financial literacy

Anyone who knows about spending money is required to be financially literate. From observation, people start spending as early as three years of age or even earlier for some children. It is common that children will always demand for certain things to be bought for them, such as sweets and toys. As they grow older, they eventually want the actual cash, mostly K50 or K100 to buy sweets on their own from a nearby ‘Kantemba’ or grocery shop. Sometimes, just the sight of money excites them because they know what money can do.

The issue of spending money goes on in people’s lives until one reaches the age where they start earning and through to the stage one grows old. Every individual goes through this process whether rich or poor, educated or not educated. However, financial literacy has a major role to play in the type of decisions individuals make concerning their finances.

In a nutshell, every individual needs to be financially literate. You may want to note that being a financial expert does not make one financially literate. The choices that people make concerning their personal finances go beyond ones knowledge or profession. Instead behaviour and other habits developed over time influence the choices people makes. Haven’t we heard of ‘educated people’ falling into unnecessary debt, failing to save money for unforeseen eventualities such as job loss or even asking for money from friends to take the child to the hospital or attend a funeral in the village? Such problems exist among us and they are not just unique to Zambia but other countries as well, even the developed countries. Haven’t we heard of people being highly in debt with credit cards in countries such as the USA? 

We all need financial literacy which is a broad area but can be tailored according to our needs. We don’t need to talk about ‘shares’ or ‘equity’ to 5 year olds but we can teach them the  principle of saving money, which will be very beneficial to them in adult hood.

What are the benefits?

• Perceived benefits for individuals will include better managed finances and improved lifestyle.

• Perceived benefits in the long run for the nation will include an improved economy and reduced poverty

We are confident that with your help, support and involvement, the program will be a huge success because at Zanaco, we have:

•  Wealth of information in financial issues

• Highly skilled human resource to implement the projecty

• A wide coverage, in all provinces of Zambia

• A wide range of clientele (Lowest to the highest)

• Corporate good will