Young people could face a global financial crisis if they don’t
develop the habit of saving money, Stanbic Bank Zambia
Chief Executive Charles Mudiwa has warned.
“Increased financial literacy among the youth is vital in
ensuring a sound economic future for the country,” said Mr
Mudiwa, who is also chairman of the Bankers’ Association of
Zambia (BAZ).
Young people are among the most vulnerable to financial
problems and need to learn how best to manage their
affairs.
While they do not always have access to financial
services they still need to be empowered with the skills to
earn, save and budget, explained the senior banker as the
industry marked World Savings Day this week.
“Our children could cause the next financial crisis if we all do
not take responsibility. Considering we live in a globalised
world, the future of the world’s economy is in jeopardy if we
do not give tomorrow’s adults the ability to manage their
own finances now,” said Mr Mudiwa,
“Since inception, the financial literacy campaign has
focussed significantly on children and youths, and therefore,
this World Savings Day commemoration has taken the same
approach,” he added.
In commemoration of the important day more than 800
Stanbic Bank staff shed light on financial matters with
people on the streets during the launch of the bank’s
Lutanda Community Day.
The aptly named campaign
focused on educating members of the public on financial
literacy and savings.
The volunteers took time out of their
normal routine this week to carry out the sessions reaching
over 5,000 people including nurses, students, pupils, police
officers, soldiers and many others.
“Lutanda means light and signifies the light we bring to our
communities and difference we are making in the lives of
Zambians. As a bank we believe in taking deliberate steps to
make a difference in the communities we operate in,” said
Mr Mudiwa.
This year’s theme, “A Better Life through Savings – Open
your account now”, sought to encourage the public to adopt
a culture of savings and ensure that levels of savings in
relation to GDP are improved.
The commemoration saw the
coming together of various financial institutions to exhibit
their products and services, specifically tailored towards the
promotion of savings.
Furthermore, a Money Box
competition themed Coin-a-thon aimed at encouraging
learners in schools to create attractive boxes, which they can
then use to save money in their respective schools for
capital projects, will be run by the financial institutions
across the country.
Minister of Finance Hon. Felix Mutati visited the exhibition,
which at the Cosmopolitan Mall in Lusaka.
Mr Mudiwa
reiterated the banking industry’s readiness to work with the
government in providing financial services and products,
with the aim of scaling up financial inclusion for all, pledging
to work together with the Ministry of Finance and the Bank
of Zambia to come up with robust financial inclusion
strategies that will help drive this agenda forward.
“The savings culture in Zambia has been relatively poor and
can be attributed to a number of factors. It is very important
for the public to understand why saving is important and to
have knowledge about the different types of products and
services, as regards savings and where to access them. In
promoting the savings culture, financial institutions are
encouraged to provide the accurate information about the
various products and services they provide to their clients,
as well as would-be clients. This in itself is a step in the right
direction to ensure that everyone is provided with the much
needed information in order to make informed decisions on
saving,” said Mr Mudiwa.
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