Financial Literacy For Potential Migrant Worker
Location: Madesh Pradesh
Duration: 1 days
Targeted Groups: Regular income earners (Salaried workers), Irregular income earners (farmers, MSMEs, daily wage earners, potential migrant workers), Dependents (Students), Women, Youth
Description
Financial literacy enables individuals to plan for the future and build a secure financial foundation. Whether it's saving for education, homeownership, retirement, or emergencies, financial literacy equips individuals with the tools and strategies needed to set and achieve their long-term financial goals. By fostering a culture of saving and financial planning, financial literacy contributes to greater financial stability and resilience. Nepal has a significant portion of its population who are unbanked or under banked, lacking access to basic financial services. Financial literacy initiatives can promote financial inclusion by raising awareness about the benefits of banking, encouraging savings behavior, and facilitating access to financial products tailored to the needs of underserved populations. This can help empower marginalized communities and promote inclusive economic growth. Moreover, financial literacy is not just a personal skill; it is a catalyst for individual empowerment, economic development, and social progress in Nepal. By investing in financial education initiatives and promoting widespread financial literacy, Nepal can unlock the potential of its people and build a more prosperous and equitable society.
Objectives
- Create awareness about the availability of various financial products and services.
- Motivate individuals to adopt formal banking practices and improve their financial conditions.
- Educate various communities about their financial rights and responsibilities.
- Enhance awareness of digital financial services.
- Impart knowledge of personal finance to foster positive behavioral and attitudinal changes towards financial services and products.
- Raise awareness about financial fraud and grievance redress measures.
- Encourage banks and financial institutions to provide financial education to consumers.
- Develop collaboration among relevant stakeholders for the implementation of various financial literacy programs.
Impacts
- Enhanced Financial Decision-Making
- Ability to make informed financial decisions.
- Improved Financial Security
- Increased savings and investment for future security.
- Better Financial Management
- Effective budgeting and managing of income and expenses.
- Awareness of Financial Rights
- Knowledge of consumer rights and protection against fraud.
Program Summary
The session focused on potential migrant workers, guiding them on personal finance management, financial risk mitigation, international monetary transactions, and the importance of using legal channels for money transfers. This initiative aims to equip participants with the financial knowledge and skills necessary to make informed decisions, ensure financial security, and utilize proper financial channels effectively. The session was attended by 52 local youths eager to enhance their financial knowledge before planning to pursue foreign employment. The program took place at Naukatol, Belwa, Ward No. 31, Birgunj Metropolitan City, Parsa.
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