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RBM advocates improved savings, investment culture

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By William Kumwembe:

The Reserve Bank of Malawi (RBM) Monday launched events marking commemoration of this year’s Global Money Week (GMW) with a call to youths to secure early their financial future.

RBM Director for Financial Services, George Chioza, said youths would attain a secured financial future by saving and investing in various forms including in the capital market.

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The year’s GMW is being commemorated under the theme ‘Learn, Earn and Save’.

“[The theme] emphasises the need to help our children and youth learn about money, how to save and how to earn money either as professional employees or as business owners,” Chioza said.

Recent studies by RBM show that the country has a very low score on financial literacy.

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Results of a 2017 survey on financial capability, for instance, show that, by age, the highest literacy level was among those aged between 25 and 45 (10 percent) compared to 10 to 14 (2.2 percent), 15 to 19 (3.1 percent) and 20 to 24 (4.1 percent).

Chioza said the findings suggest that financial literacy increases with age, education and experience; hence, the need for intensifying efforts towards reaching out to the youths.

Malawi Stock Exchange (MSE) Operations Manager, Esnart Suleman, said the stock market, as a provider of investment avenue, has also intensified efforts to bring the youth on board.

“We (MSE) have deferent programmes to raise awareness on investing in the stock market. We believe that investing in teaching the youth on financial matters entails investing for the future,” Suleman said.

One of students at DMI St John of Hope University, Bridget Pakuwa, said knowledge on economic trends and financial matters would be ideal for them to secure a stable plan and financial independence.

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