Prlom„aoltes foinaenycialelieteracy
MBABANE – The Minister of Finance, Neal Rijkenberg says the Global Money Week serves as a platform to promote financial literacy, economic citizenship and inclusion, values that are fundamental to our vision of a prosperous and equitable future.
Rijkenberg was speaking during the launch of Global Money Week 2024, which will be commemorated under the theme: “protect your money, secure your future.”
He said this week provided a wonderful opportunity to emphasise the critical importance of financial education and inclusion for children and youth.
He said the theme “Protect Your Money, Secure Your Future aligned well with the problem faced as a nation where people have lost their hard-earned money through pyramid and other scams.
“We do need to emphasise the need to protect our money in order secure our future,” he said.
The minister added that by engaging in pyramid schemes people could not secure future and that of the country’s economy. He said pyramid schemes were one way in which many people failed to protect their future. He said they were detrimental to the economy for they often result in financial losses for individuals who participate as the scheme eventually collapses, causing a widespread negative impact on personal and family finances.
“Additionally, they (scams) erode trust in financial systems and can create a culture of dishonesty and exploitation. Furthermore, as more people become embroiled in the scheme, it can lead to significant economic instability as resources are redirected from productive investment into a fraudulent system. Ultimately, pyramid schemes are unsustainable and create an economic environment that is neither fair nor conducive to longterm growth,” he said.
Rijkenberg said it was important to recognise that the future stability and prosperity of the nation depended on the financial knowledge and skills of the children and young people. He said by equipping them with the tools to make sound financial decisions and encouraging a culture of saving and investment, they were laying the groundwork for an economically empowered and resilient society.
Meanwhile, the Governor of the Central Bank of Eswatini Dr Phil Mnisi said the theme for this year’s event, ‘Protect Your Money, Save the Future’, resonateed deeply with the core values of their financial education and advocacy activities, aligning perfectly with their consumer empowerment and protection strategies.