THE Zambia Union of Financial Institutions and Allied Workers has called on the government and other stakeholders to seriously consider the benefits of introducing personal financial literacy into the primary and secondary school curricular.
ZUFIAW president Ackim Mweemba said there was need for the Central Bank and the Ministry of Education to consider a partnership that would ensure the introduction of personal financial literacy lessons both at primary and secondary school levels if meaningful and long-lasting benefits were to be registered.
“Most of our young people leaving education, especially at secondary school level, have no form of personal financial literacy and they do not understand the value of money. We see this in how they waste their money on immaterial things such as alcohol, temporal luxuries, etc. These are young people that are actually entering the productive working and decision making group in society and they shall soon start facing difficult financial decisions which may prove to be too much to handle wisely if one is not adequately trained to make these decisions correctly,”
Mweemba said in view of the just ended financial literacy week launched by the Bank of Zambia and aimed at promoting a culture of saving, investment and secured insurance.
He said personal financial literacy was an integral part of sustainable economic development of any nation.
Mweemba said young people needed to have financial discipline inculcated in them at a very young age, “given that the discipline of saving, investing and insuring life or property is not easily acquired until probably after one has faced a difficult situation”.