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Introduction
Financial literacy is crucial for individuals to make informed decisions about their money and achieve financial wellness. In Pakistan, the need for financial literacy and wellness is more important than ever. Financial literacy leads to financial inclusion, which is defined as access to formal financial services by individuals & firms to use a range of quality payments, savings, credit and insurance services which meet their needs with dignity and fairness.
State Bank of Pakistan launched National Financial Literacy Program (NFLP) to promote financial inclusion through spreading financial education for inclusive economic growth and stability across the country. Bank AL Habib is engaged in empowering citizens to make informed financial decisions through its products, services, and financial literacy initiatives.
Enabling Financial Wellness
Budgeting
Creating and sticking to a budget is essential to achieving financial wellness. In Pakistan, where the average household income is around PKR 45,000 per month, budgeting can help individuals manage their finances effectively.
How can you budget?
- Start by calculating your monthly income and expense
- Categorize your expenses into fixed and variable
- Set financial goals and prioritize your spending
- Use budgeting apps or spreadsheets to track your expenses
Saving
Saving is a critical component of financial wellness. However, in Pakistan, where the savings rate is only 10.2% of the GDP, it is essential to understand the benefits of saving and develop a saving habit.
How can you save on a limited budget?
- Start by setting realistic saving goals
- Automate your savings by setting up a standing order
- Cut down on unnecessary expenses
- Explore investment options such as savings accounts, fixed deposits, and mutual funds
Retirement planning
Retirement planning is essential for long-term financial wellness. In Pakistan, where only 10% of the population has a pension plan, it is important to start planning for retirement early. Here are some tips and tricks for retirement planning:
- Calculate your retirement needs and set retirement goals
- Start saving for retirement as early as possible
- Explore retirement plans such as pension plans and individual retirement accounts
- Review your retirement plan regularly
Bank AL Habib`s Initiatives for Your Financial Wellness
Current Accounts
We offer an array of products and services that help you meet your financial needs. Our current check-in accounts are an ideal option for your day-to-day banking needs.
Learn more about our current accounts by clicking here.
Saving Accounts
Saving accounts provide a convenient option for customers to attain return on savings and an additional monthly income.
You can view saving accounts by clicking here.
AL Habib Mobile App & Netbanking Facility
AL Habib Mobile App allows you to bank on the go.
- To track your spending, check your transactions through the quick-view of the E statement facility.
- Use Bookme.pk to reserve participation in lifestyle activities, and save through exclusive deals.
- Transfer your funds to others and pay bills conveniently without using cash or visiting the Bank branch.
Digital Accounts & Account Opening Facility
We offer a convenient way to open your bank account digitally in a few simple steps. To open your account digitally, click here
National Financial Literacy Program - NFLP Activities
With the aim to understand monetary principles, financial products/services, and cultivating positive attitudes toward economic well-being, Bank AL Habib is dedicated to promote financial literacy within the middle and low-income households of Pakistan. Through a series of Classroom Sessions and Street Theaters, in-house trainers are disseminating financial knowledge among the masses and imparting essential financial concepts. This effort has engaged over 8,000 participants encompassing both males and females, opening more than 4,000 accounts during Phase II of the program. Notably, this initiative has led to the active involvement of over 3,500 females, with more than 1,000 females successfully opening their own accounts.
National Financial Literacy Program (NFLP) Phase II Year 3
The third year of Phase II of the National Financial Literacy Program (NFLP) has commenced, and Bank AL Habib Ltd. has been assigned its targets for this year. Along with classroom sessions and street theaters at the district level, a key focus of this phase is reaching the unbanked population with our simple and seamless digital banking services such as digital account opening process.
For more details, please refer to the table below for our targets for FY 2024-2025.
| NFLP-II Targets for FY2024-25 | ||||
|---|---|---|---|---|
| Districts | Classroom Sessions | Street Theaters | ||
| No. of Sessions | Beneficiaries | No. of Sessions | Beneficiaries | |
| 36 | 271 | 6775 | 51 | 3825 |
Pakistan Financial Literacy Week
As per the vision of State Bank of Pakistan to promote financial literacy and inclusion and encourage the adoption of digital financial solutions, Bank AL Habib is actively participating in the national level initiative of Pakistan Financial Literacy Week, taking place from 4th - 8th March, 2024 under the theme "Financial Inclusion through Digital Means".
The objectives of Pakistan Financial Literacy Week (PFLW) are as follows:
- Promote the adoption of Digital Financial Services to enhance accessibility and convenience.
- Empower individuals by providing them with the necessary knowledge and skills to make informed financial decisions.
- Highlight the importance of Financial Education in ensuring financial well-being and security.
- Foster collaboration among stakeholders to create a more inclusive and resilient financial ecosystem.
Bank AL Habib is setting up Financial Literacy camps in Abbotabad, Kotli, Lasbela, Multan, Nowshera and Rahim Yar Khan from 5th till 7th March, with the aim to promote digital financial literacy in Pakistan.
Click here to download the PFLW Camp Locations.