HNBA and HNBGI advocate better financial literacy
HNB Assurance (HNBA) and HNB General Insurance (HNBGI) recently held a workshop partnering Ravi Abeysuriya, CFA to present and distribute his latest book ‘Financial Literacy - to achieve your financial wellbeing’.
This collaboration aims to promote financial literacy and empower individuals to make informed financial decisions to secure a prosperous future.
Abeysuriya, a Non-executive/ Independent Director of the HNBA board, is a veteran in the field of banking and finance. He chairs and presides on the boards and committees of multiple organisations and was honourably named Lifetime Achievement award laureate by CFA Institute, USA in 2017 for his outstanding work and dedication to the investment management profession. Sharing his thoughts at the presentation and distribution event of his book, he opined, “Firstly, I’d like to extend my heartfelt gratitude to the management of HNBA and HNBGI for their invaluable partnership in propagating this message of financial literacy, empowering a wider audience to shape their financial destinies.”
Sri Lanka has the highest gap between print literacy and financial literacy in the region. On Average, 65 percent of the adults in advanced economies are financially literate. South Asia records the lowest percentage of financial literacy, with Sri Lanka coming in at about 35 percent.
“Numerous studies have indicated that insurance penetration is among the most reliable indicators of financial literacy in any society. Unfortunately, Sri Lanka currently exhibits a penetration of less than 2 percent, reflecting a significant disparity in comparison to the global average,” highlighted Abeysuriya, shedding light on the prevailing situation in Sri Lanka.
While encouraging the participants to read and understand the book ‘Financial Literacy - to achieve your financial wellbeing’, Abeysuriya emphasised the importance of equipping oneself with the knowledge and skills contained within the book to make informed and pertinent financial decisions.
“Comprehending how money works and effectively managing personal finances are crucial steps toward attaining financial stability. Budgeting, planning, investing, asset accumulation and managing borrowings are practices adopted by successful organisations. Similarly, it is important that we apply these skills to our personal lives as well, equipping ourselves with the necessary knowledge and empowering ourselves to make sound financial decisions based on our current financial needs.”
The presentation and distribution event was graced by esteemed guests, including the chairman, director general and other members of the Insurance Regulatory Commission of Sri Lanka (IRCSL), CEO of Chartered Financial Analysts (CFA) along with the chairperson, CEOS and senior management and members of the advisory teams from both HNBA and HNBGI.
The chief guest of the event, IRCSL Chairman Razik Zarook PC, sharing his views at the event stated, “I am deeply honoured to be part of this significant and momentous occasion today. The principles of financial management, articulated in the ‘Sigalovada Sutta’ of the Digha Nikaya almost 2500 years ago continue to hold relevance even in today’s complex economic landscape. I can’t think of a better way to create awareness among people than going back to the words of the Exalted one, the principles of whom, I’m certain this book encapsulates.” He further commended the efforts of all parties who came together to bring life to such an important and timely piece of literature.
“My congratulations to Ravi Abeysuriya and my sincere appreciation goes to the HNBA group for embarking upon such an initiative to propagate such an important message. My earnest desire is that this book reaches a wide audience, where all Sri Lankans can embrace the necessary knowledge and insights for their financial wellbeing.”
The book ‘Financial Literacy to Achieve your Financial Wellbeing’ is available in all three languages and s available for download.