Rethinking financial literacy in Nepal: Tailored, not templated
Summary
Nepal's financial literacy efforts, led by Nepal Rastra Bank, must shift from standardized frameworks to localized, community-driven programs that cater to diverse socio-economic realities and empower individuals practically.
Key Points
- Nepal Rastra Bank has established a standardized financial literacy framework, but many local cooperatives and NGOs have long contributed to ground-level financial knowledge.
- National financial literacy scores reveal disparities by region and gender, but conventional metrics may not accurately reflect real-world financial competence.
- One-size-fits-all financial literacy programs often miss local needs and contexts, highlighting the necessity for tailored, community-focused approaches.
- True financial literacy should empower individuals to make informed decisions within their unique circumstances, beyond mere knowledge of banking products or financial math.
