Financial services giant, Old Mutual has urged Malawians to borrow some attributes from the big five in as far as financial management is concerned.
Old Mutual Malawi Acting Managing Director Edith Jiya was speaking during an On the Money Training Programme delivered in Blantyre during the company’s golf tournament.
Jiya said the so called big five wild animals namely lion, elephant, buffalo, leopard and rhino have some attributes which humans could learn from in a bid to improve money management.
Jiya said the lion teaches the human being to reward themselves first from their hard work and to save the rest for a rainy day.
“Like the lion which eats first ahead of the pride, you should pay yourself first and save a fixed amount each month.
“Make this saving an automatic deduction taken from your pay, before you start paying other expenses. By looking
after your savings first, you are securing the future of your own pride,” said Jiya.
She said human beings could learn to be visionary from the leopard which plans its day from a vantage point in a tree or hill top.
According to Jiya, human beings could also learn a lot from the elephant which has a sharp memory.
“For us, human beings, knowledge is also power. But because our memories are not as good as the elephants’ especially when it comes to spending, we need to write down what we earn, owe and spend so as to keep the knowledge and then plan our future,” she said.
She further observed that humans could learn from the rhino which charges down the predator when threatened by controlling the levels of debt they take to ensure that it does not threaten their financial security.
“Because debt is so expensive and eats away so much of your wealth, we all have to find ways to reduce it rapidly and always manage it carefully. Debt only becomes unmanageable if it eats away too big a potion of your income each month and if you pay it off too slowly,” she said.
According to Jiya, the buffalo could inspire the human being to grow wealth patiently and to protect assets using the combined strength of an insurer.
Jiya said her company has decided to embark on a financial literacy programme because it believes that for Malawi to move forward, it needs a financially informed society.