SBP plans to integrate financial literacy into educational curriculum

KARACHI: The National Institute of Banking and Finance (NIBAF), a subsidiary of the State Bank of Pakistan (SBP), plans to integrate financial literacy education into the primary, secondary, and higher educational curriculum of Pakistan, a statement said on Thursday.

This would enable the youth to develop a stronger understanding of basic financial concepts so that they can handle their money better. The institute is seeking to engage the services of a consulting firm, in this regard, it added.

NIBAF launched the National Financial Literacy Program for Youth (NFLP-Y) of the country. The basic aim of the programme is to impart essential financial education to Pakistani youth and school going children for strengthening their money management skills and understanding of the financial matters.

The National Financial Literacy Program for Youth is expected to serve as a medium to connect youth with the financial institutions that offer banking products and services.

The programme mainly targets three age groups (school going children-age 9 to 12 years; adolescent – age 13 to 17 years; youth – age18 to 29 years) across 45 selected districts of Pakistan, including Gilgit-Baltistan and Azad Jammu and Kashmir.

NIBAF aims at reaching out to 1.6 million children, adolescents and youth through classroom trainings and digital learning platform by 2023, it said, adding that the National Financial Literacy Program for Youth conducted a comprehensive training need analysis, which included 40 focus groups discussions, 50 in-depth interviews and 7,203 questioners across 10 cities and an international desk review.

Based on the training need analysis and insights from the stakeholders, six offline modules/story books (three in English and three in Urdu) along with the training manual on the financial literacy for the age groups 9 to 12 (children), 13 to 17 (adolescent) and 18 to 29 (youth) was developed, the statement said.

The National Financial Literacy Program for Youth initiated training rollout on January 16, 2019 and since then more than 21,000 training sessions have been conducted in 45 districts of Pakistan through which around 700,000 students have been trained on financial literacy, it added.

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