Unlocking Dignified Golden Years: The Need for Financial Literacy in Bangladesh

Md Rashed Akter, 08 September 2025

Introduction: The Shift from Luxury to Necessity

As life expectancy rises and the middle class grows in Bangladesh, planning for life after retirement has taken center stage. A crucial question is surfacing: are today’s savings enough for tomorrow? As stated in New Age BD, this inquiry is not just about setting money aside; it necessitates an understanding of financial literacy.

Financial Products and the Mysterious Maze

Financial institutions, including banks and insurance firms, have unveiled products like long-term deposit plans and pension-linked policies to secure the future. However, awareness and participation lag behind these initiatives. The recent National Pension Scheme, launched in 2023, symbolizes a historic push to bring structured retirement planning to workers. Yet, it demands financial literacy to bridge the gap between opportunity and reality.

The Promise of the National Pension Scheme

This scheme emerges as a beacon of promise for citizens, catering to various workforce segments through its modules—Progoti, Surokkha, Samata, and Prabashi. But its success hinges on understanding and belief in its potential. Many, especially in rural areas, hesitate without knowledge of the power of regular savings and compounding interest.

Crafting a Retirement-Ready Society

Building a society where retirement planning is the norm begins with education. Encouragingly, the integration of financial literacy in school curricula takes a step forward. But it falls to employers and financial institutions to supplement this with workshops and literacy campaigns, particularly for private-sector workers.

Media’s Role and Building Trust

Traditional and digital media hold the power to demystify retirement planning. Clear, consistent messaging can normalize retirement preparation for all, from garment workers in Narayanganj to migrants abroad. Trust, however, remains crucial. For too long, informal workers have been sidelined. Transparency and proven reliability in the pension scheme are necessary to earn their belief.

Conclusion: A Promise Beyond Policy

Ultimately, retirement planning transcends products or policies—it’s a shared responsibility. With proactive efforts in financial literacy, digital innovation, and institutional commitment, Bangladesh’s retirement framework could evolve from a policy into a cherished promise—one ensuring dignity in the later stages of life.