Launches new framework to empower young people to save safely and develop responsible financial habits
Pakistani currency. PHOTO: FILE
The State Bank of Pakistan (SBP) said on Wednesday that it has launched a new framework for teenage accounts that will enable them to independently own and operate bank accounts and digital wallets.
In a press release, SBP outlined the key features of the initiative and emphasized the goal of fostering a financially savvy, digitally savvy generation. “The framework is designed to empower the country’s youth to save safely, transact confidently and develop responsible financial habits,” the SBP stated.
While adult account ownership in Pakistan has risen to 67%, teenagers have traditionally been limited to joint or parent-controlled accounts, limiting their financial engagement and learning. The new framework aims to fill this gap by giving Pakistan’s 26 million teenagers aged 13 to 18 the tools to save safely, trade confidently and develop responsible financial habits, the SBP said.
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“By empowering teenagers to independently manage their finances, we’re not just preparing them for adulthood, but setting them on a path to becoming responsible, digitally savvy financial citizens,” it added.
It further said that the initiative was in line with SBP’s broader strategy for financial inclusion and formed a key part of its strategic plan for 2023-2028. It also supported the National Financial Inclusion Strategy (NFIS) 2024-28, which prioritized youth inclusion in Pakistan’s economic future.
Pakistan’s commitment to youth economic 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 an economically inclusive society,” SBP added.
By creating opportunities for teenagers to engage directly with the banking system, SBP said it not only improved financial literacy but also laid the foundation for a digitally savvy generation capable of driving future economic growth in Pakistan.
