Financial literacy among Nepalis one of the lowest in the world, says report

Kathmandu, December 2. Only 18 percent of adult Nepalis were able to correctly answer the questions on basic financial concepts in a global survey conducted by the credit rating agency Standard & Poor.The figure is among the lowest in the world. The Global Financial Literacy Survey, whose findings were released today, says Nepal is 136th among 144 countries surveyed when it comes to financial literacy.

The report says, “Financial ignorance carries significant costs. Consumers who fail to understand the concept of interest compounding spend more on transaction fees, run up bigger debts, and incur higher interest rates on loans They also end up borrowing more and saving less money.”

Armenia, Haiti, Tajikistan, Angola, Somalia, Afghanistan, Albania and Yemen are the countries ranked below Nepal. Similarly, 16 percent more Nepali men are financial literate than their women counterparts in Nepal.

Norway, Denmark, Sweden, Israel and Canada are the top five countries where citizens are the most financially literate.

Source:- Sabkura News Pvt .Ltd