Kathmandu. Nepal’s workplace is undergoing a quiet but powerful transformation. Walk into any of today’s shared workplaces, coffee shops or creative studios and you’ll meet an emerging generation of energetic, single, urban young professionals. They are digitally skilled, financially independent and have high aspirations.
According to the latest statistics of Nepal, more than 40 percent of the total population is youth. This large group of young people are now changing the traditional career path, starting their own startups, doing extra work and writing a new definition of success.
If we look closely at the financial sector, it can be seen that this generation has started earning faster, spending smartly and investing at a younger age than the previous generation. They are conscious of quality of life, travel and health.
Illusion and Reality of Insurance
Despite this, life insurance still does not seem to be a priority in the financial planning of many. Often, young people say, “I am healthy, I don’t have any dependents yet, why do I need insurance?”
This response reflects the gap in our society’s understanding of financial security. The reality is that life doesn’t always go as straight as you think, and timely preparation can make a big difference.
While recent studies show that awareness of insurance has increased among millennials and Gen-Z in urban areas, the number of people who have insurance is still low. Many people keep it as something to do after marriage or after having children. However, health problems or accidental accidents do not come to anyone’s notice. In such a situation, in the absence of solid financial security, the plans made for years can collapse in an instant.
An example
Imagine that you meet a young entrepreneur at a startup event in Kathmandu. He runs his own design firm and is living a great city life. When asked about life insurance, he smiles and says, “It’s for my parents, not for me.” ’
However, during the conversation, it is revealed that he has taken a loan for his business and house. In which the parents have also been witnessed. He has mortgage insurance, but he has not insured himself to pay off the loan. He has been working hard to keep his loved ones happy here and has forgotten the main tool (insurance) to protect them from financial burden if something untoward happens tomorrow.
Insurance is not just protection
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In today’s time, life insurance plans are very flexible and easily available digitally. Whether it is ‘term insurance’ that can be purchased at a cheap premium or plans for investment and savings. It’s not just for the elderly or the married. It’s a “financial tool” for anyone who is building the future.
A Step to Self-Reliance
Buying life insurance is not only about completing the paperwork, it is also a declaration of responsibility. Planning early for a changing career and changing lifestyle means empowering yourself.
Nepali youths are strengthening their presence in the world today. However, along with this courage and ability, it is also necessary to be prepared. Life insurance should be seen as a basic necessity like health insurance or savings, rather than a commodity that can be saved for later.
