Firm decries financial illiteracy

By Isaac Salima:

Business and Management Consulting firm, Sycamore Consult Limited, has expressed concern over low financial literacy levels and lack of personal finance management skills in the country.

Sycamore Consult Limited Managing Director Audrey Mwala said the problem is contributing to the widening gap between the rich and the poor.

She said this in Blantyre during a retirement planning training for Electricity Supply Corporation of Malawi employees.

“Financial literacy is a different kind of education. It does not mean that you are a manager or an accountant somewhere or that you know personal financial management. The reason is that we were never taught about this when we were at school and it is for this reason that many retire while poor,” she said.

One of the participants, Roselyn Chpinda, said the engagement was an eye opener.