Global Money Week launch in Zimbabwe
Zimbabwe joined the world in celebrating the Global Money Week which ran under the theme 'Build your future, be smart about money”
Speaking at the inaugural CEO Financial Literacy Roundtable where she officially launched Global Money Week celebrations in Zimbabwe, the Deputy Governor of the Reserve Bank of Zimbabwe (RBZ) Jesimen Chipika implored parents and guardians to teach their children financial matters and bring them to speed on current global trends.
"This year, globally, we celebrate the 10th anniversary of the Global Money Week, which is a celebration of all the hard work that participants to the GMW have contributed in building a well-informed financially literate youth, capable of making informed financial decisions," she said.
Global Money Week
(GMW) is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.
Speaking on the theme the Deputy Governor said it captured the importance of thinking about one’s own future when making financial decisions.
"The theme does not only prompt young people to be futuristic and forward-looking in financial matters, but to inculcate a culture of responsible access and usage of financial services and products," she added.
Research has demonstrated that childhood consumer experiences and financial socialisation heavily influences the attitude towards financial matters, financial behaviour, and financial well-being in adulthood.
"It is very clear that what we impart on our children, and what we teach them at a tender age, affects the future behaviour, and therefore, it is my submission that, teaching the young people on financial matters, does not only empower them to become responsible consumers of financial products and services, but also inculcates and instils a culture of sound financial behaviour and financial wellbeing in their adulthood," she said.
Zimbabwe is a relatively youthful country, with approximately 67.7% of its 15 million people under the age of 35. These young people however while they account for the majority of the population, are largely financially excluded, and one of the biggest huddle to their inclusion, is financial illiteracy.
" Financial inclusion of the young people is therefore, core to attaining Zimbabwe’s vision of becoming an upper-middle income country by
2030, as well as attainment of the 17 Sustainable Development Goals, “leaving no one behind”.
Meanwhile the Financial Education Roundtable which is an initiative by RBZ will run yearly.
It is earmarked to establish an ecosystem that supports the financial resilience and financial health of young people, in collaboration with other financial service providers.
Deputy Governor Chipika made a clarion call on stakeholders on the round table, to put their heads together and design as well as implement financial literacy programs that facilitate the transferring and impartation of financial knowledge and skills, as well as cultivate healthy financial habits among the young people from a very tender age.
"I am confident that these initiatives will foster the much needed trust in the financial services sector, which in turn will facilitate increased and sustainable usage of formal financial services among young people,"