The Bankers Association of Malawi (Bam) has called for increased financial education and training for the youth.
Bam Chief Executive Officer, Violette Santhe, said the youth make up about 75 percent of Malawi’s population, therefore, the need to equip them with the necessary skills to manage finances.
“Students who learn to manage their finances early often become adults who are better equipped to live independently,” Santhe said.
Bam’s comments come at a time Malawi has joined the rest of the world in commemorating the Global Money Week.
The Global Money Week was established by the Child and Youth Finance International, a global network dedicated to promoting financial education and financial inclusion for children and the youth. This year, the Global Money Week is being celebrated under the theme ‘Money Matters Matter’.
Santhe said the youth of today are leaders of tomorrow, adding that it is crucial for them to master financial management.
“Teaching the youth to save would help to develop them into independent adults. It enables and empowers them to determine the quality of life they want. It also helps give the child a valuable tool that will hold them in good stead for the rest of their lives,” Santhe said.
Reserve Bank of Malawi Governor, Dalitso Kabambe, said in a statement on Tuesday that Malawi will disseminate key financial literacy and education messages focusing on children and the youth during the week.