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Concept Note
Project Title: Financial Literacy for Adolescents

1.1 Introduction:
Financial knowledge is a leading intervention for economic growth, especially for a resource-constrained
developing country like Bangladesh. Underprivileged people having access to financial practice are very
important to eradicate poverty as well as promote economic growth in the country.
The recent global financial crisis highlighted the importance of promoting social responsibility and
developing skills in financial management for each and all individuals in various ways. This is especially true
for children and youth, who are particularly vulnerable.
Important values of citizenship and skills in managing financial resources at an early age can lessen social
and financial vulnerability; thereby reducing the risk of poverty caused by both lack and debt burdens later
in life.
Children and youth are both current and future social and economic actors. Their decisions will influence
development of their societies.

1.2 Rationale:
Financial literacy is the education and understanding of knowing how money is made, spent, and saved, as
well as the skills and ability to use financial resources to make decisions. Financial literacy enable people to
be focused on financial aspect in future. They save money and less likely to have problems with debt and
loans.
For poor and middle class families in northern Bangladesh financial management knowledge is more
important. Younger members of the families understand the contribution and struggle of the responsible
adult members (parents). Understandings of this situation leave significant impact and help them to
overcome many social and emotional issues regarding family’s financial situation. Along with that encourage
them to be financially responsible from earlier age.
Today’s youth are much more engaged with financial activities. They use mobile, internet and so on. So it is
better to be aware about financial management from earlier age. In case of northern Bangladesh financial
literacy in adolescence will help them to grow more constructively. In their near future they will be able to
plan for their financial safety, healthcare, food, personal development and general well-being efficiently
which eventually lead them to be financially independent. A youth group derived with financial
independency may also eliminate their dependency on corruption and crime as they will be less likely to be
in need of earning money fast.Now a days many countries started to feel the importance of financial literacy
and introducing it as a content in school. Sustainable Development Goals, declared in 2015, particularly aim
to “end poverty, protect the planet, and ensure prosperity for all” within the stipulated time-frame as per
United Nations which also directs to Financial literacy. Because heading towards financial education and
raising awareness about individual financial solvency will only assist to raise living standard of everyone and
create an equal.Among 17 global goals, 3 goals specifically feature financial inclusion language. These goals
are:
 SDG-1: No poverty
 SDG-5: Gender equality
 SDG-8: Decent work and economic growth
1.3 Goal of the Project:
Equip adolescents of northern Bangladesh with increased savings as well as proper knowledge on money
management which will empower them to make the proper financial decisions in their real lives.
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1.4 Objectives:
The objectives of Financial Literacy for Adolescents Project are:
1. To aware the adolescents of the targeted 2 northern districts about the importance of self-
dependency
2. To encourage adolescents of targeted areas so that they can inspire their friends and families on the
issues like income, expenditure, formal banking, savings, financial planning and budget etc.
3. To raise awareness on the importance of financial literacy among the parents as well as in the
community
4. To motivate the adolescents, so that they practice the basics of managing money efficiently
5. To increase the savings habit among the adolescents so that they can take financial decisions using
their savings
1.5. Target Area and Population:

Target area for this project will be Panchagarh and Nilphamari in northern Bangladesh. 4680 adolescents
including 180 peer educators from 90 secondary schools situated at Panchagarh and Nilphamariwill be
considered direct beneficiaries of this project in 3 years. In 2019, targeted adolescents will be 1560 including
60 peer educators.

1.6. Duration:

Duration of this project will be from 1st January, 2019 to 31st December, 2021.

