The Pensions and Insurance Authority (PIA), Bank of Zambia (BoZ) and Securities and Exchange Commission (SEC) led the financial sector in the commemorating the 7th Financial Literacy Week which was held from 25th to 31st March 2019.
The Financial Literacy Week is an annual financial awareness campaign that seeks to help people improve how they manage their finances and make financial decisions. It aims to contribute to the achievement of the objectives of the National Strategy on Financial Education. The campaign has been held annually from 2013 and this year’s theme was “Be Money Smart to Live a Better Life.”
The FLW campaign was conducted in all the 10 provinces and activities included the official launch at NIPA in Lusaka, provincial launches in all the other 9 provinces, radio and television progarmmes, roadshows, debates, public exhibitions, school and market sensitisation programmes.
The theme, “Be Money Smart to Live a Better Life” was aimed at helping citizens manage their own money wisely and focused on the following thematic areas:
- Earning A Living
Earning an income provides families with financial security. Developing livelihoods skills or receiving entrepreneurial training, supports children and young people in getting a job or building their own business and developing their careers.
- Save for the Future
It is important to build clever savings habits from an early age in order to cultivate key money-managing skills for later in life. Saving enables people to meet their goals and future expenses.
- Planning for Retirement
Start planning for your retirement early and consider the available financial options for a pension.
- Invest and Build Your Wealth
Know about investments such as government/corporate bonds, certificates of deposit, shares, unit trusts, real estate and other investments, and how these investments can generate income in future. In the long-term, making smart investments also enables people to gain financial security as they acquire financial assets and grow their investment portfolios with their money and thereby creating wealth.
Learn about the importance of insurance and how it can help to protect your family and assets from unforeseen risks. Insurance also protects you from the financial cost of legal liability, and helps prepare you for future retirement.
- Manage Loans Responsibly
Learn to borrow for specific needs and understand the terms and conditions for loans. It is important to ensure that you have the ability to repay loans on time, and avoid over-indebtedness. Regularly check on your credit profile with the credit reference bureau.
- Select Appropriate Financial Services
This entails the identification, assessment and use of financial products and services to suit one’s circumstances.
- Use Digital Financial Services
Use digital financial services (DFS) such as mobile banking, electronic funds transfer, cards (debit, credit or pre-paid card), point of sale (POS) and the Real Time Gross Settlement System (RTGS) to access and transact with your money efficiently and timely. These digital financial services help people transfer and collect money, as well as make payments for goods and services because of the low cost, convenience, security, and safety that comes with such modes of payments