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Reserve Bank of Malawi launches Money Week

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The Reserve Bank of Malawi (RBM) on Tuesday launched this year ’s Global Money Week with a call to secondary school students to embrace a saving culture.

Speaking at Thyolo Secondary School during the launch, RBM Chief Examiner Consumer Protection and Financial Literacy, Madalitso Chamba, said students need to learn how to save while they are young.

Chamba said saving culture is a basic recipe for any growth be it at individual, household country level.

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She said it is only when people know how and when to save that they can economically transform their lives.

“Savings can create a difference in people’s lives by providing another source of income. We are targeting students so that they develop a saving culture from an early stage and grow with it. This will help them not to face difficulties to save and invest once they start work,” she said.

Chamba said, Malawi’s saving culture is not impressive.

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“Research has shown that Malawians are not proactive when it comes to saving. Malawians like to spend everything they get in a day and because of this, most Malawians do not have money for investment.

“When you look at economies that have developed and trace back their beginnings, you find that they have been saving,” she said.

One of the students, Veronica Savala, described the sensitisation by RBM a is an eye-opener, saying most students do not know how to save their money.

She said by taking the message to the students, it will help the learners use their pocket money properly and also start planning for the future.

This year ’s Global Money Week is being held under the theme ‘Money Matters Matter’.

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