Launches new framework to enable young people to save safely and develop responsible financial habits
Pakistani currency. PHOTO: FILE
The State Bank of Pakistan (SBP) on Wednesday said it has launched a new framework for adolescent accounts, allowing them to independently own and operate bank accounts and digital wallets.
In a press release, the SBP presented the main features of the initiative, emphasizing the objective of fostering a financially literate and digitally savvy generation. “The framework is designed to enable the country’s youth to save safely, transact with confidence and develop responsible financial habits,” the SBP said.
While the percentage of adult account holders in Pakistan has soared to 67%, adolescents are traditionally confined to joint or parent-controlled accounts, limiting their financial engagement and learning. The new framework aims to fill this gap by providing Pakistan’s 26 million adolescents aged 13 to 18 with the tools to save safely, transact with confidence and develop responsible financial habits, the SBP said.
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“By giving teens the opportunity to manage their finances independently, we are not only preparing them for adulthood, but we are putting them on the path to becoming responsible, digitally savvy financial citizens,” he adds.
He further said that the initiative aligns with the SBP’s broader financial inclusion strategy and is a key part of its strategic plan for 2023-2028. He also supported the National Financial Inclusion Strategy (NFIS) 2024-2028, which prioritizes the inclusion of youth in Pakistan’s economic future.
Pakistan’s commitment to youth financial empowerment was recognized internationally last year, with the SBP receiving the AFI Global Youth Financial Inclusion Award.
“The new framework is a continuation of our international efforts to build a financially inclusive society,” the SBP added.
By creating opportunities for adolescents to directly engage with the banking system, the SBP said it is not only strengthening their financial literacy but also laying the foundation for a digitally competent generation that can drive Pakistan’s future economic growth.
