Develop a culture of saving, Economist tells children

ECONOMIST Emmanuel Zulu has urged children to develop a culture of saving to avoid borrowing at exorbitant interest rates in future.

Speaking when he featured on a special edition of Millennium TV’s Business Day programme to mark the commemoration of International Children’s Day of Broadcasting, Mr Zulu said it was cardinal for parents to help their children to develop a culture of saving at a young age.

International Children’s Day of Broadcasting was commemorating under the theme: Invest in us, protect us, we are the future.

“Saving is very important to you who is actually putting that money aside because there are circumstances that may arise in future as you grow. You might need money for school, for higher education and also there are unforeseen circumstances that may arise in future that may need money. So it saves you from the burden of borrowing, especially when you have to borrow at an exorbitant rate,” Mr Zulu said

He added that it was important for schools to include financial literacy topics in the syllabus as a way of preparing children to save money and the methods to use.

“Because if you borrow from the bank or any financial institution, they will require you to pay a certain amount on top of that money you have borrowed. So when you have money aside, instead of you going to look for money around, you have to get part of that savings to help you meet that need,” Mr Zulu said.

Meanwhile, Media Network on Child’s Rights and Development Executive Director, Henry Kabwe appealed to Government to ensure that children are protected from abuse.

“We will continue to engage Government in promotion of quality access to education in Zambia,” Mr Kabwe said.