- December 20, 2021
- Posted by: Bastion team
- Category: World News
Nepal has seen many chaotic and progressive events in the last decade that have shaped essential policies for the nation’s overall development. The discussions in the political sphere have now pivoted from centuries-old political ideologies to economic growth. We can see an increase in usage of financial products, improved access to credit, and increased volume in financial transactions. However, there is a looming question, how will a country progress economically when the citizens are not financially aware and awake?
The post Covid-19 landscape has directed people toward having a secured cash flow for a stable life. In 2015, a similar disaster, the earthquake on April 25th, rocked the country physically and left its aftershocks in the personal finance of individuals. The earthquake highlighted the vulnerability of the majority of the households in terms of financial risks caused by unprecedented events. Five years to the earthquake in 2020, in the Covid-19 pandemic, we are again at the same spot in the wheel! Vulnerable, without many options and financial risk reduction measures, no emergency funds with individuals or organisations. This indicates that Nepal needs a robust structural framework on having a sustainable and secured financial education policy that can guide and help citizens on personal finance management.
After the liberalisation of the economy in 1991, many financial service providers started their operations. However, banks and financial institutions…