‘Financial literacy key for financial inclusion’

STAFF WRITER

The Reserve Bank of Zimbabwe (RBZ) has urged Zimbabwe’s youth to be financially literate in order to save and invest for the future.

The call by the central bank comes at a time when the world was celebrating Global Money Week (GMW) which was held from March 22 to 28.

The event was held under the theme “Take care of yourself, take care of your money.”

In a statement, RBZ said its main objective in supporting financial education of the young people was to support them to become financially literate consumers who are capable of making sound financial decisions.

“GMW celebrations resonated well with Zimbabwe’s National Financial Inclusion Strategy where Financial Literacy is a key pillar which seeks to address financial exclusion and promote responsible access to and safe usage of financial services, and where we have identified the youth as one of the target group for the financial inclusion strategies,” reads part of RBZ’s statement.

RBZ said the benefits of a sound, financially literate population would reflect in the financial stability of the economy, as the young people prepare to transition from an economically dependent segment of the population to an economically active and contributor to the productivity and growth of the economy.

Financial literacy also improves youths’ knowledge of savings and investment products and opportunities, the bank said.

The central bank has urged the youths to open savings accounts to save money for a particular purposes.

Meanwhile, ZB Financial Holdings, which was part of the GMW celebrations, said financial literacy teaches one to make money, save money, spend money wisely, and build up wealth for oneself, children and generations to come.

“Young people should learn, unlearn, and relearn as successful people do not stop learning and they are always looking for opportunities for learning. The majority of financial disasters occur because of people’s refusal to learn.

“The more you learn, the more you earn. If you want to enhance your earning capacity, you need to upgrade your learning capacity. Ignorance is expensive. Some people could have been in a much better financial position had they invested in learning more about how they use their money,” ZB said in a statement.

ZB Financial Holdings has created an emergency fund and upgraded insurance policies to cover for life’s eventualities like sickness, and even death.

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