs and many other groups in our society. Government and political leaders need to understand that financial literacy and inclusion are two aggregate factors for rapid economic development. It is the indicator that determines the population’s ability to use available financial products and expand the size of the economy, primarily by supporting entrepreneurship and innovation. The crucial question we need to ask is, are we becoming a society that knows only the price of everything but the value of nothingness?

Besides access to finance, financial literacy policy is a basic need to save people from financial fraud and exploitation, which helps to monitor and promote fair economic competitiveness among service providers. The gender gap in financing also requires a financial education policy that builds a foundation for equal access to finance for women.

next steps

We do not have a comprehensive view of developing financial inclusion and education policy as educational institutions, financial institutions and regulators are not cohesive to work with a coherent vision of advancing financial education and inclusion. This requires a national plan and consensus that commits all stakeholders to act and contribute positively towards achieving the necessary steps at a given time to build a financially literate society, which will make the lives of people in Nepal easier and more prosperous.

The financial vigilance of individuals in Nepal is primarily determined by the policy that drives interventions that support financial education; It’s the need of the hour!

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