Adolescence and youth are at the gateway of adulthood and are preparing to lead lives full of responsibilities and yet not many of these young girls and women are familiar with the concept of financial literacy. So, before we begin with why financial literacy is important especially for young girls, let us first start with what financial literacy is?

To simply put, financial literacy is the understanding of how money works in the world. It is about understanding how you earn money, how you spend it, and how you manage it.

Why is it important?

Whether we are students or professionals or freelancers, we all are familiar with managing our money. As an adolescent girl, she must begin preparing herself for the economic roles that she may get so that she can expand her opportunity. But if we look at the statistics, Nepal ranks 136th in financial literacy.

This means only 18% of the total population of our country is financially literate. Our education system does not have a curriculum on personal finance but it is the most important aspect of anyone’s real life and which is why the financial illiteracy epidemic is plaguing our country.

Why girls?

Adolescent girls or young women are transitioning towards an independent life and a large part of their life is going to be about managing their finances. At the basic level, they must have an understanding of income opportunities, wise spending habits, saving, investments, and planning for the future.

If girls are financially educated at a very young age, they can make better decisions regarding money management and ultimately these girls grow up to become financially literate women who have the knowledge and ability to make better financial decisions for their families.

If we look at the socio-economic scenario of our country, most of the expenses and household finances are looked after by the women of the houses. With the economic demands of 21st-century life, women are increasingly pulling their weight financially in the family. 

Also, as a homemaker, women are responsible for making vital purchasing decisions of their homes. We believe that if we educate girls to become financially literate, we can increase the financial literacy of the country more efficiently

How can you help them start with financial literacy? Below are some of the ways you can teach young girls about financial literacy.

1. Teach them about tracking expenses and expense budgeting.

Tracking your expenses and budgeting is harder than one might think, especially when you are doing it for the first time. Understanding your own financial health is one of the basic parts of being financially literate. Learn here how one can plan their budget and expenses in detail.

2. Help them get their own bank accounts and assist them through e-banking procedures.

Opening a bank account does not sound like a big step towards financial literacy but owning a bank account can help a young girl learn how to manage transactions and various other financial aspects. They can understand the value of saving and investing which can be a huge asset in later days. Learn how to open a bank account here.

3. Make them ready for the future by helping them go cashless.

Having cash on hand could often cause absent-minded spending, especially when we exchange that crisp Rs 1000 note and have change on hand. Going cashless will cause just the right amount at the right time to be paid without you having to carry the change, avoiding absent-minded spending. It restraints you from easily spending your small change as you won’t have any on hand.

Khalti as a digital wallet and online payment gateway, not only allows you to embrace online payment culture but also helps you save thousands every month. Online shopping stops you from impulse buying habits as you tend to research more.


Also Read: 6 Ways how you can make your children financially Literate