Decrease in Student Bank Deposits in Bangladesh: Reasons and Solutions
Dhaka, Bangladesh – In a surprising turn of events, student bank deposits have seen a significant decrease across Bangladesh in recent months. This troubling trend has left many families and students struggling to save for the future. Let’s delve deeper into the reasons behind this decline and explore potential solutions to address this pressing issue.
### Financial Struggles of Students
One such student, Amirul Islam Akash, from a non-government school in Dhaka’s Ashulia area, used to diligently save money in his school banking account. However, with the rise in his parents’ expenses, he found it increasingly challenging to continue saving. Similar stories resonate with students like Arman, whose businessman father can no longer afford to deposit money in his account due to financial constraints.
### Impact on National Scale
This decrease in student bank deposits is not limited to individual cases like Akash or Arman. Recent reports from the Bangladesh Bank indicate a substantial drop in student deposits nationwide. In October 2024, the total amount of student deposits stood at Tk 2.87 billion, reflecting a significant decline from the previous months. This downward trend is especially alarming considering the total number of student accounts in the country.
### Economic Factors at Play
The root cause of this decline can be attributed to the recent economic challenges faced by families across the country. With rising living costs and increased VAT on various goods, families are finding it harder to make ends meet. As a result, children’s expenses, including school-related costs, are taking a hit.
### Importance of School Banking
The concept of school banking was introduced in Bangladesh back in 2010 to instill a savings culture among citizens from a young age. It aimed to familiarize students with modern banking practices and encourage them to save for their future needs. By allowing children to deposit money from various sources like pocket money, savings from lunch, gifts from relatives, school banking sought to make financial management more accessible.
### Encouraging Financial Literacy
To combat the declining trend in student bank deposits, it is crucial to educate both students and parents about the importance of saving. By promoting financial literacy and offering incentives for regular savings, we can empower the younger generation to take control of their financial future.
As we navigate these challenging times, let us remember that every small step towards financial awareness and responsibility can make a significant impact on the future. By fostering a culture of saving and wise financial management, we can ensure a brighter tomorrow for our children and the generations to come.
