Review Nepal News

Financial Literacy: First Step to Better Lives in Rural Nepal

www.reviewnepal.com
  Kathmandu      November 01 2023

In the US, there is periodic concern that young people lack financial literacy—how loans and interest work, basic investment knowledge, the role of savings, cost-benefit analysis, etc.  Some schools have instituted financial literacy courses.  Others sometimes bring in volunteers to provide tutorials.   But the consensus is financial literacy is still lacking among young people. And not only young people.  Many adults lack it as well. 

Nepal's Sidhuli district is an isolated rural area in which farming dominates. There, hundreds of adults are receiving financial literacy training that surpasses nearly any offered in US schools.  

Training starts with basic economic development theory, including the key role of capital accumulation. From there, farmers learn about savings and investment.  This includes how to establish a group to accumulate capital that can be loaned to members at low interest rates to invest in better agricultural implements, greenhouses to extend growing season, etc.   Learning about savings and credit opens the door to basic bookkeeping, family budgeting and more.  

These trainings are eye-opening for participants.   They learn a new way of looking at their incomes and economic opportunities.   Most important, family farmers realize small actions like contributing to a savings and credit group can be the first step to a qualitatively better life for themselves and their children.  

Please contact to me to set up an interview with a representative of World Neighbors, the international development group that organizes financial literacy, sustainable agriculture and other initiatives in Nepal. 

Best, 

John 


John Jordan
Principor Communications
jjordan@principor.com
(202) 369-8181 (m)