A Step Forward Towards Financial Empowerment

In April 2025, the StateBank of Pakistan (SBP),in collaboration with keyfinancial institutions,launched Pakistan FinancialLiteracy Week (PFLW) 2025.Held from April 14 to 18, thisnationwide initiative aimed topromote financial literacy andinclusion across the country.

PFLW is a component of theSBP’s broader National FinancialLiteracy Programme launchedin 2017 to educate low-incomepopulations, with a particularfocus on women, young peopleand children. Building onthis foundation, the recentlydeveloped National FinancialEducation Roadmap 2025-29aims to enhance knowledgeand access to quality financialservices for all segments ofsociety, targeting 50 millionbeneficiaries. PFLW is one ofthe components of this roadmap,encompassing a multiprongedoutreach programme thatincludes one-on-one educationand digital teaching methodssuch as gaming and app-basedinterfaces and more.

The success of PFLW 2025illustrates the importanceof collective efforts andtechnological advancements inexpanding financial access andinclusion. Unlike previous years,where the SBP’s financial literacyinitiatives were concentratedamong banks and associatedentities, this year, the entirefinancial sector united under oneumbrella on lines similar to theRoshan Digital Account (RDA)initiative, with the aim to promotefinancial awareness, encouragesavings and investments,enhance financial inclusion,and foster economic stability.The initiative sought to educateindividuals about financialproducts and services, instillingthe importance of saving andprudent investment. By bringingunderserved populations into theformal financial system, PFLW’sgoal was to empower citizensto make informed financialdecisions, contributing to overalleconomic health.

The week commenced with asymbolic gong ceremony at thePakistan Stock Exchange (PSX)Trading Hall, marking the startof a collaborative effort amongkey financial institutions. Ledby the SBP and partnered withthe Securities and ExchangeCommission of Pakistan (SECP),capital market intermediaryinstitutions such as PSX, theCentral Depository Company(CDC), Pakistan MercantileExchange (PMEX), and theMutual Funds Associationof Pakistan (MUFAP) joinedhands, bringing along with themasset management companies.The insurance sector was aprominent participant in PFLW.

Throughout the week, adiverse range of activities wereconducted across schools,colleges, universities andcommunities nationwide. Theyincluded workshops, awarenesssessions and digital campaignsdesigned to equip individualswith the knowledge and toolsneeded for informed financialdecision-making. The weekfeatured financial literacy campsin the major cities, includingKarachi, Lahore, Islamabad andPeshawar in an effort to engagecommunities directly and makefinancial education accessiblebeyond traditional settings.These events drew thousandsof participants from all walks oflife, united under the cause ofbuilding a financially aware andempowered society.

Speaking to the financialeducation lead of one of theinternational banks in Pakistan,I learned that the SBP hadcreated a WhatsApp groupwhere stakeholders exchangednotes throughout the day andupdated real-time activities.This was a collaborativeapproach that allowedparticipants to learn from eachother’s experiences and adjusttheir programmes accordingly.

The banks worked alongsidetheir staff members toimpart awareness about theimportance of financial inclusion,understanding banking products,and basic banking operations.There was an organised andconcerted effort to cover allgrounds. Banks organised camps,invited target beneficiaries totheir branches nationwide andtaught them the basic conceptsof money management. Otherentities educated participantsabout their respective offeringsand products.

The insurance companies andcapital market intermediariesfocused on awareness abouttheir offerings, ranging frommutual funds and equityinvestments to insurancecoverage and their role in anindividual’s portfolio. Notablecontributors included:
–Mohsen Siddiq from Gen Mo,a financial education-focusedcompany that collaborateswith financial institutions toincrease financial literacy andoutreach. They work in the spaceof basic financial education,savings, investments and otherfinance concepts. They havean impressive digital educationplatform through games.
–Hissan Ur Rehman, anenthusiast in the space ofinvestments and the economy.He was among the first tointroduce a course on stockmarket investment basics atLUMS and has taught hundredsof people through six to eightweek courses offered by PSXsince 2022-23.
–Adeel Azhar, a bankerturned RJ and influencer, hasworked on financial educationand increasing awareness forinvestment, capital marketinstruments and asset classes inhis social causes.
–Sarmaaya Financials,established in 2019 by LaeeqAhmad, is a leading platformdedicated to offering retailinvestors comprehensive andreal-time solutions for trackingtheir investment portfolios.They have a unified app andweb portal that simplifiesthe management of variousinvestment types, includingstocks, mutual funds, forexand commodities.

