Boost for financial education
STAFF REPORTER
Financial literacy is necessary to make financially responsible decisions that are integral to our everyday lives.
Unfortunately, consumers fail to demonstrate a strong grasp of financial principles in order to understand and negotiate the financial landscape, manage financial risks effectively and avoid financial pitfalls.
According to the Financial Literacy Initiative (FLI), 89% of salaries are used to service debt in Namibia; 51% of Namibians are financially literate while only a mere 32% implement the knowledge of financial literacy.
“As a responsible corporate entity, Standard Bank understands the importance of financial literacy, hence our partnership and annual donation of with FLI who seek to educate all consumers,” Standard Bank spokesperson Surihe Gaomas-Guchu said.
FLI is a national platform initiated by the Ministry of Finance to enhance financial education for individuals and micro, small and medium-sized enterprises.
Standard Bank has been a strategic partner of the FLI since 2013, annually committing 0.2% of its net profit after tax as financing for the initiative. This year the Bank donated an impressive N$200 000.
Gaomas-Guchu commended the FLI for its efforts in empowering Namibians to make positive decisions with regards to their finances.
“I strongly believe that the interventions made by the FLI with the support of Standard Bank and other platform supporters have gone a long way in improving the financial competencies of all Namibians, one of the ways being through alleviating debt thereby creating conditions for financial wellness,” she said.
Financial literacy is necessary to make financially responsible decisions that are integral to our everyday lives.
Unfortunately, consumers fail to demonstrate a strong grasp of financial principles in order to understand and negotiate the financial landscape, manage financial risks effectively and avoid financial pitfalls.
According to the Financial Literacy Initiative (FLI), 89% of salaries are used to service debt in Namibia; 51% of Namibians are financially literate while only a mere 32% implement the knowledge of financial literacy.
“As a responsible corporate entity, Standard Bank understands the importance of financial literacy, hence our partnership and annual donation of with FLI who seek to educate all consumers,” Standard Bank spokesperson Surihe Gaomas-Guchu said.
FLI is a national platform initiated by the Ministry of Finance to enhance financial education for individuals and micro, small and medium-sized enterprises.
Standard Bank has been a strategic partner of the FLI since 2013, annually committing 0.2% of its net profit after tax as financing for the initiative. This year the Bank donated an impressive N$200 000.
Gaomas-Guchu commended the FLI for its efforts in empowering Namibians to make positive decisions with regards to their finances.
“I strongly believe that the interventions made by the FLI with the support of Standard Bank and other platform supporters have gone a long way in improving the financial competencies of all Namibians, one of the ways being through alleviating debt thereby creating conditions for financial wellness,” she said.
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