2. Project Description:
BRAC proposes to work in 90secondary schools covering 4500 adolescents and 180 peer educatorsin
Panchagarh and Nilphamari. This project will majorly focus on adolescents empowering them with basic
financial knowledge as well as basic financial management through training. The projection of coverage of
the project is given below:

Year Targeted School Targeted Participants Targeted Peer Educators

2019 30 1500 60
2020 30 1500 60
2021 30 1500 60
Total 90 4500 180

Initially the project will be implemented in 2019. In the meantime an “Assessment on Project
Effectiveness” will be conducted to understand the effectiveness of the last 3 years (2016-2018)
implementation and to determine further implementation plan.
At the beginning of the each year 30 secondary schools will be selected through a baseline survey. 1500
children will be selected each year. Participants will be selected from secondary level of these schools to
provide financial literacy sessions. In case of selecting participants students of grade VI, VII and XI will be
given preference. Every selected participant will receive the training once in 3 years. Peer leaders will also
be selected at the same time. Peer leaders will receive training and act as master trainers. Later they will
provide training to the participants at school level.
At school level 1 session on financial literacy will take place in each week for eight months. Considering
school priority, vacation and natural calamity number of total sessions may vary.

2.1 Proposed Activities:

Proposed interventions to reach 1500 adolescents of Panchagarh and Nilphamari in each year are given
below:

2.1.1. Survey and Planning

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 Conduct a quick review of outcome of the intervention to understand effect of previous

implementation
 Conduct a qualitative and quantitative research study

2.1.2. School selection

The financial literacy sessions will be school based. To select schools meeting will be held with community
people.
 Select 30 secondary schools
 Organize 60 formal meeting with School Management Committees
2.2.3. Selection of peer leaders and participant students
 Select 60peer leaders to be trained as master trainers
 Select 1,500adolescent members/participants
2.2.3. Material Development
 Review/develop 2 separate modules/handout on financial literacy for peer leaders and participant
students
 Contextualize 1 module/handout on soft skills
2.2.4. Training Implementation
Trainings will be provided in two stages.
First Stage:
Organize 5 days’ long TOT for 60 Peer Leaders
 Provide 60 Peer leaders one day long refreshers training 3times in 3 tranche around the year
Second Stage:
 Organize sessions on financial literacy for 1500 adolescents
 Organize sessions on life skills for 1500 adolescents
 Provide soft skills knowledge blended with financial literacy sessions to 1500 adolescents
 Organize graduation ceremony in school level to provide certificates to the graduated participants
2.2.5. Monitoring and reporting
- Assure monthly supervision and monitoring to ensure the quality of the intervention through field visit
- Prepare the progress reports quarterly and submit to related stakeholders

2.2 Measuring Progress:

 Number of adolescents who can define the basics of financial management
 Number of adolescents who can describe how to open and actively maintain formal bank
accounts
 % of adolescents who developed savings habit
 % of participants who will learn to calculate income and expenditure
 Number of peer and family members with whom participants shared their basic financial
knowledge
 Number of adolescent who can describe the advantages of savings

3.Expected Results:
As an impact of the intervention, the participant adolescents will be confident and independent enough to
make financial decisions and provide contribution to develop their lives as well as the community. After
receiving services and training participants will be able to:
 Understand the importance of saving money as well as the importance of financial independence
 Do regular financial planning and management
 Know how to open bank account as well as the function of debit and credit card.
4. Innovation:
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Soft skills is very important to practice financial knowledge in real life. Blending soft skills knowledge with
financial literacy shall benefit the participants in many ways. Considering that aspect a soft skills content
based module shall be contextualized to provide soft skills training to the participants. It will enhance their
communication skills. It would also help in job interview and entrepreneurship initiative.

5. Organizational Background:
BRAC, an international development organization based in Bangladesh, is the largest non-governmental
development organization. BRAC started it’s journey in Bangladesh in 1972. Since then BRAC has been
implementing various programs and projects with admirable reputation. At present BRAC works in all 64
districts of Bangladesh as well as in 11 other countries and has expertise as well as huge experience in
implementing programs covering education, health, livelihood as well as humanitarian support. BRAC has
been ranked number one NGO among 500 top NGOs for the third consecutive time since 2016 in terms of
both access and quantity.
BRAC has previous experience of working with Standard Charted Bank and implementing financial literacy
project for adolescents. It also has it’s own office in the targeted locations-Panchagarh and Nilphamari.

6. Budget Estimation:
Proposed budget for the year 2019 is BDT 14,406,219 (the project is being implemented initially for 1
year, so budget is projected for 1 year).

7. Head of the Programme:

Dr. Safiqul Islam

Director
BRAC Education Programme