These collaborators organisedvarious initiatives, working bothindependently and in tandemwith banking institutions.The combined efforts of thefinancial sector, influencersand education partners madea significant impact, reaching awide audience and promotingfinancial literacy.

Key findings from a broadreview of the programmehave brought to the fore thefollowing considerations:

1. Relevance from the TargetGroup’s Perspective
Some participants expressedscepticism about the need forfinancial literacy, citing economichardships and questioning thenecessity of saving or openinga bank account. A few of thecomments included: “In times ofeconomic hardships, how do youexpect us to have anything tosave, let alone deposit or investmoney?”; “We hardly make endsmeet; how can we save?”; “Ouremployers pay us in cash; whydo we need a bank account?”;“All my vendors, from tailors toshopkeepers, take cash; I don’tneed a bank account.”; and“In our families, men managefinances. Why do we need ourgirls to learn these things?”While the frustration expressedis understandable, it was notsurprising given the currenteconomic situation. Nonetheless,the attendance and interest inlearning continued throughoutthe week, indicating a strongpotential for change.

2. Collaborative Approach
While leading the financialliteracy programme for theCapital Market at PSX, I adopteda strategy to collaborate withstrategic partners who couldserve as an extended team toensure scalability and impact.Financial literacy experts,fintechs, knowledge partners andapp owners working in similardomains can be instrumental inhelping achieve the vision. TheSBP roadmap considers all thisand includes curriculum additions in the programmescope. However, this may notbe sufficient to fill the hugegap in the communities, andgiven that not everyone is cutout to be a good teacher, theremay be questions about theeffectiveness of classroom orcamp-based learning throughworkshops and activitiesdelivered by people who may notbe equipped as teachers.

3. Salaried Classes Excluded
The salaried class, includingemployees in the corporatesector and SMEs, was notincluded in the programme. Yet,this segment is one of the mostproductive in the economy andoften lacks the time to researchor think about investing. They arealso vulnerable to the effects ofinflation. Including this segmentin financial literacy programmesis essential.

4. One Intensive Week IsNot Enough
Although PFLW served as acatalyst, a single week may notsuffice to instil lasting financialhabits. Continuous educationand reinforcement are essentialto bring about long-termbehavioural changes.

5. Curriculum Development
Financial education should bepart of the school and collegecurriculum. It is a basic life skillthat should be taught alongwith subjects like geography,Pakistan studies, Urdu, scienceand maths. Organising a weekor two of financial literacy acrossthe country during the year canserve to amplify curriculumbased education.

6. Learning by Doing
To instil financial literacy, itis essential to move beyondtheoretical knowledge andengage individuals in practicalexperiences. A pivotalcomponent of this strategyinvolves encouraging individualsto actively use financialinstruments. This includesopening a savings account,understanding debit and credittransactions, interpreting bankstatements as a subject ingrade five or six and exploringinvestment options such asmutual funds and exchangetraded funds (ETFs) as thesepupils move to grades eightand 10. By engaging in theseactivities, they gain first-handexperience and develop anunderstanding of financialconcepts. Initiatives such asyoung saver accounts, offeredby banks such as Bank ALHabib, provide children with theopportunity to open savingsaccounts, a practice thatfosters early financial habits.Introducing similar programmesas early as grades three andfour can lay the foundation forsound financial practices inadulthood. This will be a leap interms of women’s empowermentand financial independence asyoung female students learnbanking and finance.

Financial literacy is not achallenge only for Pakistan. Itis a global concern. Hence, theimportance of the SustainableDevelopment Goals (SDGs). TheSDGs four, five, 8, 10, 16 and 17include financial independenceand knowledge in some form oranother. In fact, financial literacyis a cross-cutting enabler thatsupports the achievement ofvarious SDGs. Here are someinternational examples.

