FINSEC takes strides in financial education
Numerous breakthroughs are being simultaneously made in technologies which no other era has achieved in the industrialization process. This means that without moving fast to innovation, the drastic changes in the system of industrial production can result in lack of preparation or being left behind. It is time everyone accepts and embraces the reality that there is need for a new type of education that is in sync with bringing efficiency to the way of doing business.
Financial education is the process of building knowledge, skills and attitudes to become financially literate. It is meant to inculcate people on good money management practices with respect to earning, spending, saving, borrowing, and investing. Financial education is meant to enable people to shift from reactive to proactive decisionmaking and work towards fulfilling their financial goals. By broadening people's understanding of financial options and principles, financial education builds skills to use financial products and services, and promotes attitudes and behaviours that support more effective use of financial resources.
It is crucial that financial literacy be introduced at almost all levels. The curricula for financial education should include components to help students develop an understanding of the appropriate skills relating to the roles of money, credit, budgets, financial planning and other relevant personal finance topics in order to permit them to understand and appropriately manage their finances. The Zimbabwean Government has adopted Education 5.0 whose aim is to prepare learners for life and work in an indigenised economy and increasingly globalised and competitive environment; as well as ensuring learners demonstrate desirable literacy and numeracy skills including practical competences necessary for life. Financial Securities Exchange is making strides to improve financial education and is working with the Harare Institute of Technology to bridge the gap between theoretical and practical learning and will continue working in bringing financial literacy. There is need for continued efforts by all stakeholders to invest significantly in bridging the financial literacy gap in our society by providing financial literacy programmes particularly to primary and secondary school children, university and college students and other special interest groups such as youths and women.
The increasing complexity of our financial system makes it clear that strengthening the financial knowledge and skills of the people is critical for the future success and financial stability of our country. Financial literacy is important in the life journey of everyone, be they in primary school, secondary school, tertiary level, whether employed or unemployed. Financial literacy is more about making thoughtful and informed decisions about one's finances. Financial literacy enables citizens of all ages and economic positions to remain in touch with changes in financial needs and circumstances, and to take advantage of products and services that best meet their goals. The increasing complexity of our financial system makes it clear that strengthening the financial knowledge and skills of the people is critical for the future success and financial stability. Financial literacy is important in the life journey of everyone, from primary school, secondary school, tertiary level and for the employed or unemployed. It allows one to make thoughtful informed decisions concerning their finances.
The Financial Securities Exchange ( FINSEC) is a Zimbabwe registered securities exchange and a member of the Escrow Group. The Escrow Group has interests in the financial services and technology sectors. Corpserve Registrars and Escrow Systems are the other members of the group. For more information contact: 2 nd Floor ZB Centre, Cnr Kwame Nkrumah and 1 st Street Harare, Zimbabwe Tel: +263 242 758193; Email: info@finsec .co.zw