Launches new framework to empower young people to save safely and develop responsible financial habits
Pakistani currency. PHOTO: ARCHIVE
The State Bank of Pakistan (SBP) on Wednesday said it has launched a new framework for teenagers’ accounts, which will allow them to own and operate bank accounts and digital wallets independently.
In a press release, the SBP outlined the key features of the initiative, emphasizing the objective of fostering a financially literate and digitalised generation. “The framework is designed to empower the country’s youth to save safely, transact with confidence and develop responsible financial habits,” the SBP said.
While adult account ownership in Pakistan has increased to 67%, teenagers have traditionally been confined to accounts jointly or controlled by their parents, limiting their financial engagement and learning. The new framework aims to fill that gap by providing Pakistan’s 26 million teenagers, aged 13 to 18, with the tools to save safely, transact with confidence and develop responsible financial habits, the SBP said.
Read more: PSX surpasses 155,000 mark as hopes of US-Iran de-escalation boost market
“By giving teens the ability to manage their finances independently, we are not only preparing them for adulthood, we are setting them on the path to becoming responsible, digitally savvy financial citizens,” he added.
He further said that the initiative was aligned with the SBP’s broader financial inclusion strategy and formed a key part of its Strategic Plan 2023-28. He also supported the National Financial Inclusion Strategy (NFIS) for 2024-28, which prioritized the inclusion of youth in Pakistan’s economic future.
Pakistan’s commitment to youth financial empowerment was recognized internationally last year, when SBP received 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 teenagers to interact directly with the banking system, the SBP said it was not only improving financial literacy but also laying the foundation for a digitally skilled generation capable of driving future economic growth in Pakistan.
