Question

Mention the measures to make financial education effective in Nepal​

Answer 1

To improve financial education in Nepal, it is important to assess the specific barriers, integrate school-based management, and focus on investment in human and technological capitals. Practical elements of financial literacy should be taught, including wise investing, starting savings programs, managing checking accounts, understanding loans, and improving credit scores.

Step-by-step explanation:

To make financial education effective in Nepal, several measures should be implemented. It is vital to first assess the barriers specific to the context of Nepal, such as identifying issues within the existing curriculum or evaluating the effectiveness of current financial literacy programs. Additionally, the integration of school-based management strategies may engage parents and communities more effectively, especially in middle-income groups. Empowering the workforce through education and encouraging the adoption of new technologies are also essential.

Effective financial education programs should:

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3. Foster a more educated workforce for a better understanding of financial concepts and tools.
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6. Create, invest in, and apply new technologies to make financial education more accessible and engaging.
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9. Adopt fiscal policies focused on investment in human and technological capitals, while also essentially focusing on the implementation of these educational programs.

Practical financial literacy elements to incorporate into education programs in Nepal include learning how to:

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• Be a wise investor in the stock market and other personal investment options.
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• Begin a savings program and develop a personal retirement plan.
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• Maintain a checking account and appropriately reconcile bank statements.
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• Understand consumer loans and the responsibilities of borrowing money.
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• Improve personal credit scores and become a low-risk borrower.

Answer 2

Financial education is very important nowadays. People should be aware of the meaning of money. Everyone wants to have money, but not everyone knows how to earn it, save it and get a job.

Step-by-step explanation:

Measures to make people educated financially are to allow them to open a bank account, to have a bank advisor, to pay for the insurance. This way the fear of losing money is less.

This is how people in Nepal developed the conscious about the money, how to critically evaluate the money and how to use it in a good way. The economy of Nepal is constantly changing and people have to understand how finance is functioning. To understand this person have to be financially educated.

National strategy deals with everything that is connected with financial politics and how to connect people with finances and to teach them how to stick with their financial decisions. This financial education helps the institutions decide about long term financial decisions.