United States: Arizona Savesis a non-profit initiative thatoffers free financial educationstate-wide. It focuses on low- tomoderate-income individuals andfamilies and provides workshops,financial counselling and accessto no-fee savings accounts. TheArizona Kids Saves programmeuses age-appropriate curriculato teach financial principles tochildren, encouraging parentsand children to discuss moneymanagement at home. Initiativessuch as Investopedia’s AdvisorCouncil contribute to enhancingfinancial literacy through expertinsights and resources.

Canada: Launched bycredit unions, Humanomicsis a programme aimed atimproving financial wellbeingby raising awareness aboutfinancial literacy and offeringinnovative financial productsthat encourage healthy financialhabits. Young people are aprimary target audience, withinitiatives like the HumanomicsYouth Savings Accountdesigned to reward positivesavings behaviour.

United Kingdom:Organisations like the FinancialLiteracy and InclusionCampaign (FLIC) work tointegrate financial educationinto schools, reaching millionsof learners. MyBnk specialisesin financial education forseven to 25-year-olds andprovides workshops andmicrofinance schemes to teachmoney management andentrepreneurship. FinancialLiteracy and InclusionCampaign (FLIC), a charitysupporting financial literacy,reaches nearly 500 schools andover two million online learners.It aims to raise one millionpounds to fund financial skillstraining for 10,000 students.

Denmark: Money Week is anannual initiative facilitating over600 visits to elementary schoolsacross the country, where bankemployees deliver two lessonson financial literacy. Schools areprovided with online teachingmaterials to incorporate intotheir classes.

Finland: Business Village isa programme where sixth-gradestudents engage in a simulatedbusiness environment to learnfinancial management, jobapplication processes, and theimportance of teamwork anddecision making. Finland’s aimis to achieve the best financialliteracy in the world by 2030.

France: The EDUFI Strategyprovides a national economic,budgetary, and financialeducation strategy based onthe Organization for EconomicCooperation and Development’s(OECD) principles aimed atpromoting financial literacy inFrench society. Measures includefinancial education and budgetplanning courses for youngpeople, entrepreneurs, andfinancially vulnerable individuals.The Cité de l’Économie is amuseum dedicated to fosteringeconomic literacy in aninstructive and entertaining way,funded by the Banque de Francein cooperation with severalpartners, including the Ministryfor Education.

India: The Reserve Bank ofIndia (RBI) has established over1,500 financial literacy centresand conducts annual financialliteracy weeks. Established withgovernment support, thesecentres raise financial awarenessthrough various schemes,including pension, insurance,and microfinance schemes. Thegovernment encourages savinghabits, especially in rural regions.

Jordan: The NationalFinancial Education Programme(NFEP) is a compulsorycurriculum for students in gradesseven to 10, offering interactivefinancial literacy education andis part of Jordan’s NationalFinancial Inclusion Strategy toimprove financial literacy amongyoung people.

Malaysia: Buku Wang Saku(Pocket Money Book) waslaunched by Bank NegaraMalaysia and uses illustrationsto make financial educationappealing to school-goingchildren, teaching them aboutsavings, conserving andavoiding wastage.

Peru: School-based financialeducation involves 150 publicschools, a 20-hour teachertraining plan, and financialliteracy classes for high schoolstudents. The programme hasincreased students’ financialknowledge and control, withadded benefits of higher gradesthroughout the school curricula.

Sri Lanka: The Central Bank ofSri Lanka launched the FinancialLiteracy Roadmap 2024-2028,aiming to enhance financialcapabilities and inclusion.

These initiatives demonstratea global commitment toenhancing financial literacy,equipping individuals with theknowledge and skills to makeinformed financial decisions.

Financial Literacy Week 2025has marked a significant steptowards enhancing financialawareness in Pakistan. However,to achieve a lasting impact,financial education must be anongoing effort that is integratedinto the national curriculumand supported by continuousprogrammes. By learning frominternational best practices andencouraging early savings habits,Pakistan can build a financiallyliterate and resilient society.

The views expressed in this article arethose of the author and do notnecessarily reflect the official policy orposition of any institution ororganisation.
Raeda Latif is a senior marketing andbusiness strategist with extensiveexperience in the financial sector.raedalatif@gmail.com